Access Bank’s profit rises by 44.23% in Q3

Access Bank Plc has recorded growth at the end of its third quarter financial result as its profit after tax increased by 44.23 per cent.

The bank’s 9-month result released at the Nigerian Stock Exchange (NSE) grew by N27.829 billion from  N62.911 billion achieved the preceding year to N90.740 billion at the end of September 2019.

Profit before tax surged by 46.73 per cent to N103.104 billion from N70.268 billion achieved in the comparative period of last year.

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Analysis of the bank result showed that gross earnings up by 36.89 per cent to N513.656 billion at the end of October 2019 from N375.230 billion in the preceding period of 2018.

Interest and similar income inched up from N274.497 billion to N405.025 billion, representing a growth of  47.55 per cent, interest and similar expenses moved upward by 28.55 per cent to N194.807 billion from 151.547 billion, bringing net interest income to N210.218 billion against N122.950 billion recorded in the comparable period of last year.

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Impairment loss on financial assets rose by 27.02 per cent to N10.611 billion from N8.353 billion in the preceding year.

Net fee and commission income advanced by 49.52 per cent to N56.010 billion from N37.460 billion recorded in the same period of 2018, net gains on investment securities down by 95.57 per cent to N3.326 billion from N75.102 billion in the comparetive period of last year.

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