Access Bank posts 11 per cent profit growth in first quarter

For the 2015 first quarter (Q1) performance, Access Bank Plc posted 11per cent growth profit to N13.7 billion from N12.3 billion in the previous year.

The bank’s Profit After Tax (PAT) for the first quarter ended March 31, 2015 showed an increase of 11 per cent from 12.3billion recorded in 2014 to13.7billion during the period under review.

Similarly, the Group’s Profit Before Tax (PBT) stood at 16.5billion, 21 per cent increase when compared to 13.6billion posted in the corresponding period in 2014.

Gross earnings during the same period stood at 76.7 billion, 34 per cent increase when compared to 57.3 billion achieved in the corresponding period in 2014.

Interest Income grew by 17 per cent to 46.4billion from 39.6billion in 2014. The growth, according to the bank was attributable to a loan portfolio growth in 2014 and improved yields on fixed income securities

Non-Interest Income rose to 30.4billion, compared to 17.6 billion in Q1 2014, representing an increase of 47per cent while operating income grew from 42.2 billion to 54.0billion during the period under review.

Loans and Advances also recorded a modest growth of two per cent to 1.15 trillion in Q1 2015, from1.12 trillion in December 2014
Customer deposits however declined by 4per cent from ₦1.45 trillion in December 2014 to ₦1.39 trillion.

This, according to the bank was due to run-off of expensive funds and replacement with stable and lower cost deposits, as we strive to sustain the margins.