New Access Bank plc grew profit by 86% in Q1, 2019. Reshaped Tier 1.

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Access bank plc has recorded 86.1% rise in After tax profit for the quarter 1, 2019. In the unaudited report released to the Nigerian Stock Exchange yesterday, the new Access bank had significant growth in all fundamentals over year end 2018 figures (result of the merger with Diamond).

  • Access new Asset base rose to N6.42 trillion in March 2019 from N4.95 in December 2018, representing 29.7 percent rise.
  • Customer’s deposit also increased to N3.92 trillion in Q1, 2019 from N2.56 trillion in FY 2018 end, an increase of 52.8 percent
  • Loan to customer rose by 30.4 percent from N1.99 trillion in Q4, 2018 to N2.60 trillion as at end of March 2019.
  • Shareholders funds for the new Access bank is now N576.5 billion compared to N490.5 billion in December 2018.
  • Profit before tax (PBT) Of Access Bank Plc rose by 64.4 percent to N45.10 billion in Q1, 2019 from N27.12 billion in Q1, 2018.
  • Net Interest Income rose to N55.83 billion in Q1, 2019 from N44.65 billion in Q1, 2018. representing 27.3 percent rise
  • Net Fee and Commission however dropped by 6.2 percent from N13.92 billion in Q1, 2018 to N13.07 billion in Q1, 2019.
  • Q1 profit increased by 86.1 percent from N22.12 billion in Q1, 2018 to N41.15 billion in Q1, 2019.

The result, as released by Access Bank plc (bearing any significant changes in other banks balance sheet structures when their Q1 results are released) revealed the bank’s new positioning among the FUGAZ banks . As it places the bank as biggest in terms of Asset base, Customer deposit and Customer loan and advances.

access bank plc

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