Access Bank posts N26 billion profit after tax in first quarter

Access Bank on Thursday announced impressive performance in all performance indicators as shown by its unaudited result for the first quarter which ended on March 31, 2017. The bank posted profit after tax of N26 billion during the period compared with N19.4 billion achieved in the same period in 2016, an increase of 34 per cent.

The first quarter results of the bank released in Lagos on Thursday also reported that its profit before tax increased by 38 per cent to N31.2 billion against the N22.6 billion in the same period in 2016.
The bank’s profit before tax rose by 38 per cent to N31.2 billion in contrast with N22.6 billion in the same period in 2016.

The bank’s gross earnings for the period grew by 44 per cent to N116.0 billion against N80.3 billion recorded in the same period in 2016. Its balance sheet closed positively with two per cent growth in total asset to N3.54 trillion from N3.48 trillion posted in 2016.

The group recorded capital and liquidity ratios of 21.0 per cent and 46.3 per cent, respectively.
Herbert Wigwe, the bank’s Group Managing Director, was quoted by the statement as saying that 2017 marked the end of its third five-year transformation journey.

Mr. Wigwe said that the bank would, in the coming months, focus on its strategic objective of improving profitability. He said that the bank would continue to improve on profitability and shareholder value by maintaining its capital and liquidity positions.

Mr. Wigwe said the company would implement cost management strategy and exploit retail business opportunities using its digital platforms to deepen market share of the wholesale business.