Access Bank posts N102.3 billion profit in nine months

Access Bank Nigeria Plc has posted an improved sum of N102.3 billion as its Profit After Tax (PAT) for the period ended September 30, 2020

Techeconomy.ng obtained this from the latest financial statement sent to the Nigerian Stock Exchange on Thursday, November 19.

According to the statement, the Profit After Tax (PAT) figures showed a gain of +15.7% from the figures recorded in the corresponding period last year.

See the key highlights of the bank’s 2020 9M results below:

• Profit After Tax increased to N102.3 billion in 9M 2020, up by +15.7% Y-o-Y
• Pre-tax profit also increased to N116.6 billion in 9M 2020, indicating a gain of +15.7% Y-o-Y
• Interest income calculated using effective interest rate marginally decreased to N317.7 billion, down by -9.02% Y-o-Y
• Interest expense declined to N179.01 billion, down by -8.1% Y-o-Y
• Net interest income decreased to N196.3 billion, indicating a slip of -6.6% Y-o-Y
• Net fee and commission income increased to N71.8 billion, up by +28.3% Y-o-Y
• Personnel expenses increased to N57.1 billion, up by + 4.4% Y-o-Y
• Other operating expenses increased to N163.8 billion, up by +34.0% Y-o-Y
• Earnings Per Share (Basic) increased to N290, indicating a gain of +7% Y-o-Y
• Loans and advances to customers moved up to N3.09 trillion, indicating a gain of +6.04% between December 2019 and September 2020
• Total assets also increased to N7.9 trillion between December 2019 and September 2020, indicating an increase of +10.9%.

This medium understands that the bank recorded much-improved performance in income-earning components such as net fee and commission income, net gains on financial instruments and net foreign exchange gain accounted for the increase in profit on a Year-on-Year basis.

The increase in total assets Year-on-Year is attributable to the current and non-current assets components such as the gains in derivative financial assets, loans and advances to customers, and investment securities, amongst others.