Access Bank Nigeria Posts N258bn Gross Earnings

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Access Bank Plc said its operations in Nigeria, its sub-Saharan African and the UK recorded strong performances in its unaudited results as it posted a gross earnings of N258 billion for the third quarter ended 30 September 2015.
The unaudited third quarter 2015 financial results released to the Nigerian Stock Exchange (NSE) on Thursday showed that Access Bank recorded a gross earnings of N258 billion, representing an increase of 42 per cent over the N182 billion recorded in the same period in 2014 with total contribution of interest income at 60 per cent and non-interest income at 40 per cent.
The Group posted a profit before tax of N60 billion, which showed an increase of 43 per cent, when compared to the third quarter of 2014 at N42 billion. Also, its profit after tax was up 34 per cent in 2015 to N48 billion, compared to N35 billion in nine months of 2014.
There were also increases in other financial indices; non-interest income rose 106 per cent to N102 billion in 2015, from N50 billion 2014.
Reacting on the results, the Group Managing Director, Herbert Wigwe noted that “the bank continues to maintain strong growth in earnings reflecting our commitment to deliver on our objectives for 2015. We continue to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers. The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments.”

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