Access Bank records 42% growth in profit to N19.4bn
Access Bank Plc has announced its unaudited results for the period ended March 31, 2016, showing Profit After Tax (PAT) up 42 per cent to ₦19.4billion in Q1 2016 from ₦13.7billion in Q1 2015.
Profit Before Tax (PBT) for the period rose to ₦22.6 billion, representing a 37per cent growth when compared to ₦16.5billion in Q1 2015.
The unaudited first quarter 2016 financial results released to the Nigerian Stock Exchange (NSE) on Monday showed that the Bank recorded gross earnings of ₦80.3billion in Q1 2016, up five per cent from ₦76.8 billion in Q1 2015, with interest income and non-interest income contributing 69per cent and 31per cent, respectively.
Access Bank maintained its robust profitability, recording an annualised 20.7 per cent return on average equity (ROAE) from 19.2 per cent in the first quarter of 2015.
“I am pleased with the Group’s solid first quarter performance characterised by improved margins and strong profit growth despite prevalent macro headwinds and a slowed economy. Today, we are realising the benefits of initiatives that were deployed last year in the retail banking space, evidenced by the rapid adoption and utilisation of our enhanced digital platforms. This translated to growth in our retail-related fee and commission income”, said Herbert Wigwe, the GMD/CEO of Access Bank Plc, while commenting on the results.
He said as the Bank cautiously grows its loan portfolio in light of macro realities, it will continue to uphold the highest standards of risk management in order to sustainably maintain asset quality.
“We are encouraged by these results, and in the coming quarters, we will intensify the implementation of our strategic cost reduction initiatives in order to improve our bottom-line.
“We will also explore and activate other innovative avenues to expand our digital banking proposition so as to achieve improved revenues and deliver sustainable shareholder value in the long term,” Wigwe stated.
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