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Access Bank Records N41.2bn Profit in Q1 2019

By Dipo Olowookere

The board of Access Bank Plc has announced the release of the financial statements of the company for the period ended March 31, 2019.

The financial scorecard of the lender was released on Tuesday and a brief analysis of it showed an improvement from what was recorded in the corresponding period on last year.

Access Bank, which merged with Diamond Bank at the end of last month and officially began running the new enlarged entity on April 1, 2019, grew its post-tax profit by 86.1 percent to N41.148 billion from N22.116 billion, while its pre-tax profit went up by 64.4 percent to N45.101 billion from N27.439.

In the period under consideration, the bank improved its interest income rose to N95.142 billion from N87.238 billion, while the net interest income to N56.838 billion from N44.654 billion.

However, the fee and commission income dropped to N15.628 billion in Q1 2019 from N15.862 billion in Q1 2018.

In the results, Access Bank posted a net foreign exchange gain of N6.211 billion against the net foreign exchange loss of N6.821 billion in the same period of last year.

It was also disclosed that the earnings per share (EPS) of Access Bank grew to N1.39 in the first quarter of 2019 from 77 kobo printed in the first quarter of 2018.

View the full results HERE

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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