Business
Access Bank records 42.22% post-tax profit growth to N90.73bn in Q3 2019
Access Bank’s merger with Diamond Bank seems to be paying off, as the bank grew profit-after-tax by 42.22% N90.73 billion, its unaudited financial statements for the period ended September 30, 2019 has shown.
The bank’s pre-tax profit went up 46.74%. to N103.10 billion, compared to N70.26 billion recorded as at the end of the third quarter of September 2018.
Access Bank merged with Diamond Bank in last year
Gross earnings increased 36.89% to N513.66 billion in nine months instead of N375.23 billion Q3 2018, as Net Interest Income rose 70.98% to N210.21 billion, driven by 85.36% rise in revenue from investment securities, against N122.94 billion generated in the corresponding period in 2018.
While fee and commission income climbed 49.52% to N56.01 billion in Q3 2019, net foreign exchange income was up 117.41% to N5.15 billion from N29.58 billion loss in the same period in 2018 and other operating income increased 184.65 per cent to N33.26 billion.
However, net gains on investment securities dipped significantly 95.57% to N3.23 billion in Q3 2019 from N75.10 billion in Q3 2018.
Access Bank made a 27.02% higher impairment provision on loan losses of N10.61 billion, while personnel and rent expenses and other operating cost increased 25.39% and 47.70% respectively during this period.
The commercial lender gave out 37.53% more loans and advances worth N2.94 trillion and raked in deposits that is 65.27% higher to N4.24 trillion, as its total assets increased 33.35% to N6.61 trillion and total liabilities was up 34.23% to N5.99 trillion.
The bank’s earnings per share stood at N2.79 as at the end of the third quarter of 2019 compared N2.18 in Q3 2018.
