Earnings Q1, 2012: Access Bank Realizes N12 billion on N 62 billion Revenue in

Access bank recently joined the league of top-tier banks in the country with its acquisition of Intercontinental bank. It only follows that the bank begin to post top-tier numbers. After the 1st Quarter of the year, it has done just that.

Earnings are up 143% to N 62 billion from N25.8 billion at the close of Q1, 2011.

The company’s provision for bad debts fell 66% qoq to N 405 million from N 1.2 billion in the preceding year.

Profit before tax was up 118% to N 15.5 billion from N 7.1 billion after Q1, 2011.

Net Income was N 12 billion (about half of First Bank’s Q1’s figure), an improvement of 119%.

Commenting on performance from the Bank’s headquarters in Lagos, Aigboje Aig-Imoukhuede, Group Managing Director of Access Bank, said:

“Our 2012 first quarter performance provides encouraging returns Access Bank is able to generate from its enlarged balanced sheet combined with our signature innovative and efficient management. With profit before tax already twice as high as this time last year, robust capital adequacy and low and stable impairment charges the Bank is firmly on course towards delivering competitive double digit returns to shareholders in 2012 and beyond.”