Access Bank Plc has reported a 17.5 per cent increase in net assets; from N490.51 billion in the first quarter of 2018, to N576.47 billion in the first quarter ended March 31,
2019.
The bank’s interest income rose to N95.12 billion from N87.24 billion in the period under review.
Profit before taxation stood at N45.10 billion, representing a 64.4 per cent increase, compared to the N27.44 billion posted in the corresponding quarter of 2018.
According to the bank’s Q1 financial statement released on the Nigerian Stock Exchange, earnings rose by 16.4 per cent to N160.12 billion on the back of a 9.1 per cent increase in interest income.
The basic earnings per share, at N1.39 kobo, represented 80.5 per cent increase compared to N0.77 in the corresponding period of 2018.
Commenting, the Group Managing Director, Access Bank, Mr. Herbert Wigwe, said, “The group delivered solid earnings underscoring the value potential of the newly expanded business model. Gross earnings showed a 16 per cent increase to N160.1 billion from the prior year, comprising strong earnings
on interest income and non-interest income of 69 per cent and 31 per cent, respectively, whilst Profit before Tax grew by 66 per cent to N45.1billion.
“Our capital and liquidity position remained above regulatory levels, with CAR at 19.5 per cent and liquidity ratio of 47.6 per cent further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks. Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions.”
Access Bank recently listed its green Bond on the FMDQ OTC Securities Exchange and the Nigerian Stock Exchange, following the formal approval of the bond by the Securities and Exchange Commission.
The Bond is the first of its kind to be issued by an African corporate and represents a major milestone in the development of the local green finance market.
The N15billion, five-year fixed rate senior unsecured Green Bond is rated AA– by Agusto & Co; the underlying framework is verified by PwC and certified by the Climate Bond Initiative as having met the global climate bonds
standard.
The issuance was fully subscribed by way of book build. The Bond is priced at a coupon of 15.5per cent, with participation from a wide range of asset managers and pension fund administrators.
