- Access Bank Records Impressive First Quarter Performance
Access Bank Plc has reported an impressive first quarter profits, showing improvement in performance indicators.
The bank’s unaudited financial results for the first quarter (Q1) ended March 31, 2017 released yesterday showed an increase of 38 per cent in Profit before Tax, )PBT) to N31.2 billion when compared to N22.6 billion in Q1 2016. Profit after Tax (PAT) grew by 34 per cent to N26.0 billion in 2017, up from N19.4 billion in the corresponding period of 2016.
The profit was recorded from gross earnings of N116 billion, which showed an increase of 44 per cent compared with N80.3 billion in 2016. Interest income and non-interest income contributed 68 per cent and 31 per cent respectively to the gross earnings.
Further analysis of the results showed that Access Bank’s balance sheet remained strong with a total assets standing at N3.54 trillion at the end of Q1 , compared with N3.48 trillion in December 2016.
The Group‘s capital and liquidity ratios of 21 per cent and 46.3 per cent respectively, remained in excess of the minimum regulatory requirement and would support the business adequately.
Speaking on the results, Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe said: “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.”
“We will continue to improve on profitability and shareholder value by maintaining our capital and liquidity positions, assiduously implementing our cost management strategy, and exploiting retail business opportunities using our digital platforms and deepening market share of the wholesale business.”
Wigwe had last month assured stakeholders that the bank was now stronger and well positioned to deliver long-term value to its stakeholders.
According to him, although the macro-economic conditions and corresponding implications on the banking industry remain uncertain, the bank’s diversified banking model, robust balance sheet and solid management team give it the strength and resilience that will keep the financial institution in good stead.
“By diligently executing our strategy, we will continue to maintain improved profitability and create the capacity to continue to invest in our key areas of strength. As we come to the end of our third five-year transformation journey, our top priority in the coming year will be to cement our position as a dominant corporate bank and establish ourselves as a formidable retail player, leverage digital technology and innovation to create value for our customers whilst unlocking new revenue streams and deliver seamless and superior customer experience across all our service touch points,” he said.