Home Business Access Bank 2017 Third Quarter Gross Earnings Improve By 33 Percent

Access Bank 2017 Third Quarter Gross Earnings Improve By 33 Percent

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Access Bank Plc, one of the tier one banks listed on the floor of the Nigerian Stock Exchange (NSE) has improved its gross earnings for the period ended September 30, 2017 by 33 percent, from N275 billion in 2016 to N365 billion in 2017. According to the bank this was driven primarily by the strong performance on core revenue lines.

Other highlights of the nine months financial statements shows that the group delivered profit before tax of N69.0 billion in 2016 which is below N72.9 billion that is recorded in the period under consideration. Profit after tax grew from N54.1 billion in 2016 to N56.4 billion in 2017.

Furthermore, the result also showed that operating costs reduced significantly by 18 percent quarter-on-quarter to N49.5 billion in September, reaffirming the Bank’s commitment to rein in costs and improve operating efficiency. Capital and liquidity buffers of 20.5 percent and 46.0 percent, respectively, are well above the minimum regulatory requirement.

Commenting on the financial performance of the bank, Group Managing Director / Chief Executive Officer, Herbert Wigwe said, “We continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our retail and digital offerings. I am excited at the prospects in the coming months.” He noted that the reporting period marks the last quarter in the last year of the 2013–2017 strategic period adding that the Bank remains committed to improving the quality of its balance sheet.

In his word “The Board and Management remain extremely grateful to our more than 8 million customers, shareholders and dedicated employees for enabling us achieve several milestones within this period. We look forward to the next five years, with confidence in our ability to deliver superior service and optimised shareholder value,”

Access Bank Plc, is a full service commercial bank with headquarters in Nigeria and with operations across Sub-Saharan Africa, the UK, Asia and the Middle East.

 

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