Home Business Access Bank Announces 55% Increase in Profit To N41.3bn

Access Bank Announces 55% Increase in Profit To N41.3bn

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Access bank plc on Thursday announced 55 per cent increase in profit after tax to N41.3billion in its nine months unaudited results to the Nigerian Stock Exchange (NSE).

The results showed that the financial institution reported N26.56billion in prior nine months unaudited

Access bank results showed that profit before tax also grew by 52 per cent to N42.32billion in nine months of 2020 from N27.8billion reported in nine months of 2019.

Western Post gathered that 227.4 per cent increase in net foreign exchange gain to N78.86billion in nine months of 2020 from N24.09billion in nine months of 2019 contributed to Access bank profits in the period under review.

According to the lender, “We will continue to: Reduce operating cost by aggressively executing strategic cost saving initiatives Intensify low-cost deposit drive to reduce funding costs, thereby enhancing liquidity and margins

“Culture an aggressive recovery drive and decisively deal with challenged facilities. Significantly increase the productivity of people and resources to enhance operations efficiency.

“Extract value from new and existing accounts and migrate customers to alternative channels to enhance transaction banking income and increased focus on asset quality.”

 

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