Access Bank Reports N45 billion Profit Before Tax  For Q1 2019

Following its merger with Diamond bank, Access Bank Plc has declared N45.10 billion as Profit Before Tax, for its first quarter which ended March 31, 2019. The profit represents 64.4% increase compared to N27.44 billion posted in the corresponding quarter in Q1’18.

Details of the bank’s Q1 financial statement released on the Nigerian Stock Exchange, NSE, showed that the bank’s earnings rose by 16.4% to N160.12 billion on the back of 9.1% increase in interest income.

The net assets of the bank also was up 17.5% to N576.47 billion from N490.51 billion in Q1’18, while the interest income rose to N95.12 billion from N87.24 billion. The basic earnings per share at N1.39 kobo was 80.5% increase compared to N0.77 in the corresponding period in 2018.

Commenting on the report, Mr Herbert Wigwe, Group Managing Director/Chief Executive Officer, Access Bank, said: “The group delivered solid earnings underscoring the value potentials of the newly expanded business model. Gross earnings showed a 16% increase to N160.1 billion from the prior year, comprising strong earnings on interest income and non-interest income of 69% and 31% respectively, whilst Profit before Tax (PBT) grew by 66% to N45.1billion.

“Our capital and liquidity position remained above regulatory levels, with CAR at 19.5 percent and liquidity ratio of 47.6% further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks. Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions.