Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

live feed

Access Bank Plc posts N102.3 billion profit in 9M 2020, up by 15.7% YoY

The latest PAT figures indicate a gain of +15.7% from the figures recorded in the corresponding period last year.

Published

on

Access Bank , #EndSARS: Access Bank Debunks aiding military onslaught against Lekki protesters

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, according to its latest financials sent to the Nigerian Stock Exchange on Thursday.

The latest PAT figures indicate a gain of +15.7% from the figures recorded in the corresponding period last year.

READ: Flourmills posts impressive Q3, sustains recovery in 2020 financial year

Key highlights of its 2020 9M results

  • 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%.

READ: Aviation: Nigerian ground handling firms count revenue losses due to pandemic-induced plunge

Bottom Line

When compared with corresponding figures last year, the 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.

READ: STANBIC IBTC posts Profit After Tax of N45.2 billion in H1 2020

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

2 Comments

2 Comments

  1. Blessing Lawrence

    November 20, 2020 at 9:13 am

    Meaning Investors should expect some dividends.

  2. Stanley

    November 21, 2020 at 12:02 pm

    Why would he get 102.3 billion naira as a profit when he has become a thief! Because he’s stiling costumers money including me and my wife’s money! God is watching you. Continue.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement




Advertisement

Nairametrics | Company Earnings