Access Bank nets N13.7bn profit in three months

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Access Bank Plc has recorded N76.7 billion gross earnings in the first quarter of 2015, about 34 percent increase from N57.3 billion recorded in the same period of 2014.

Interest income and non-interest income also recorded a 17 percent and 47 percent growth respectively.

It recorded N46.4 billion in Q1 2015 from N39.6 billion in Q1 2014; benefiting from a loan portfolio growth in 2014 and improved yields on fixed income securities, while the non-Interest income stood at N30.4 billion in Q1 2015 compared with N17.6 billion in Q1 2014.

Access Bank’s operating income of N54.0 billion grew by 28 percent in Q1 2015 compared to N42.2 billion in the corresponding period, while the profit before tax (PBT) for the quarter rose by 21 percent to N16.5 billion (Q1 2014: 13.6bn).

Profit after tax went up by 11 percent in Q1 2015 to N13.7 billion, compared to N12.3 billion in Q1 2014, while return on average equity (ROAE) of 19.2 percent in Q1 2015, improved by 50bps from N19.7 percent in Q12014.

Herbert Wigwe, Group Managing Director, Access Bank Plc noted that the Bank’s financial performance in the first quarter of 2015 marks steady progress towards key strategic objectives.

“Our focus remains on the delivery of sustainable value to our shareholders. We continue to deepen and broaden our top-tier corporate relationships whilst optimising and growing our diverse retail customer base to support low-cost liability growth.”

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