Access Bank grows profit to by 44.6% to N60b in Q3

In from Success Allantee . . .
Access Bank Plc on Wednesday released its third quarter earnings report indicating significant growths in incomes and profitability. The nine-month results for the period ended September 30, 2015 showed that gross earnings rose by 42 per cent while profits before and after tax grew by 43 per cent and 34 per cent respectively.
Key extracts of the unaudited results showed group gross earnings of N258 billion in third quarter 2015 as against N182 billion recorded in the comparable period of 2014. Interest income accounted for 60 per cent while non-interest income accounted for 40 per cent of the total revenue. Group profit before tax rose to N60.37 billion in 2015 compared with N41.75 billion in 2014 while profit after tax stood at N48 billion in 2015 as against N35 billion in corresponding period of 2014.
Further analysis showed that non-interest income doubled by 106 per cent to N102 billion in 2015 as against N50 billion in 2014. Operating income rose by 42 per cent to N178 billion from N126 billion while return on average equity (ROAE) improved from 18.9 per cent in third quarter 2014 to 20.4 per cent in third quarter 2015.
Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the results showed that the bank has continued to maintain strong growth in earnings, which reflected its commitment to deliver on its objectives for 2015.

Read also: Access Bank seeks fresh funds

According to him, the group’s pre-tax profit of N60 billion in spite of the significant policy headwinds in the first nine months of this year is reflective of the improving fundamentals of the commercial lender.
“We continue to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers. The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments,” Wigwe said.
He reiterated that Access Bank, as part of its growth strategy, remains focused on mainstreaming sustainable business practices into its operations noting that the bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

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