Access Bank posts N72.9b pre-tax profit in Q3

Access Bank Plc has recorded increase in pre-tax profits from ₦69 billion in September 2016, to ₦72.9 billion for the third quarter (Q3) ended September 30, 2017.

Its gross earnings, year-on-year, rose from ₦275 billion to ₦365 billion, showing 33 per cent growth, and driven primarily by the strong performance on core revenue lines.

The bank’s Profit after Tax (PAT) grew to ₦56.4 billion in Q3 from ₦54.1 billion in 2016, representing four per cent year-on-year growth.The Group Managing Director/CEO, Herbert Wigwe, said: “We continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months.”

He noted that the reporting period marked the last quarter in the last year of the 2013 – 2017 strategic period, adding that the Bank remained committed to improving the quality of its balance sheet.

“The Board and Management remain extremely grateful to our more than 8 million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period. We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value,” Wigwe stated.

Furthermore, the bank’s Q3 performance showed that operating costs reduced significantly by 18 per cent quarter-on-quarter to ₦49.5 billion in September, reaffirming the Bank’s commitment to rein in costs and improve operating efficiency.

The bank added that capital and liquidity buffers of 20.5 per cent and 46.0 per cent, respectively, are well above the minimum regulatory requirement.