Herbert Wigwe, GMD Access Bank Plc
Access Bank Plc yesterday announced ₦375.2 billion earnings for the nine months ended 30 September 2018, up 3% from N365.1 billion recorded during the corresponding period in 2017.
The Bank’s Profit after Tax (PAT) according to the bank rose 12% to ₦62.9billion from ₦56.4billion of which subsidiary contribution increased to 32%, from 15% from the corresponding period.
The asset base of the Bank remained strong and robust with growth of 11% Year to Date (YTD) in total assets to ₦4.55trillion in September 2018 from ₦4.10trillion in December 2017. Loans and Advances totaled ₦2.08trillion as at September 2018 (December 2017: ₦2.06trillion). Customer deposits increased by 10% to ₦2.48trillion in September 2018, from ₦2.25trillion in December 2017. Capital Adequacy of 20.3% and liquidity ratios of 44.2%, remained consistently above the regulatory minimum requirement.
Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said, “Our capital and liquidity position remained adequately above regulatory levels, as we continued to implement a disciplined capital plan, ensuring sufficient levels of profit retention to support our growth.We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.”
Further analysis of the results showedNon-performing loansstood at 4.7% as at September 2018 compared to 4.8% in December 2017. Cost of risk decreased to 0.5% in 9 months to September 2018 from 0.9% in 2017 on the back of prudent risk management practices during the period.
“The Bank will remain resilient in the achievement of its strategic imperatives; maximizing our strong market position and solid capital base, while leveraging digital innovation to improve service touch points as we sharpen our retail play with emphasis on cheaper funding sources,”Wigwe said.