Access Bank Growth Ambitions Pay Off as 9 Months Profit Hits N42.2bn

Access Bank Plc has announced an impressive profit of N44.2 billion for the nine months ended 30 September 2014 based on improved efficiency, rising market share and strong risk management practices.
The bank’s profit before tax (PBT) showed an increase of 20 percent from N35.1 billion recorded during the same period in 2013.
Access Bank Group unaudited IFRS nine results released to the Nigerian Stock Exchange (NSE) yesterday also showed gross earnings of N182 billion, up 17 percent from N154 billion  in the corresponding period of 2013. The growth in gross earnings was driven by an increase in interest income from loans.
Similarly, Access bank posted 21 percent growth in operating income to N126bn from N104bn in 2013. Customer deposits increase by 11 percent to N1.5 trillion from N1.3 trillion in full year of 2013. The bank’s asset quality ratios also improved as Non Performing Loan (NPL) ratio was down 20bps to 2.5 percent, from 2.7 percent in December 2013.
Further analysis of the result indicated that Access bank continued to improve on its operating efficiency and steady income growth resulting in cost to income ratio of 61 percent in  third quarter 2014 compared to 75 percent  in 2013. Total assets grew by 14 percent to N2.1trillion from N1.8 trillion in full year 2013. Loans and advances of N1.1trillion showed an increase of 33 percent compared to N811bn in full year 2013.
Commenting on the result, Group Managing Director, Herbert Wigwe said “The Bank’s resilient third quarter of 2014 results reflect consistent improvement in our balanced growth and target metrics. Our performance over the past three quarters demonstrates the effectiveness of our corporate strategy as the Bank continues to grow its market share in key segments whilst enhancing shareholder value.”
“We have implemented a disciplined and conservative capital enhancement plan, designed to ensure we maintain our moderate risk appetite. This will ensure a stronger capitalised Bank, enabling us to remain competitive and take advantage of significant market opportunities in the execution of our long-term strategy,” he added.

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