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Access Bank posts 44.23% increased profit for Q3 2019

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Uncertainty trails Access Bank acquisition of Diamond Bank

Tier 1 lender, Access Bank has released an impressive financial statement for the period ended September 30, 2019, with profit after tax increasing by 44.23%.

The bank’s gross earnings grew by 47.55% to N405 billion in Q3 2019 from N274.5 billion in the comparative period of 2018. The almost 50% increase in revenue is not unrelated to the merger concluded in Q1 2019 of Access Bank and Diamond Bank.

Profit before tax stood at N103.1 billion as against N70.3 billion in Q3 2018. This represents an increase of 46.73%.

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Profit after tax rose by 44.23% to N90.7 billion in 2019 as against N62.9 billion in the comparative period of 2018.

Due to the merger, Access Bank acquired more personnel cost. The bank spent 54.7 billion pay salaries and other personnel expenses, which is a 31.97% increase compared to Q3 2018 amount of N41.4 billion.

Earnings per share increased to 279 kobo in Q3 2019 as against 218 kobo in 2018.

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