Connect with us



Access Bank Reports N102.3 Billion Profit After Tax in Nine Months



Access Bank Plc on Thursday posted N102.300 billion profit after tax for the first nine months of the year.

According to the bank’s unaudited financial results released through the Nigerian Stock Exchange (NSE), the amount was 16 percent higher than the N88.4 billion filed in the same period of 2019.

The lender’s gross earnings rose by 15 percent from N513.7 billion in 2019 to N592.8 billion in the period under review. While profit before tax expanded by 16 percent from N100.8 billion in 2019 to N116.6 billion in 2020.

Access bank grew customers’ deposits by 24 percent to N5.26 trillion with savings account deposits of N1.23 trillion.

Mr. Herbert Wigwe, the Group Managing Director/Chief Executive Officer, Access Bank, who commented on the bank’s performance 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 per cent, 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).”

Source: Naija News

Is a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.