Access Bank Plc on Thursday reported unaudited financial results for the first quarter (Q1) ended March 31, 2017, indicating an increase of 38% in Profit before Tax, “which rose to N31.2 billion when compared to ₦22.6 billion in Q1 2016. Profit after Tax (PAT) grew by 34% to ₦26.0 billion in Q1 2017 from ₦19.4 billion in Q1 2016”.
Gross earnings for the period grew by 44% to ₦116.0 billion as against ₦80.3 billion recorded in the corresponding period of March 2016, with interest income and non-interest income contributing 68% and 31% respectively.
Shares in the Bank, which have gained 12.1% per cent Year to Date (YTD), rose 2.8% to N6.58 on Thursday at the Nigerian Stock Exchange.
Access Bank’s Balance Sheet remained strong with a 2% growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of ₦3.54 trillion from ₦3.48 trillion in December 2016. The Group‘s capital and liquidity ratios of 21.0% and 46.3% respectively, remained in excess of the minimum regulatory requirement and would support the business adequately.
Commenting on the Bank’s performance during the period, Group Managing Director/CEO, Herbert Wigwe said that “2017 marks the end of our third five-year transformation journey and in the coming months, we will focus our priorities on the delivery of our strategic objectives.”
