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MarketScreener Homepage  >  Equities  >  Nigerian Stock Exchange  >  Access Bank Plc    ACCESS   NGACCESS0005

ACCESS BANK PLC

(ACCESS)
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Access Bank : Grows Profit By 16% to N102 Billion in Nine Months

11/20/2020 | 03:06am EST

Access Bank Plc's unaudited results for the nine months ended September 30, 2020, has shown that the bank delivered strong top line figures despite the challenging landscape occasioned by COVID-19 as it recorded a 16 per cent growth in its profit after tax (PAT) to N102.3 billion, compared with the N88.4 billion recorded in the first nine months of 2019.

The results released on the Nigerian Stock Exchange (NSE) yesterday also showed that its profit before tax in the period under review climbed by 16 per cent to N116.6 billion.

Its gross earnings rose 15 per cent year-on-year to N592.8 billion at the end of September, higher than the N513.7 billion realised same period in 2019. Interest and non-interest income contributed 63 per cent and 37 per cent respectively to its earnings.

Access Bank's customer deposits also grew by 24 per cent in the period under review to N5.26 trillion with strong savings account deposits of N1.23 trillion. Similarly, net loans and advances grew by 15 per cent to N3.53 trillion.

In addition, the bank maintained a robust capital and liquidity positions of 21.1 per cent and 48 per cent respectively, well above regulatory levels.

Commenting on the results, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, said: "We recorded consistent growth in our retail banking business as evidenced by the growth in customer sign-on by 3.2 million customers year-to-date via our financial inclusion strides. Transaction volume and value also grew based on our deliberate investments in digital banking.

"Asset quality continued to improve as guided to 4.2 per cent, on the back of impairment charges, strong recoveries and a robust risk management approach. This is expected to trend downwards as we strive to surpass the standard we had built in the industry prior to the merger with Diamond Bank.

"We have continued to grow our African footprint in a capital-efficient and profitable manner, in furtherance of our vision to be the World's most respected African Bank and Africa's payment gateway. Our African expansion strategy is two-pronged; consolidating in markets we already exist (Mozambique and Zambia) to become major players and entering into new key African markets and trade corridors (Guinea, Kenya and South Africa)."

In addition, he said the bank recently received the Central Bank of Nigeria's Approval-In-Principle for a holding company structure, which will enable it to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.

"The year has been challenging for all and I would like to appreciate our customers for their unwavering loyalty in these uncertain times. Recognising the adverse effects of the recent events on our customers, we remain committed to delivering superior value to our customers and providing innovative solutions for the markets and communities we serve.

"Going into the last quarter of the year, our focus remains on consolidating our retail momentum and expanding our African footprint. The next two years will see updates with regards to the realisation of synergies and actualisation of the bank's strategic intent. Finally, I would like to thank our people and shareholders as we could not have achieved these feats without their dedication, commitment and support," he said.

Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2020 465 B 1 231 M 1 231 M
Net income 2020 107 B 282 M 282 M
Net Debt 2020 - - -
P/E ratio 2020 3,15x
Yield 2020 7,22%
Capitalization 323 B 849 M 856 M
Capi. / Sales 2020 0,69x
Capi. / Sales 2021 0,67x
Nbr of Employees 6 898
Free-Float 81,4%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 10,94 NGN
Last Close Price 9,20 NGN
Spread / Highest target 95,7%
Spread / Average Target 18,9%
Spread / Lowest Target -51,1%
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Managers and Directors
NameTitle
Herbert O. Wigwe CEO, Executive Director & Group Managing Director
Ajoritsedere Awosika Chairman
Adeolu Bajomo Executive Director & Executive Director-IT
Miabiye Tonye Koko Chief Information Officer
Anthonia Olufeyikemi Ogunmefun Non-Executive Director
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