Access Bank’s profit rises by 42% in Q1
Access Bank Plc, has announced 42 per cent rise in profit for the first quarter ended March 31, 2016.
Specifically, the bank’s unaudited result showed a profit after tax of ₦19.4 billion. This, according to the bank, represents 42 per cent increase over ₦13.7 billion achieved in Q1 2015.
The bank recorded gross earnings of ₦80.3 billion, up from ₦76.8 billion in Q1 2015. Profit before tax (PBT) during the period under review rose to ₦22.6 billion, representing a 37 per cent growth when compared to ₦16.5 billion in Q1 2015
Access Bank also recorded an annualised 20.7 per cent return on average equity (ROAE) from 19.2 per cent in the first quarter of 2015.
The Group Managing Director of the bank, Herbert Wigwe assured that the bank would continue 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.
He added that the bank would 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 basis.
“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.
“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 a long term basis.”
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