Access Bank Plc, one of the leading financial Institutions in Nigeria, released its third quarter 2018 financial statement to the management, operators and equity analysts on the Nigerian Stock Exchange (NSE).
The bank announced topped line earnings of N375.2 billion for the nine months ended 30 September 2018, up 3 percent from N365.1 billion recorded during the corresponding period in 2017.
The bank’s Profit after Tax (PAT) increased 12 percent to N62.9billion from N56.4billion of which subsidiary contribution increased to 32 percent, from 15 percent from the corresponding period.
The asset base of the bank remained strong and robust with growth of 11 percent Year to Date (YTD) in total assets to N4.55 trillion in September 2018 from N4.10 trillion in December 2017. Loans and Advances totaled N2.08trillion as at September 2018 (December 2017: N2.06trillion).
The lender’s customer deposits increased by 10 percent to N2.48 trillion in September 2018 up from N2.25 trillion recorded in December 2017. Its capital adequacy of 20.3 percent and liquidity ratios of 44.2 percent remained consistently above the regulatory minimum requirement.
Commenting on the result, the bank’s Group Managing Director, Herbert Wigwe, said that the bank’s capital and liquidity position remained adequately above regulatory levels as they continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support the bank’s growth.
“We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment”, Wigwe added.
A further analysis of the results showed non-performing loans stood at 4.7 percent as at September 2018 compared to 4.8 percent in December 2017 while cost of risk decreased to 0.5 percent in 9 months to September 2018 from 0.9 percent in 2017 on the back of prudent risk management practices during the period.
“The Bank will remain resilient in the achievement of its strategic imperatives; maximizing our strong market position and solid capital base, while leveraging digital innovation to improve service touch points as we sharpen our retail play with emphasis on cheaper funding sources”, Wigwe assured.