Access Bank Plc has released its unaudited financial results for the first quarter (Q1) ended March 31, 2018 showing an increase of 19% in gross earnings to N137.5 billion from N116 billion in the corresponding period of March 2017, with interest income and non-interest income contributing 70% and 30% respectively.
The Bank recorded a Profit before Tax (PBT) of N27.4 billion while Profit after Tax stood at N22.1 billion from N22.4 billion in Q1 2017.
Access Bank’s Balance Sheet remained strong with a 7% growth in Total Assets as the Bank closed the quarter ended March 2018 with Total Assets of ₦4.38 trillion from ₦4.10 trillion in December 2017. The Group‘s Capital and Liquidity Ratios (CAR) of 19.3% and 41.3% respectively, remained in excess of the minimum regulatory requirement and would support the business adequately.
Commenting on the Bank’s performance during the period, Group Managing Director/CEO, Herbert Wigwe said that the Group delivered resilient results with gross earnings of N137 billion and profit after taxes of N22 billion underscoring our ability to deliver sustainable earnings.
“We have begun the implementation of key elements of our strategy and I am excited at the prospects in the coming months. A vitalpart of this is the continued execution of our retail market penetration initiatives, as it remains a strong catalyst to the sustainability of non-funded income growth. In addition we remain focused on consolidating our market position in the corporate and commercial banking segment.”
“Our priority for the rest of the year, will be to focus on our retail offerings as we continue to see the benefits of the initiatives intensify over the next few months.” he added.