The Group recorded gross earnings of ₦764.7bn (+15% y/y), arising from a 112% y/y growth in noninterest income to ₦275.5bn, which is testimonial to the effectiveness of our strategy and capacity to generate sustainable revenue. Profit Before Tax stood at ₦125.9bn despite the high cost of operating the enlarged franchise and the increase in net impairment charge of near ₦43bn arising principally (~50% of net impairment) from a Structured Trade Finance ('STF') portfolio in the Access Bank UK. The STF impairment is one-off/COVID related and recoverable over the next 12-18 months against insurance cover from world class insurers.

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Access Bank plc published this content on 01 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2021 15:03:07 UTC.