Access Bank declares N72bn profit in third quarter

Access Bank Plc on Friday declared a profit before tax of N72 billion for the nine months ended Sept. 30, 2016. The bank’s Head, Media Relations, Mr Abdul Imoyo said the figure indicated an increase of 19 per cent when compared with a profit before tax of N60.4 billion achieved in 2015. The bank’s profit after tax (PAT) grew by 19 per cent to N57.1 billion from N48.1 billion in 2015.
Its gross earnings rose by seven per cent to N274.5 billion against N257.6 billion in the corresponding period of 2015. He said that 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.
Similarly, the bank’s operating income increased by 12 per cent to N199.3 billion from N178.1 billion in 2015, while customer deposits grew by 25 per cent to ₦2.10 trillion from ₦1.68 trillion in December 2015. Imoyo also said the bank’s Capital Adequacy Ratio (CAR) remained solid at 19 per cent as at September 2016, well above the regulatory minimum.
Mr Herbert Wigwe, the bank’s Group Managing Director said the company’s performance in the first three quarters of 2016 remained strong and consistent.
Wigwe said that the performance reflected a stable business with the capacity to deliver sustainable returns, particularly during a period underlined by significant macro headwinds. He said the group maintained stable asset quality with Non Performing Loan (NPL) of 2.1 per cent and Cost of Risk Ratios (CRR) of 0.9 per cent, respectively.
He explained that the bank’s capital and liquidity position remained above regulatory levels, noting that the bank would continue to implement a disciplined capital plan to support growth.
“We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.
“The bank will remain resilient in the achievement of its strategic imperatives; maximising our strong market position and solid capital base, while leveraging on digital innovation to improve service touchpoints,” Wigwe said.
Imoyo said that the bank was currently serving over seven million individual and corporate account holders, through 370 branches and with more than 1,500 ATMs in major centres across Nigeria, Sub-Saharan Africa, among others.