Access Bank Records Strong Performance in Q3

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Wigwe
Wigwe

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ACCESS Bank Plc has recorded strong performances in its unaudited results for the third quarter ended September 30, 2015. The bank’s operations in Nigeria, sub-Saharan African and the UK recorded N258 billion in the quarter under review.

The unaudited third quarter 2015 financial results released to the Nigerian Stock Exchange, NSE, on Wednesday, October 21, showed that Access Bank recorded a gross earnings of N258 billion, representing an increase of 42 percent over the N182 billion recorded in the same period in 2014 with total contribution of interest income at 60 percent and non-interest income at 40 percent.

The bank posted a profit before tax of N60 billion, which showed an increase of 43 percent, when compared to the third quarter of 2014 at N42 billion. Also, its profit after tax was up 34 percent in 2015 to N48 billion, compared to N35 billion in nine months of 2014. There were also increases in other financial indices; non-interest income rose 106 percent to N102 billion in 2015, from N50 billion 2014.

Herbert Wigwe, group managing director of the bank, said the bank continues to maintain strong growth in earnings, reflecting its commitment to deliver on its objectives for 2015. “We continued to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers. The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments.”

— Nov 2, 2015 @ 01:00 GMT

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