By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian lender, Access Bank Plc on Thursday said its profit for the year climbed up 28.1 percent to N35.346 billion in its nine months period ended September 30, 2014 from N27.597 billion recorded in the same period of 2013, the bank said in a filing with the Nigerian Stock Exchange (NSE).

Similarly, pretax profit also increased 20.1 percent to N42.156 billion from N35.087 billion reported in the corresponding period of 2013.

Gross earnings grew from N155.026 billion in the nine months period of 2013 to N181.798 billion in the review period of 2014; indicating a growth of 17.3 percent.

However, at the end of trading on the floor of the Nigerian bourse, share price of the lender dropped 1.11 percent; losing 10 kobo as it opened 9.00 naira and closed at 8.90 naira.

This is coming on the heels of the proposed Rights Issue of N68 billion of the Nigeria’s tier one lender.

Access Bank had said in an issuer’s announcement to the NSE that it would open its proposed Rights Issue at N8.90 kobo per share and will issue 7.640 million ordinary shares of 50 kobo each.

The lender said the Rights will be on the basis of one (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the bank.

The bank would hold an Extraordinary General Meeting (EGM) on Monday, October 13, 2014 to seek its shareholders’ approval for the board of directors to raise additional equity capital in the sum of up to N68 billion by way of a Rights Issue.