Access Bank posts PBT of N72bn in 3Q.

Access Bank Plc has sustained growth in its profitability as its profit before tax increases to  N72 billion at the end of third quarter financial year. The amount represents a surge of N11.632 billion or 19.3 per cent compared with N60.371 billion recorded the same period 2015.                  The bank’s result filed at the Nigerian Stock Exchange (NSE) showed that profit for the period grew from N48.092 billion to N57.095 billion, indicating a growth of N9.003 billion or 18.72 per cent.
Its gross earnings rose by seven per cent to N274.5 billion against N257.6 billion in the corresponding period of 2015.
The growth in gross earnings the bank said  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 N2.10 trillion from N1.68 trillion in December 2015.              The bank’s interest income advance to N181.210 billion against N155.360 reported in the preceding year while net interest income went to N106.373 billion from N75.896 billion achieved in the same period of 2015. An analysis of the bank’s result during the period showed that total comprehensive income for the year increased to N91.720 billion from N50.427 billion in the corresponding period. Total assets climbed to N3.389 trillion from N2.291 trillion recorded in the 2015 while total liabilities which stood at N2.223 billion rose to N2.946 trillion.