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Access Bank Rakes N35.1 billion Net Income after Nine Months

By on October 19, 2012

Access Bank CEO, Aigboje Imoukhuede

 

Access Bank Plc transmitted its earnings to the Nigerian Stock Exchange today. The company reported gross earnings of N162.3 billion.

Profit before tax was reported at N38.1 billion, a 116% growth from the N18.1 billion it recorded over the same period last year.

Profit for the period from continuing operations was reported at N35.6 billion, up 161% from the N13.7 billion it made during the third quarter of 2011.

Profit for the period was N35.1 billion, after losses of N590 million from discontinued operations were take into account.

Group Managing Director of Access Bank, Aigboje Aig-Imoukhuede, speaking from the Bank’s headquarters in Lagos, said: “Once again

we recorded another quarter of solidgrowth across our core business lines, our robust capital adequacy and liquidity ratios leave us in

a strong position to pursue attractive business opportunities during the 4 th Quarter and beyond. We deemed it prudent during the

period to dispose of the entire Financial Accommodation Bond portfolio which we inherited following our acquisition of ICB Plc; this

led to an increase in our operating expense due to rediscounting losses. Our decision is consistent with the Bank’s stated moderate risk

appetite and commitment to sustainable banking business practices.”