Access Bank Reports 14% PBT in Q1 of 2010


Speaking from the Bank’s headquarters in Lagos, Aigboje Aig-Imoukhuede, Group Managing Director of Access Bank, said: “It is with pleasure that Access Bank reports a strong return to profitability driven by increased lending to our target clients. We have maintained our strategy of balance sheet expansion with lending growing by 15% quarter on quarter. During the reporting period, we continued to deploy our value chain strategy and our one bank customer proposition to expand our market share of high quality assets and low cost deposits. We will distribute an interim dividend of 20kobo per share to our shareholders while we maintain our very solid prudential ratios across all financial parameters.”


Group Financial Highlights


Profit & Loss Account


·           Gross Earnings of N49.4 billion, down by 13% compared with prior year  (N56.9 billion June 2009)

·           Total Operating Income of N37.1billion, down 3% (N38.2 billion in June 2009)

·           Net loan loss provisions of N3.6billion, down 56% (N8.2 billion in June 2009)

·           Profit before tax of N9.8billion, up 14% (N8.5 billion in June 2009)

·           Cost to income ratio of 64% on enlarged cost base of additional subsidiaries

·           EPS of 37 kobo (39 kobo in June 2009)

·           Interim dividend per share of 20k per share


Balance Sheet


·           Total Assets and Contingents of N925.6 billion, up 11% (N831.8 billion Dec 2009)

·           Loans and Advances of N416billion, up 7% (N388 billion Dec 2009). Quarter on Quarter growth of 15% (N362.8 billion in March 2010)

·           Customer deposits of N433 billion, down 2% (N442.7 billion Dec 2009) as a result of a deliberate decision to reduce costs of funds

·           Strong Capital adequacy and Liquidity ratio of 28% and 40% respectively

·           NPL ratio of 12% (Dec 2009: 19%)

·           Coverage ratio of 74% (December 2009: 37%)


Operational Highlights(Nigeria)


·           Championing International Financial Reporting Standards adoption in Nigeria

·           Introduction of 1 year fixed rate term deposit product in Nigeria

·           Launch of the Group’s International Private Banking Service

·           Growing exposure to Real Economy risk assets leveraging on government sponsored lending programs

·           Standard & Poor’s (S&P) Nigerian A- rating affirmed



































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