Access Bank Records 4% Profit Growth

• Access Bank Records 4% Profit Growth

Access Bank Plc has announced a four per cent growth in its profit after tax for the third quarter of 2017.

Overall, the group delivered increase in profit after tax to N56.4bn in Q3 2017 from N54.1bn posted in 2016.

Its pre-tax profits also grew from N69bn in September 2016 to N72.9bn in September 2017.

The full service commercial bank with headquarters in Nigeria and with operations across sub-Saharan Africa, the United Kingdom, Asia and the Middle East, said the Q3 results reflected the bank’s ability to generate sustainable earnings despite the challenging operating environment.

The results for the nine months ended September 30, 2017 showed a 33 per cent growth in gross earnings year-on-year from N275bn to N365bn, driven primarily by the strong performance on core revenue lines.

Commenting on the result, the Group Managing Director/Chief Executive Officer of the lender, Herbert Wigwe, said, “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.

“The board and management remain extremely grateful to our more than eight 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 added.