Access Bank Plc, the full service commercial bank with headquarters in Nigeria with operations across Sub-Saharan Africa, the UK, Asia and the Middle East, has announced its unaudited results for the period ended 31 March 2016, showing 42% increase in Profit After Tax.
Access Bank maintained its robust profitability, recording an annualised 20.7% return on average equity (ROAE) from 19.2% in the first quarter of 2015.
The unaudited first quarter 2016 financial results released to the Nigerian Stock Exchange (NSE) on Monday, showed that the Bank recorded gross earnings of ₦80.3bn in Q1 2016, up 5% y/y from ₦76.8bn in Q1 2015, with interest income and non-interest income contributing 69% and 31%, respectively. Profit Before Tax (PBT) for the period rose to ₦22.6bn, representing a 37% y/y growth when compared to ₦16.5bn in Q1 2015. Profit After Tax (PAT) up 42% y/y to ₦19.4bn in Q1 2016 from ₦13.7bn in Q1 2015
“I am pleased with the Group’s solid first quarter performance characterised by improved margins and strong profit growth despite prevalent macro headwinds and a slowed economy. Today, we are realising the benefits of initiatives that were deployed last year in the retail banking space, evidenced by the rapid adoption and utilisation of our enhanced digital platforms. This translated to growth in our retail-related fee and commission income”, said Herbert Wigwe, the GMD/CEO of Access Bank Plc, while commenting on the results.
He said as the Bank cautiously grows its loan portfolio in light of macro realities, it will continue to uphold the highest standards of risk management in order to sustainably maintain asset quality.
“We are encouraged by these results, and in the coming quarters, we will intensify the implementation of our strategic cost reduction initiatives in order to improve our bottom-line. We will also explore and activate other innovative avenues to expand our digital banking proposition so as to achieve improved revenues and deliver sustainable shareholder value in the long term,” Wigwe stated.
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