Access Bank Plc said it has facilitated import trade volume of about $2.62 billion for about 25,000 its customers. This was made know the bank’s Deputy General Manager, Access Bank Plc, Emeka Eze, made this known during a customer forum organised by the bank in Abuja.
According to him, the amount represents 12 percent of the country’s total import trade valued at $28.9 billion.
Addressing the bank’s contribution to the country’s trade volume, Eze said:
“At Access Bank, we believe that import trade remain necessary ingredients for economic growth and that companies requiring inputs towards a finished product need to get the best price, quality and service levels to compete effectively.”
Recall in April 2018, Access Bank’s shareholders approved the Board of Directors’ debt issue, which will see the bank raise up to ₦459 billion ($1.5 billion). Prior to this, Access Bank Plc had an existing $1 billion debt issuance programme.
About Access Bank Plc
Access Bank Plc, commonly known as Access Bank, is a Nigerian commercial bank, owned by Access Bank Group, licensed by the Central Bank of Nigeria, the national banking regulator in 1989. The commercial bank in 1998, was listed on the Nigerian Stock Exchange (NSE).
In 2002, Access Bank was taken over by new management led by Aigboje Aig-Imoukhuede and Herbert Wigwe.
In 2005, Access Bank acquired Marina Bank and Capital Bank by merger. Originally a corporate bank, the organisation acquired personal and business banking platforms from Nigeria’s International Commercial bank in 2012.
In terms of assets, loans, deposits and branch network, Access Bank operates as one of the five largest banks in Nigeria.
In its first quarter financial results, interest income stood at N95.59 billion for the quarter ended March 2018 as against N79.33 billion for same period in 2017, this indicates an increase of 20%. Profit before tax for the period ended March 2018 was N27.43 billion compared to N27.59 billion in 2017, which suggests a slight decrease. Profit after tax also dropped from N22.40 billion in 2017 to N22.11 billion in 2018.
Access Bank stock is currently trading at N9.85 on the floor of the Nigerian Stock Exchange market. The stock has a 1 year return of 5.23%.