Nigerian Lender Access Bank Declares $113m Q1 Profit

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Access Bank Plc released its unaudited first quarter results for the period ended March 31, 2019, which revealed that it recorded a net profit of N41 billion ($113 million).

The pan-African lender saw its gross earnings grow by 16.4% to N160.12bn, while profit before tax grew by 64.4% to N45.01bn. Profit after tax, however, saw the biggest leap, growing by 86.1% to N41.15bn.

Recording a positive growth was also its Net Assets, which increased by 17.5% to N576.47bn.

The Bank recently concluded arguably the biggest merger in the Nigerian banking sector when it joined forces with retail banking giant Diamond Bank.

The merger made Access Bank the Biggest Nigerian bank by customer base.

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