Home Business & Economy Access Bank’s Q3 earnings peaks at N258bn

Access Bank’s Q3 earnings peaks at N258bn

Access Bank Plc, said it has recorded a strong performance in its unaudited results for the third quarter ended 30 September 2015, showing positive growth in financial indices.
The unaudited result released at the floor of the Nigerian Stock Exchange (NSE) showed that Access Bank recorded a gross earnings of N258bn, representing an increase of 42 per cent over the N182 billion recorded in the same period in 2014 with total contribution of interest income at 60 per cent and non-interest income at 40 per cent.
The Group posted a profit before tax of N60 billion which showed an increase of 43per cent when compared to the third quarter of 2014 at N42 billion. Profit after tax was up 34 per cent in 2015 to N48 billion compared to N35 billion in nine months of 2014.
According to the report, there were also increases in other financial indices; while non-interest income rose 106 per cent to N102 billion in 2015 from N50 billion in 2014.
Also, the report added that operating income of N178 billion grew by 42per cent in the third quarter of 2015 compared with N126 billion in the corresponding period of 2014 and Return on Average Equity (ROAE) of 20.4per cent in 2015, from 18.9per cent in the third quarter of 2014 driven by significant improvement in profitability.
Group Managing Director of the bank, Herbert Wigwe noted that “the Bank continues to maintain strong growth in earnings reflecting our commitment to deliver on our objectives for 2015. The Group posted a PBT of 60bn (Sep’14: 42bn), in spite of the significant policy headwinds in the first 9 months of the year.
“We continue to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers. The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments,” he stated.
Access Bank Plc. is a full service commercial Bank operating through a network of 364 branches, service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom and representative offices in Asia. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 4 business segments: Personal, Business, Commercial and Corporate & Investment banking.

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