Access Bank Records N258bn Gross Earnings In Q3 2015

Access Bank Records N258bn Gross Earnings In Q3 2015
Olushola Bello
— Oct 22, 2015 3:26 am | Leave a comment
Access Bank Plc, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa and the United Kingdom (UK), has recorded a strong performance in its unaudited results for the third quarter (Q3) ended September 30, 2015, showing positive growth in financial indices.
The unaudited Q3 2015 financial results released to the Nigerian Stock Exchange (NSE) on Wednesday, showed that Access Bank recorded a gross earnings of N258 billion, representing an increase of 42 per cent over the N182 billion recorded in the same period in 2014 with total contribution of interest income at 60 per cent and non-interest income at 40 per cent.
The Group posted a profit- before- tax of N60billion which showed an increase of 43 per cent when compared to the third quarter of 2014 at N42billion. Profit- after- tax was up 34 per cent in 2015 to N48 billion, compared to N35billion in nine months of 2014.
There were also increases in other financial indices; non-interest income rose 106 per cent to N102billion in 2015, from N50 billion in 2014; Operating income of N178billion grew by 42 per cent in Q3 2015, compared to N126billion in the corresponding period of 2014 and Return on Average Equity (ROAE) of 20.4 per cent in 2015, from 18.9 per cent in Q3 2014 driven by significant improvement in profitability.
Speaking on the results, the group managing director, Herbert Wigwe, noted that “the bank continues to maintain strong growth in earnings reflecting our commitment to deliver on our objectives for 2015. The Group posted a PBT of N60 billion in September 2014, in spite of the significant policy headwinds in the first nine months of the year.
“We continue to invest in technology, enhance our processes and improve service delivery whilst reducing cost as we deploy simple and efficient digital solutions to meet the needs of our customers.”
The recent upgrade of our core banking applications will act as catalyst for the sustainable growth of our retail base and deepen our share in key focus market segments,” he stated.