Access Bank posts profit of N56.4bn in 9 months

Access Bank Plc has announced a profit after tax of N56.4 billion for nine months ended Sept. 30, 2017, our correspondent reports.

The profit after tax increased by 4.25 per cent when compared to N54.1 billion recorded in the corresponding period of 2016.

This is contained in the bank’s nine months financial results released by the Nigerian Stock Exchange (NSE) in Lagos on Thursday.

Its gross earnings rose to N245.87 billion as against N181.2 billion achieved in the preceding period of 2016.

The results also indicated 33 per cent growth in gross earnings year-on-year to N365 billion from N275 billion in 2016, driven primarily by the strong performance on core revenue lines.

Commenting on the bank’s performance, Mr Herbert Wigwe, the bank’s Group Managing Director said that strategies embarked upon between 2013 and 2017 contributed to the growth.

“We continue to gain momentum in our efforts to achieve more diversified earnings as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months,” Wigwe said.

He said that the reporting period marked the last quarter of the 2013 –2017 strategic period, adding that the bank remained committed to improving the quality of its balance sheet.

“The board and management remain extremely grateful to our more than eight million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period.

“We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value,” Wigwe stated.

He said that the bank’s third quarter performance showed that operating costs reduced significantly by 18 per cent quarter-on-quarter to 49.5 billion in Sept.

Wigwe said that the development reaffirmed the bank’s commitment to rein in costs and improve operating efficiency.

According to him, capital and liquidity buffers of 20.5 per cent and 46.0 per cent respectively are well above the minimum regulatory requirement.

Access Bank is a full service commercial bank operating through a network of 371 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa, and the United Kingdom with representative offices in China and the UAE.

The bank has more than 830,000 shareholders, including several Nigerians and international institutional investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twelve years.

The bank also ranked among Africa’s top 20 banks by total assets and capital in 2015.