Join our investment team today.

Click for latest news on |NAHCO

Access Bank’s profit rises by 99 per cent

Access Bank Plc has recorded a profit after tax of N17.8bn in its nine-month unaudited result, ended December 31, 2008. This amount represents an increase by 99 per cent over N8.9bn recorded in the similar period of 2007.

According to the statement released to the Nigerian Stock Exchange, the company‘s profit before tax rose from N13.2bn in 2007, to close at N23.4bn in the review period. It also showed that its gross earnings for the review period also stood at N76.8bn, representing a 82 per cent increase, up from N41.9bn in 2007. It stated that with the performance, the bank was on course to meet its forecast figures as contained in the prospectus of its last public offer, adding that the results underscored the management‘s commitment to its corporate strategy of becoming one of the top three banking groups in Nigeria by 2012.

It said, ”While Nigeria has not been immune to the global economic crisis and banking sector volatility, Access Bank continues to achieve significant growth. “We are consistently generating double-digit revenue growth and making further strides in our management of costs. We remain confident in the bank‘s ability to end the financial year in a strong position to capture the growth opportunities in our target markets.” According to the statement the bank has continued to demonstrate sustainable growth, which has earned the brand investors‘ confidence and industry recognition. The statement said the bank had in the past 24 months, successfully implemented an intelligent international expansion strategy that had seen it commence operations in the United Kingdom and six other African countries. It added that its presence in these locations effectively gave the bank coverage of the OECD and the three monetary zones in sub- Saharan Africa.

”Specifically, Access Bank now has banking subsidiaries in The Gambia, Sierra Leone, Cote d‘ Ivoire, Congo DRC, Rwanda and Zambia.”