Access Bank reports 42 percent growth in profit in Q1 2016

25 Apr 2016
Financial Nigeria


Access Bank reported N19.4 billion in after-tax profit in Q1 2016.

Herbert Wigwe, Group Managing Director/CEO, Access Bank

Access Bank’s after-tax profit for the first quarter of 2016 surpassed analysts’ estimates, rising 42 percent year-on-year. According to a statement released on Monday, the Bank reported N19.4 billion in after-tax profit in Q1 2016 compared with N13.7 billion in Q1 of last year.

This result exceeds estimates of N15.9 billion compiled by analysts at CardinalStone Partners, a Lagos-based investment advisory firm.

Access Bank’s gross earnings, however, fell short of analysts’ estimates of N81.2 billion, rising only 4.4 percent in Q1 2016 to N80.2 billion, as against N76.8 billion reported in Q1 2015.

Despite the pressure from rising non-performing loans and the removal of commissions on transfer (COT) since the start of the year, Access Bank said its total assets rose 6 percent from N2.6 trillion in Q1 2015 to N2.8 trillion as of March 31, 2016.

The bank’s basic per share earnings fell to 60 kobo per share in the period under review, compared with 68 kobo in the corresponding period last year.

As at 12.32 GMT on Monday, Access Bank’s stock rose 1.83 percent to N3.9 per share on the Nigerian Stock Exchange.

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