Access Bank records 19% growth in profit

Access Bank records 19% growth in profit

Access Bank records 19% growth in profit

Access Bank Plc has reported a 19 per cent growth in its profit before tax to N72bn from N60.4bn for the nine months ended September 30, 2016.

The result, according to the bank, was based on enhanced business efficiency as a result of the effective execution of its long-term strategy.

Its profit after tax grew by a similar margin from N48.1bn in 2015 to N57.1bn in 2016.

Access Bank Group’s unaudited nine-month results released to the Nigerian Stock Exchange also showed gross earnings of N274.5bn, up by seven per cent from N257.6bn in the corresponding period of 2015.

The growth in gross earnings was driven by 17 per cent increase in interest income on the back of continued growth in the bank’s core business, according to a statement from the bank.

Similarly, the bank posted 12 per cent growth in income to N199.3bn from N178.1bn in 2015.

Customer deposits grew by 25 per cent to N2.10tn from N1.68tn in December 2015, it added.

Its Capital Adequacy Ratio remained strong at 19 per cent as of September 2016, well above the regulatory minimum.

Commenting on the result, the Group Managing Director/Chief Executive Officer, Herbert Wigwe, said, “Access Bank’s performance in the first three quarters of this year remained strong and consistent, reflecting stable business with the capacity to deliver sustainable returns, particularly during a period underlined by significant macro headwinds.”

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