Access Bank records N13bn Q1 profit

Access Bank Plc has announced a profit before tax of N13.4 billion in its unaudited results for the three months ended 31 March 2014.

This represents an increase by 20 per cent compared to the N11.1 billion recorded in the comparable period of 2013.

The bank’s gross earnings also jumped by nine per cent to N57 billion, in the period under review.

Similarly, its operating income increased by 19 per cent to N42 billion supported by a 12 per cent increase in its non-interest income during the period. In the same vein, Access Bank’s net interest margin rose to 6.2 per cent compared to the 5.4 per cent it attained in the the first quarter of 2013.

The results also showed that the bank recorded an eight per cent increase in its loan book to N871.8 billion from the N810.7 billion it stood in the fourth quarter of 2013, while it customer deposits climbed to N1.40 trillion.

Commenting on the results, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Herbert Wigwe said: “I am pleased with the progress that the bank is making in delivering on a strategy we spent time explaining to our stakeholders. These results clearly demonstrate strong progress towards sustainable and profitable growth for our shareholders.

“Business performance has improved across all key segments, as the bank lays out its medium term plan. Whilst our corporate banking division remains a stronghold for the Bank, significant potential is being shown by our Personal and Business banking divisions.”

[This Day]

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One Comment

1. 

   Josiah Ilori

   May 7, 2014 at 9:53 pm

   Keep the good work and the sky is the limit.. No doubt, there will be increased patronage from the shareholders and prospective investors as a result of this First Quarter Profit. Management should continue to improve upon their Research and Development efforts because of the anticipated competitions from other progressive banks. Kudos to both the management and the entire staff.