Wednesday, Mar 21st 2018 5:57 PM

Market Digest Nigeria


Access Bank declares N56.4bn profit in Q3

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Access Bank Plc announced a pre-tax profit of N72.9 billion for the third quarter, up from the N69 billion recorded in the corresponding quarter of 2016. On a yearly basis, the gross earnings surged from N275 billion recorded in the Q3 2016 to N365 billion in 2017, representing an increase of 33 percent. Profit after tax climbed by 4 percent from N54.1 billion in the Q3 of 2016 to N56.4 billion in the third quarter of 2017.

According to the group managing director, Herbert Wigwe, Access Bank continues to gain momentum from a well-diversified earnings that are driven primarily by strong performance from core revenue lines.

“We continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months.”

Also, the bank’s Q3 performance showed operating costs dropped by 18 percent quarter-on-quarter to N49.5 billion in September. Further validating the bank’s commitment to improve operating efficiency while reining in costs.

The lender added that capital and liquidity buffers of 20.5 percent and 46 percent, respectively, are well above the minimum regulatory requirement.

“The Board and Management remain extremely grateful to our more than 8 million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period. We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value,” Wigwe stated.

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