Leading bank records N19.4 billion Q1 profit

Access Bank on Monday posted a profit after tax of N19.4 billion for the first quarter ended March 31, 2016, according to the company's unaudited.

The result submitted to the Nigerian Stock Exchange (NSE) on Monday stated that the growth represented 42 per cent from the N13.7 billion recorded in the comparative period in 2015.

The profit before tax for the period rose to ₦22.6bn, representing a growth of 37 per cent when compared with ₦16.5bn in the first quarter of 2015.

The bank's gross earnings appreciated by five per cent to ₦80.3 billion against ₦76.8 billion achieved in the preceding period of 2015.

The interest income and non-interest income contributed 69 per cent and 31 per cent, respectively.

The Managing Director of the bank, Mr. Herbert Wigwe, attributed the growth to the benefits of initiatives deployed in 2015 in the bank’s retail banking sector.

“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," Wigwe said.

He stated that the initiatives translated to growth in the bank’s retail-related fee and commission income.

Wigwe said the bank grew its loan portfolio in the light of macro realities, adding that it would continue to uphold the highest standards of risk management, to maintain asset quality.

According to him , the bank will also explore and activate other innovative avenues to expand its digital banking proposition to achieve improved revenues and deliver sustainable shareholder value in the long-term.

The News Agency of Nigeria (NAN) reports that Access Bank is a full service commercial bank.

It has a network of 374 branches and service outlets located in major centres across Nigeria and sub-Saharan Africa.