Access Bank grows Q3 earnings to N375bn
By Peter Egwuatu
Access Bank Plc has recorded top line earnings of N375.2 billion for the nine months ended 30 September 2018, up by three percent from N365.1 billion recorded during the corresponding period in 2017.
The Bank’s Profit After Tax (PAT) increased 12 percent to N62.9billion from N56.4billion of which subsidiary contribution increased to 32 percent, from 15 percent from the corresponding period.
The asset base of the Bank remained strong and robust with growth of 11 percent Year to Date (YtD) in total assets to ?4.55 trillion in September 2018 from N4.10trillion in December 2017. Loans and Advances totaled N2.08trillion as at September 2018 (December 2017: ?2.06trillion).
Customer deposits increased by 10 percent to N2.48trillion in September 2018, from N2.25trillion 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/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.”
Further analysis of the results showed Non-performing loans 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.
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