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HomeBusinessNigeria's Access Bank grows 9-month profit by 16% to N102 bln

Nigeria’s Access Bank grows 9-month profit by 16% to N102 bln

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Nigeria’s Access Bank has recorded a 16 percent growth in its profit after tax (PAT) to N102.3 billion, compared with N88.4 billion post in the first nine months of 2019.

In a regulatory filing by the bank with the Nigerian Stock Exchange (NSE), its gross earnings rose 15 percent year-on-year to N592.8 billion at the end of September, higher than the N513.7 billion realised same period in 2019.

The lender’s profit before tax in the period under review climbed by 16 percent to N116.6 billion while Interest and non-interest income contributed 63 percent and 37 percent respectively to its earnings.

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Access Bank grew its deposit base by 24 percent in the period under review to N5.26 trillion with strong savings account deposits of N1.23 trillion. Similarly, net loans and advances grew by 15 percent to N3.53 trillion.

The bank maintained a robust capital and liquidity positions of 21.1 percent and 48 percent respectively, well above regulatory levels.

Commenting on the results, the Group Managing Director/Chief Executive Officer, Access Bank, Herbert Wigwe, said: “We recorded consistent growth in our retail banking business as evidenced by the growth in customer sign-on by 3.2 million customers year-to-date via our financial inclusion strides. Transaction volume and value also grew based on our deliberate investments in digital banking.

“Asset quality continued to improve as guided to 4.2 percent, on the back of impairment charges, strong recoveries and a robust risk management approach. This is expected to trend downwards as we strive to surpass the standard we had built in the industry prior to the merger with Diamond Bank.

“We have continued to grow our African footprint in a capital-efficient and profitable manner, in furtherance of our vision to be the World’s most respected African Bank and Africa’s payment gateway. Our African expansion strategy is two-pronged; consolidating in markets we already exist (Mozambique and Zambia) to become major players and entering into new key African markets and trade corridors (Guinea, Kenya and South Africa).”

He said the bank recently received the Central Bank of Nigeria’s Approval-In-Principle for a holding company structure, which will enable it to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.

“The year has been challenging for all and I would like to appreciate our customers for their unwavering loyalty in these uncertain times. Recognising the adverse effects of the recent events on our customers, we remain committed to delivering superior value to our customers and providing innovative solutions for the markets and communities we serve.

“Going into the last quarter of the year, our focus remains on consolidating our retail momentum and expanding our African footprint. The next two years will see updates with regards to the realisation of synergies and actualisation of the bank’s strategic intent. Finally, I would like to thank our people and shareholders as we could not have achieved these feats without their dedication, commitment and support,” he said.

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