Access Bank Posts N45bn pre-tax profit

Access Bank Plc recorded N45.10 billion as Profit Before Tax, for its first quarter ended March 31, 2019, representing 64.4 percent increase compared to N27.44 billion posted in the corresponding quarter in Q1’18.

Highlights of the bank’s Q1 financial statement was released on the Nigerian Stock Exchange, NSE, showed that the bank’s earnings rose by 16.4 percent to N160.12 billion on the back of 9.1 percent increase in interest income. Its net assets also was up 17.5 percent to N576.47 billion from N490.51 billion in Q1’18, while the interest income rose to N95.12 billion from N87.24 billion. The basic earnings per share at N1.39 kobo was 80.5 percent increase compared to N0.77 in the corresponding period in 2018.

Commenting, Herbert Wigwe, Group Managing Director/Chief Executive Officer, Access Bank, said: “The group delivered solid earnings underscoring the value potentials of the newly expanded business model. Gross earnings showed a16 percent increase to N160.1 billion from the prior year, comprising strong earnings on interest income and non-interest income of 69 percent and 31 percent respectively, whilst Profit before Tax (PBT) grew by 66 percent to N45.1billion “Our capital and liquidity position remained above regulatory levels, with CAR at 19.5 percent and liquidity ratio of 47.6 percent further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks. Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions.

Wigwe further stated, “We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities.” Continuing, he said: “We have made solid progress throughout the first quarter of 2019 in line with our 2018-2022 five-year strategy, and we remain committed to the achievement of our strategic imperatives going forward; as we continue to invest in our people, technology and most importantly, our product offerings to customers. “Our focus is to become the world’s most respected African bank by leveraging on the strength of our retail and wholesale business to provide unrivalled value to our customers.”