Access Bank profit up 34% in Q1

Access Bank’s first quarter (Q1) unaudited financial results released
to the Nigerian Stock Exchange has shown a 34 percent increase in
profit after tax of N26.0 billion

The profit is in comparison with N19.4 billion posted as Profit After
Tax for the same period of 2016.

This is even as interest and tax expenses surged by 76 and 64 percent
to N36.6 billion and N5.2 billion respectively.

Nevertheless, Gross Earnings for the company appreciated 44 percent to
N115.9 billion, Interest income was also up by 43 percent to N79.3
billion, resulting in a Net Inet Interest Income growth of over 23
percent to settle N42.7 billion.

The bank’s statement of financial position show cash and equivalents
was up 45 percent to N732.5 billion, while Loans and advances
increased 26 percent to N1.9 trillion.

Total Assets stood at N3.5 billion up 29 percent while shareholders
funds increased 22 percent to N467.3 billion.