Access Bank’s earnings rise by 34%

Access Bank Plc says its gross earnings for the first quarter of 2015 stood at N76.7bn, 34 per cent higher than the N57.3bn it reported for the same period in 2014.

The bank’s unaudited results for the period showed that its interest income grew by 17 per cent to N46.4bn in the review period from N39.6bn a year earlier, while its non-interest income at N30.4bn was 47 per cent higher than the N17.6bn it declared for the corresponding period in 2014.

It profits also appreciated in the first quarter of the year, with profit before tax rising by 21 per cent to N16.5bn from N13.6bn, and profit after tax edging up by 11 per cent to N13.7bn from N12.3bn.

According to the bank, the growth in interest income was aided by loan portfolio growth in 2014 and improved yields on fixed income securities, while non-interest income growth was supported by growth in net trading income.

In the quarter, loans and advances rose marginally by two per cent to N1.15tn from N1.12tn, while customer deposits declined by four per cent from N1.45tn in December 2014 to N1.39n due to “run-off of expensive funds and replacement with stable and lower cost deposits” as the bank strived to sustain its margins.

The Group Managing Director, Access Bank, Mr. Herbert Wigwe, was quoted in a statement from the bank as saying that its financial performance in the first quarter of 2015 marked steady progress towards key strategic objectives.

“Our focus remains on the delivery of sustainable value to our shareholders. We continue to deepen and broaden our top-tier corporate relationships while optimising and growing our diverse retail customer base to support low-cost liability growth,” he said.

Access Bank is a full service commercial bank operating through a network of 366 branches and service outlets located in major centres across Nigeria, sub-Saharan Africa and the United Kingdom.

Listed on the Nigerian Stock Exchange in 1998, the bank serves its various markets through four business segments: personal, business, commercial and corporate and investment banking.

According to the bank, as part of its continued growth strategy, it is focused on mainstreaming sustainable business practices into its operations; and strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

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Source : Punch

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