Access Bank on Monday announced its unaudited results for the period ended March 31, 2016, showing 42 per cent increase in profit after tax.
The bank recorded an annualised 20.7 per cent return on average equity, from 19.2 per cent in the first quarter of 2015.
The unaudited first quarter 2016 financial results released to the Nigerian Stock Exchange showed that the bank recorded gross earnings of₦80.3billion in the first quarter of 2016, up five per cent, from ₦76.8billion recorded in the corresponding period of 2015.
Further analysis showed that interest income and non-interest income contributed 69 per cent and 31 per cent respectively.
Its profit before tax for the period rose to ₦22.6billion, representing a 37 per cent growth when compared to ₦16.5billion in the first quarter of 2015.
The bank’s profit after tax up 42 per cent to ₦19.4billion in the review period 2016, from ₦13.7billion recorded in the same period of 2015.
Speaking on the result, the Group Managing Director, Mr. Herbert Wigwe, noted that the group’s solid first quarter performance characterised by improved margins and strong profit growth despite prevalent macro headwinds and a slowed economy.
He said, “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”,
He said as the bank cautiously grows its loan portfolio in light of macro realities, adding that it will continue to uphold the highest standards of risk management in order to sustainably maintain asset quality.
“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 the long term,” Wigwe stated.