LAGOS: Access Bank records N95bn profit in 2018

Access Bank Plc has recorded an increase of 58 per cent in Profit after Tax (PAT) to N95.0 billion from N60.1 billion in the corresponding period of 2017. In its audited financial results for the full year (FY) ended December 31, 2018 released to the Nigeria Stock Exchange (NSE) also showed that Gross Earnings rose […]

Access Bank Plc has recorded an increase of 58 per cent in Profit after Tax (PAT) to N95.0 billion from N60.1 billion in the corresponding period of 2017.

In its audited financial results for the full year (FY) ended December 31, 2018 released to the Nigeria Stock Exchange (NSE) also showed that Gross Earnings rose 15 per cent to N528.7 billion in FY 2018, compared to N459.1 billion in 2017.

A further breakdown revealed that interest and non-interest income contributing 72 per cent and 26 per cent respectively.

Profit before Tax (PBT) for the period was N103.2 billion, showing 32 per cent growth from N78.2 billion in 2017 while Return on Average Equity (ROAE) stood at 19.0 per cent with a Return on Asset of 2.1 per cent in FY 2018.

The bank has proposed a dividend of 50 kobo per share. Customer deposits increased by 14 per cent to N2.57trillion in December 2018 from N2.25 trillion in December 2017.

Commenting on the bank’s performance during the period, the Group Managing Director/Chief Executive Officer, Herbert Wigwe said 2018 marked a significant year of progress for the Bank amidst an unfavourable macro climate.