Access bank posts NGN71.4 billion profit for full year 2016

Access Bank

Access bank  plc in its financial report post gross profit of NGN108.1 billion for third quarter 2016 compared to NGN102.4 billion posted same period in financial year 2015.

On the bottom line, the bank recorded NGN71.4 billion as profit for the year in review compared to NGN65.8 billion recorded in the financial year 2015.

Access bank recorded operating expenses of NGN94.4 billion in 2016 compared to NGN91.3 billion recorded same period 2015.

Access bank plc acquired total assets of NGN3.4 trillion in 2016 compared to NGN2.5 trillion recorded same period in 2015. This a significant jump in its asset base on a year on year basis.

The bank’s impairment charges has gone out of control as with a year on year rise of 54.3% to NGN21,9 billion versus NGN14,2 billion in 2015.

It recorded total liabilities of NGN3.0 trillion compared to NGN2.2 billion posted in third quarter 2015. Therefore the significant gain in asset value has also been knocked off. By implication the bank’s to net asset stood at NGN400 billion.

The bank disclosed that it has international banking subsidiaries: Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, The Access Bank (UK) Limited, Access Bank (Ghana) Plc, Access Bank Rwanda, Access Bank (D.R. Congo).

The Bank also has Access Finance BV, an offshore Special Purpose Vehicle for the issuance of the U.S.$350,000,000, 7.25 Per Cent Guaranteed Notes Due 2017 guaranteed by the Bank (There are only USD237,003,000 outstanding as at period end due to an exchange of USD 112,997,000 in Oct. 2016: see note 35).

Company Information

Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the central bank and national banking regulator.

As of December 2015, Access Bank Plc is a large financial services provider, with an asset base in excess of USD12.2 billion (NGN:2.412 trillion), and shareholders’ equity valued at approximately USD1.86 billion (NGN:367.8 billion).

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