Access Bank: Group Earnings Climb 3% in Q3

• Access Bank: Group Earnings Climb 3% in Q3

Access Bank Plc reported group earnings of N375.2 billion for the third quarter of the year.

The bank, in its financial results ended September 30, 2018, said profit after tax rose 12 percent from N56.4 billion achieved in the third quarter of 2017 to N62.9 billion in the third quarter of 2018.

According to the financial results, group earnings climbed by 3 percent from N365.1 billion recorded during the corresponding quarter of 2017 to N375.2 billion in the nine months ended September 30, 2018.

Total asset of the company rose 11 percent to N4.55 trillion in September 2018, up from N4.10 trillion in December 2017.

“Loans and advances totalled N2.08tn as of September 2018 (December 2017: N2.06tn), while customer deposits increased by 10 per cent, from N2.25tn in December 2017 to N2.48tn in September 2018,” the report read in part.

“Non-performing loans stood at 4.7 per cent as of September 2018, compared to 4.8 per cent in December 2017. Cost of risk also decreased to 0.5 per cent in the nine months to September 2018 from 0.9 per cent in 2017. This is on the back of prudent risk management practices during the period.”

“Capital adequacy of 20.3 per cent and liquidity ratios of 44.2 per cent remained consistently above the regulatory minimum requirement.”

The Group Managing Director, Herbert Wigwe, said because the bank continued to implement a controlled capital plan, capital and liquidity remained above regulatory levels.

He further noted that the lender remained committed to cost control plan and will continue to balance efficiency with earnings growth.