ACCESS Bank Plc has announced a profit of N44.2 billion for the nine months ended 30 September 2014.
The bank’s profit before tax (PBT) showed an increase of 20 percent from N35.1billion recorded during the same period in 2013.
The group unaudited IFRS nine results released to the Nigerian Stock Exchange (NSE) on Friday showed gross earnings of N182billion, representing 17per cent rise from N154billion achieved in the corresponding period of 2013. The growth in gross earnings was driven by an increase in interest income from loans.
Similarly, Access bank posted 21per cent growth in operating income to N126billion from N104billion in 2013. Customer deposits increase by 11per cent to N1.5trillion from N1.3trillion in FY 2013. The bank’s asset quality ratios also improved as Non Performing Loan (NPL) ratio was down 20bps to 2.5per cent, from 2.7per cent in December 2013.
Further analysis of the result indicated that the bank’s cost to income ratio stood at 61per cent in third quarter 2014 compared to 75per cent in 2013.
Total assets grew by 14per cent to N2.1trillion from N1.8trillion in full year 2013. Loans and advances of N1.1trillion showed an increase of 33per cent compared to N811billion in full year 2013.
Commenting on the result, Group Managing Director of the bank, Herbert Wigwe said “The Bank’s resilient 3Q 2014 results reflect consistent improvement in our balanced growth and target metrics. Our performance over the past three quarters demonstrates the effectiveness of our corporate strategy as the Bank continues to grow its market share in key segments whilst enhancing shareholder value.
“We have implemented a disciplined and conservative capital enhancement plan, designed to ensure we maintain our moderate risk appetite. This will ensure a stronger capitalised Bank, enabling us to remain competitive and take advantage of significant market opportunities in the execution of our long-term strategy,” he added.
Meanwhile, Nigerian Breweries Plc has announced that the company has obtained the approval from the Securities & Exchange Commission (SEC) for the proposed merger of Nigerian Breweries Plc and Consolidated Breweries Plc.
With the approval, the two companies would approach the Federal High Court for its Order to enable the companies convene their separate general meetings (Court-Ordered Meetings) for the purpose of obtaining the approval of the respective shareholders to the proposed merger.
The scheme of merger document containing the details of the consideration and other terms of the proposed merger, according to the company, would be sent to the shareholders of the two companies ahead of the Court-Ordered Meeting.