Nigeria: Access Bank surfs above the Covid in the third quarter

Access Bank Plc achieved 16% growth in profit after tax (PAT) to 102.3 billion naira ($ 270 million) for the nine months ended September 30, 2020, from 88.4 billion naira ($ 232 million) recorded during the same period in 2019. A solid result despite the current economic context marked by the Covid-19 pandemic and the resulting drop in the price of oil.

The bank’s pre-tax profit also jumped 16% to 116.6 billion naira ($ 306 million) as results released Thursday, November 19 on the Nigerian Stock Exchange (NSE).

According to the latest information from the bank, gross income rose 15% to 592.8 billion naira ($ 1.5 billion) at the end of September, from 513.7 billion naira (1, $ 3 billion) made a year earlier. Interest and non-interest income contributed 63% and 37% respectively to its profits. Customer deposits also increased 24% in the period under review to reach N5.260 billion with strong savings account deposits of N1230 billion. Likewise, net loans and advances increased 15% to 3.530 billion naira.

“We have continued to grow our African footprint profitably in pursuit of our vision to be the most respected African bank in the world and payment gateway in Africa. Our strategy for expansion in Africa is twofold; consolidate on existing markets (Mozambique and Zambia) to become major players and enter new markets and key African trade corridors (Guinea, Kenya and South Africa) ”, welcomed Herbert Wigwe, Managing Director of the Access group Bank.

Access Bank should soon accelerate its objectives in terms of diversification of activities, improvement of operational efficiency through the creation of a holding company structure, (« HoldCo »), for which the bank has received approval. principle of the Central Bank of Nigeria.

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