Access Bank PLC Records NGN89.4 Billion Net Profit In Nine Months

Access Bank

Access Bank Plc, one of the largest tier 2 banks by asset base said its net profit in its financial statements for the period ended 30 September, 2016 hit NGN89.4 billion.

The group’s interest income rose to NGN181 billion for the period compared to NGN155 billion recorded last year.

Access Bank has really cut tapered its impairment charges unlike its peers, impairment losses rose slightly to NGN12,3 billion versus NGN11,5 billion provided for last year.

Access Bank was surely not among some of the banks that reduced its headcounts. Personnel expenses rose to NGN35,9 billion versus NGN29,5 expended last year.

Total asset of the group rose to NGN3,3 trillion compared to NGN2,5 trillion disclosed last year. However its total liabilities have also increased to NGN2,9 trillion compared to NGN2,2 trillion disclosed last year.

It would be recalled that Access Bank opened a roadshow to sell Eurobonds in other to raise its capital level. The bank has also floated some minority stake in its 100% owned Access Bank Ghana to raise more money for its group operations.

Corporate information

Access Bank Plc (“the Bank”) is a company domiciled in Nigeria. The address of the Bank’s registered office is Plot 999c, Danmole Street, off Adeola Odeku/Idejo Street, Victoria Island, Lagos (formerly Plot 1665, Oyin Jolayemi, Victoria Island, Lagos).

The consolidated financial statements of the Bank for the period ended 30 September 2016 comprise the Bank and its subsidiaries (together referred to as “the Group” and separately referred to as “Group entities”). The Group is primarily involved in investment, corporate, commercial and retail banking and is listed on the Nigerian Stock Exchange.

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