Access Bank increases profit 86% to N41bn in Q1 2019

Temitope Adebayo

Access Bank Plc has released its unaudited financial results for the first quarter (Q1) ended March 31, 2019 showing an increase of 86 per cent in Profit after Tax which stood at N41.1 billion from N22.1 billion in Q1 2018.

Profit before tax also grew by 64 per cent to N45.1 billion from N27.4 billion recorded a year ago. Profit growth was aided by a 23 per cent improvement recorded in the group’s Net Interest income which closed the period at N56.8 billion from N44.6 billion in Q1’ 2018.

Access Bank’s balance sheet remained strong with a 30 per cent growth in Total Assets as the Bank closed the quarter ended March 2019 with Total Assets of N5.9 trillion from N4.5 trillion in December 2018.