Access Bank grows Q3 PBT by 6% to N72.9bn
Access Bank Plc has announced six per cent increase in profit before tax to N72.9 billion for the nine months ended September 30, 2017 from N68.99 billion reported in the corresponding period of 2016.
The Bank’s profit showed an increase of four per cent from N54.08 billion recorded during the same period in 2016 as against N53.4 billion reported in nine months ended September 30, 2017.
Access Bank Group’s unaudited nine-month results released to the Nigerian Stock Exchange (NSE) also showed Gross Earnings gaining 33 per cent to N365.05 billion from N274.5 billion.
The growth in gross earnings was driven by 36per cent increase in interest income to N245.87 billion from N181 billion, on the back of continued growth in the Bank’s core business.
Notably, Access Bank announced N116.5 billion net foreign exchange income in the nine months ended September 30, 2017 as against a loss of N53.7 billion reported in corresponding period of 2016.
Access Bank had paid shareholders an interim dividend of 25k to its shareholders in the half year of 2017 as analysts said, dividend payment to shareholders might increase by end of 2017.
The Group Managing Director/CEO, Herbert Wigwe in a statement had said the Bank’s performance reflects the strength and sustainability of our business as well as the effective execution of our strategy.”
Commenting on half year results of 2017, he said, “As we cautiously grow our loan portfolio in light of macro realities, we will continue to uphold our proactive risk management principles in order to maintain asset quality within acceptable limits. Whilst balancing our appetite for growth and profitability, we remain committed to maintaining solid liquidity and capital ratios
He had said, “We remain cautiously optimistic about the macroeconomic environment in 2017, nonetheless, our objective of delivering sustainable shareholder value remains unchanged.
Before now, he said, “We will also continue to maintain our proactive and disciplined risk management practices and leadership in sustainability initiatives, whilst positioning ourselves strategically to take the lead in the markets we play.”
Customer Deposits dropped by eight per cent to N1.9 trillion as at September 30, 2017 from N2.1 trillion reported in 2016 while loans and advances to customers also dropped by two per cent to N1.78 trillion from N1.8 trillion reported in 2016.
Despite drop in customer deposits and loans and advances to customers, total assets marginally gained two per cent to N3.5 trillion from N3.48 trillion in 2016.
