Access Bank Q3 earnings hit N375bn

By Chioma Obinagwam

Access Bank Plc. has said that its third quarter (Q3) top line earnings of ₦375.2 billion for the nine months ended September 30, 2018, up 3 per cent from N365.1 billion recorded during the corresponding period in 2017.

The bank disclosed in a statement recently.

According to the bank its Profit after Tax (PAT) increased 12 percent to ₦62.9 billion from ₦56.4 billion of which subsidiary contribution increased to 32 per cent from 15 per cent from the corresponding period.

It said the asset base of the bank remained strong and robust with growth of 11 per cent Year to Date (YTD) in total assets to ₦4.55 trillion in September 2018 from ₦4.10 trillion in December 2017.

Access Bank noted that it’s Loans and Advances totaled ₦2.08 trillion as at September 2018 compared to the N2.06 trillion recorded in December 2017.

Customer deposits, the bank noted, increased by 10 percent to ₦2.48 trillion in September 2018, from ₦2.25 trillion in December 2017.

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

Commenting on the result, Group Managing Director/ Chief Executive Officer (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.”

More extracts from the results showed Non-performing loans (NPL) stood at 4.7 percent as at September 2018 compared to 4.8 percent in December 2017. Cost of risk decreased to 0.5 percent in 9 months to September 2018 from 0.9 percent 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; maximizing 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.