One of Nigeria’s leading commercial bank, Access Bank Plc, has announced top line earnings of ₦375.2 billion for the nine months ended September 30, 2018.
The earnings was up 3 percent from N365.1 billion it recorded during the corresponding period in 2017.
The Bank’s Profit after Tax (PAT) increased 12 percent to ₦62.9 billion from ₦56.4 billion of which subsidiary contribution increased to 32 per cent, from 15 per cent from the corresponding period.
The asset base of the Bank remained strong and robust with growth of 11 per cent Year to Date (YTD) in total assets to ₦4.55 trillion in September 2018 from ₦4.10 trillion in December 2017.
Loans and Advances came to ₦2.08 trillion as at September 2018 as against ₦2.06 trillion in December 2017.
Customer deposits increased by 10 percent to ₦2.48 trillion in September 2018, from ₦2.25 trillion in December 2017.
Capital Adequacy of 20.3 per cent and liquidity ratios of 44.2 per cent, remained consistently above the regulatory minimum requirement.
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 per cent in December 2017.
Cost of risk decreased to 0.5 per cent in 9 months to September 2018 from 0.9percent in 2017 on the back of prudent risk management practices during the period.
Wigwe added: “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.”
