Access Bank Plc., the full service commercial bank with headquarters in Nigeria and with operations across Sub-Saharan Africa, the UK, Asia and the Middle East, has announced its third quarter (Q3) results for 2017 which reflect the Bank’s ability to generate sustainable earnings despite the challenging operating environment.
The results for the nine months ended 30 September 2017 showed 33% growth in gross earnings year-on-year from ₦275 billion to ₦365 billion, driven primarily by the strong performance on core revenue lines.
Overall, the Group delivered increase in pre-tax profits from ₦69.0 billion in September 2016 to ₦72.9billion in September 2017 and closed the period with a 4% year-on-year growth in profit after tax. Profit after Tax (PAT) grew to ₦56.4 billion in 2017 from ₦54.1 billion in 2016.
Commenting on the Bank’s performance in Q3 2017, Group Managing Director/CEO, 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.”
He noted that the reporting period marks the last quarter in the last year of the 2013 – 2017 strategic period adding that the Bank remains committed to improving the quality of its balance sheet.
“The Board and Management remain extremely grateful to our more than 8 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 stated.
Furthermore, the Bank’s Q3 performance showed that operating costs reduced significantly by 18% quarter-on-quarter to ₦49.5 billion in September, reaffirming the Bank’s commitment to rein in costs and improve operating efficiency. Capital and liquidity buffers of 20.5% and 46.0%, respectively, are well above the minimum regulatory requirement.