Access Bank has recorded giant strides in many areas of its operations, showing much progress in the first quarter of 2016.
The financial institution recorded a gross earnings totaled â‚¦80.3bn in Q1 2016, up 5per cent, compared with â‚¦76.8bn recorded in 2015.
The bank maintained in its just released report that interest income grew by 19per cent to â‚¦55.4bn in Q1 2016 from â‚¦46.4bn in Q1 2015.
It indicated that non-interest income stood at â‚¦24.7bn in Q1 2016, down 19per cent from â‚¦30.4bn in Q1 2015, as significant growth in fees and commission income largely offset the drop in net trading income
The bank said that operating Income increased to â‚¦59.4bn in Q1 2016 (+10% y/y) when compared with â‚¦54.0bn in the corresponding period of 2015.
It stated that profit before tax (PBT) for the period rose to â‚¦22.6bn, representing a 37per cent y/y growth when compared to â‚¦16.5bn in Q1 2015.
The bank maintained that profit after tax (PAT) up 42per cent y/y to â‚¦19.4bn in Q1 2016 from â‚¦13.7bn in Q1 2015.
It disclosed that return on average equity (ROAE) of 20.7per cent in Q1 2016 from 19.2per cent in Q1 2015.
The bank disclosed that loans and advances up 4per cent to â‚¦1.47trn as at March 2016 (December 2015: â‚¦1.41trn).
It stated that customer deposits totaled â‚¦1.80trn in the period, a 7per cent increase from â‚¦1.68trn in December 2015.
The noted that Total Assets stood at â‚¦2.75trn as at March 2016, up 6per cent from â‚¦2.59trn in December 2015.
The group managing director/CEO, Mr. Herbert Wigwe said: â€œI am pleased with the Groupâ€™s solid first quarter performance characterised by improved margins and strong profit growth despite prevalent macro headwinds and a slowed economy. Today, we are realising the benefits of initiatives that were deployed last year in the retail banking space, evidenced by the rapid adoption and utilisation of our enhanced digital platforms.
â€œThis translated to growth in our retail-related fee and commission income. As we cautiously grow our loan portfolio in light of macro realities, we will continue to uphold the highest standards of risk management in order to sustainably maintain asset quality within acceptable limits.
â€œWe are encouraged by these results, and in the coming quarters, we will intensify the implementation of our strategic cost reduction initiatives in order to improve our bottom-line. We will also explore and activate other innovative avenues to expand our digital banking proposition so as to achieve improved revenues and deliver sustainable shareholder value in the long term.â€