Access Bank Plc has announced group earnings of N375.2bn and profit after tax of N62.9bn for the third quarter of this year.
The bank, in its financial statements for the period ended September 30, 2018, stated that its profit after tax was a 12 per cent increase from N56.4bn, which was recorded during the same period in 2017.
It said subsidiary contribution also increased from 15 per cent to 32 per cent.
According to the report, the group earnings for the nine months to September 2018 increased by three per cent from N365.1bn recorded during the corresponding period in 2017 to N375.2bn in 2018.
It added that the asset base of the bank remained strong with a growth of 11 per cent year-to-date in total assets, from N4.10tn in December 2017 to N4.55tn in September 2018.
The report read in part, “Loans and advances totalled N2.08tn as of September 2018 (December 2017: N2.06tn), while customer deposits increased by 10 per cent, from N2.25tn in December 2017 to N2.48tn in September 2018.
“Non-performing loans stood at 4.7 per cent as of September 2018, compared to 4.8 per cent in December 2017. Cost of risk also decreased to 0.5 per cent in the nine months to September 2018 from 0.9 per cent in 2017. This is on the back of prudent risk management practices during the period.
“Capital adequacy of 20.3 per cent and liquidity ratios of 44.2 per cent remained consistently above the regulatory minimum requirement.”
In a statement on Monday, the Group Managing Director/Chief Executive Officer, Access Bank, Herbert Wigwe, said the capital and liquidity positions remained adequately above regulatory levels because the bank had continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support growth.
He noted that the bank remained committed to a cost containment plan, as it strived to balance operational efficiency with earnings growth in a constrained environment.
“The bank will remain resilient in the achievement of its strategic imperatives, maximising its strong market position and solid capital base, while leveraging digital innovation to improve service touch points as we at Access Bank sharpen our retail play with emphasis on cheaper funding sources,” Wigwe added.
Credit : PUNCH
