Don't Miss


Home   >   Market - Finance   >   Earnings   >   Intercontinental Bank Acquisition: Access Bank Records N26.13 billion Net Income

Intercontinental Bank Acquisition: Access Bank Records N26.13 billion Net Income

By on September 26, 2012

Aigboje-Imokhuede-MD-Acces

In just six months, Access bank made N26.13 billion of profit minus tax in this year, powered by the acquisition of Intercontinental bank.

In a statement issued by Mr. Olusegun Fafore, Team Lead, Media Relations, the bank’s after-tax profit raised by 225 per cent from N8.08 billion over the same period in 2011.

The Group Managing Director/Chief Executive Officer of the bank, Mr. Aigboje Aig-Imoukhuede, advised shareholders to have confidence in the bank, as the bank has enhanced returns on their asset for the 2012 financial year.

He stated that, “I am pleased to announce that Access Bank has delivered very strong audited results for the first half of 2012 whilst also completing our post merger integration with remarkable success.”

“We are now firmly established as a top tier Nigerian Bank. Leveraging on our sustainability driven business philosophy, robust capital position and the quality of our workforce, I am confident that we will continue to deliver strong returns for our investors in 2012.”

Continuing, Fafore revealed that the bank’s feat has been explained by forecasters as convincing evidence to its financial potency as well as capability for sustainable growth.

He said, they are convinced that the bank has begun pulling out value from its acquisition of Intercontinental Bank by the access to bank’s low cost of fund as well as large retail deposit.

“This posture is validated by its customer base of over 5.7million, network of 310 branches and over 1700 Automated Teller Machine, ATM. The bank recently revised its corporate philosophy to highlight its vision of becoming ‘Africa’s Most Respected Bank’.

“This vision is underpinned by the Bank’s adoption and entrenchment of the principle of Sustainability at the core of its operations. Access Bank obtains its operational legitimacy through commitment to responsible business practice and promotion of sustainable social agenda,” the analysts said.