Access Bank’s net profit rises by 42% in Q1

Access Bank’s net profit

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Access Bank Plc has announced a 42 per cent rise in profit for the first quarter ended March 31, 2016.

Key extracts of the first quarter report of Access Bank for the three-month period ended March 31, 2016 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 31.12 per cent while pre and post tax profit grew by 36.68 per cent and 42.1 per cent respectively. All key balance sheet items also firmed up.

Group gross earnings rose to N73.47 billion in March 2016 as against N56.03 billion recorded in the comparable period of 2015. Profit before tax rose from N16.52 billion to N22.58 billion. After taxes, net profit grew from N13.67 billion to N19.42 billion.

“In the coming year, we will remain resilient in the execution of our bold strategy for increased growth and profitability. Though market conditions will remain challenging, we will focus on innovation, proactive risk management and data analytics as catalysts for diversifying income streams and enhancing retail expansion, so as to maximize shareholder value in 2016 and beyond,” group managing director, Access Bank Plc, Mr. Herbert Wigwe said on the 2016 outlook for the bank.

He also said that the bank would also explore and activate other innovative avenues to expand our digital banking proposition so as to achieve improved revenues and deliver sustainable shareholder value in the long term basis.

“I am pleased with the Group’s solid first quarter performance characterised by improved margins and strong profit growth despite prevalent macro headwinds and a slowed economy. Today, we are realising the benefits of initiatives that were deployed last year in the retail banking space, evidenced by the rapid adoption and utilisation of our enhanced digital platforms. This translated to growth in our retail-related fee and commission income.

“We are encouraged by these results, and in the coming quarters, we will intensify the implementation of our strategic cost reduction initiatives in order to improve our bottom-line. We will also explore and activate other innovative avenues to expand our digital banking proposition so as to achieve improved revenues and deliver sustainable shareholder value in a long term basis.”

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