Access Bank declares N72bn profit in third quarter

Access Bank Plc on Friday declared a profit before tax of N72 billion for the nine months ended Sept. 30, 2016.
This is contained in a statement issued by the bank’s Head, Media Relations, Mr Abdul Imoyo on Friday in Lagos.
Imoyo said the figure indicated an increase of 19 per cent when compared with a profit before tax of N60.4 billion achieved in the preceding period of 2015.

The bank’s profit after tax (PAT) grew by 19 per cent to N57.1 billion from N48.1 billion in 2015.
Its gross earnings rose by seven per cent to N274.5 billion against N257.6 billion in the corresponding period of 2015.
He said that the growth in gross earnings was driven by 17 per cent increase in interest income on the back of continued growth in the bank’s core business.
Similarly, the bank’s operating income increased by 12 per cent to N199.3 billion from N178.1 billion in 2015, while customer deposits grew by 25 per cent to ₦2.10 trillion from ₦1.68 trillion in December 2015.

Imoyo also said the bank’s Capital Adequacy Ratio (CAR) remained solid at 19 per cent as at September 2016, well above the regulatory minimum.
Commenting on the result, Mr Herbert Wigwe, the bank’s Group Managing Director, was quoted by the statement as saying that the company’s performance in the first three quarters of 2016 remained strong and consisten