Home Banking Access Bank Grows Earnings To N375.2billion In Quarter 3

Access Bank Grows Earnings To N375.2billion In Quarter 3

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Access Bank Grows Earnings To N375bn In Quarter 3

Access Bank Plc has grown its earning to N375.2 billion for the nine months financial period ended 30 September 2018m.

The bank’s result released to the investing public on the Nigerian Stock Exchange (NSE) said that the earnings was up by three per cent from N365.1 billion recorded during the corresponding period in 2017.

Profit after tax  increased 12 per cent to N62.9 billion from N56.4 billion of which subsidiary contribution increased to 32 per cent, from 15 per cent from the corresponding period.

The asset base of the bank remained strong and robust with growth of 11 per cent year to date  in total assets to N4.55 trillion in September 2018 from N4.10 trillion in December 2017.

Loans and Advances totalled N2.08 trillion as at September 2018 from N2.06 trillion as at December 2017, while customer deposits increased by 10 per cent to N2.48 trillion in September 2018, from N2.25 trillion in December 2017.

Capital Adequacy of 20.3 per cent and liquidity ratios of 44.2 per cent, remained consistently above the regulatory minimum requirement.

Speaking on the result, group managing director/CEO, Herbert Wigwe said, “our capital and liquidity position remained adequately above regulatory levels, as we continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support our growth. We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.”

Further analysis of the results showed non-performing loans stood at 4.7 per cent as at September 2018 compared to 4.8 per cent in December 2017. Cost of risk decreased to 0.5 per cent in nine months to September 2018 from 0.9 per cent in 2017 on the back of prudent risk management practices during the period.

“The Bank will remain resilient in the achievement of its strategic imperatives, maximising our strong market position and solid capital base, while leveraging digital innovation to improve service touch points as we sharpen our retail play with emphasis on cheaper funding sources,” Wigwe said.

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