Q3:Access Bank Records N365bn Earnings, N56.4bn Profit After Tax

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Access Bank Plc Thursday declared its nine months results ended September 30, 2017, indicating the bank’s ability to generate sustainable earnings despite the challenging operating environment.

The results showed that gross earnings grew by 33 per cent to N365 billion, from N275 billion in the corresponding period of 2016. Net interest income improved from N106.3 billion to N121.472 billion in 2017. Net impairment charges rose marginally from N12.336 billion to N12.823 billion, while net interest income after impairment charges stood at N108.649 billion, up from N94 billion in 2016.

The bank ended the period with a profit before tax (PBT) of N72.91 billion, compared with N68.98 billion while profit after tax grew to N56.4 billion in 2017 from N54.1 billion in 2016.

The bank’s results showed that operating costs reduced by 18 per cent quarter-on-quarter to N49.5billion in September, reaffirming the bank’s commitment to rein in costs and improve operating efficiency.

Capital and liquidity buffers of 20.5 per cent and 46 per cent, respectively, are well above the minimum regulatory requirement.

Commenting on the bank’s performance , Group Managing Director/CEO of Access Bank, Herbert Wigwe said: “We continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months.”

He noted that the reporting period marks the last quarter in the last year of the 2013 – 2017 strategic period, adding that the bank remains committed to improving the quality of its balance sheet.

He added: “The board and management remain extremely grateful to our more than eight million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period. We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value.”

Meanwhile, the appreciation recorded by the stock market on Wednesday could not be sustained yesterday as the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.29 per cent to close lower at 36,517.48, while market capitalisation ended at N12.64 trillion. The depreciation recorded in the share prices of Nigerian Breweries, GT Bank, UBA, PZ Cussons, and Diamond Bank was mainly responsible for the loss recorded in the index.

Also, the value of stocks traded fell by 9.37 per cent from N4.66 billion the previous day to N4.22 billion invested in 356.80 million shares in 4,384 deals.