Nigerian Lender Access Bank Declares $113 Million Q1 Profit
Nigerian multinational commercial bank, Access Bank Plc in its unaudited first quarter results for the period ended March 31, 2019, revealed that it recorded a net profit of N41 billion ($113 million).
The Bank which recently concluded the biggest merger with retail banking giant Diamond Bank, making it the biggest Nigerian bank by customer base, saw its gross earnings grow by 16.4 percent to N160.12 billion, while profit before tax grew by 64.4 percent to N45.01 billion. Profit after tax, however, saw the biggest leap, growing by 86.1 percent to N41.15 billion.
Recording a positive growth was also its Net Assets, which increased by 17.5 percent to N576.47 billion.
Group Head, Corporate Communications at Access Bank Plc, Amaechi Okobi while speaking on the merger, said both banks have set out to change the face of banking in Nigeria.
According to him, “Our goal has always been to lift Africa through sustainable banking, showing individuals and businesses across the continent that ethical business is good business. Achieving that goal requires strength, determination, collaborative leadership and, most importantly, we need to embrace change”.