Access Bank Plc has remained focused in its pursuit of shareholder value as the bank delivered an impressive 2018 financial results for the period ended December 31, 2018. The Group had proposed a …
Access Bank Plc has remained focused in its pursuit of shareholder value as the bank delivered an impressive 2018 financial results for the period ended December 31, 2018.
The solid financial performance for the period ended December 31, 2018 affirms Access Bank industry leadership position in profits, resilience and consistency in achieving its strategic objectives despite the challenging business environment. On the heels of increase in interest income and expenses, Net interest income gained five per cent from N139 billion reported last year, majorly driver by six per cent growth in net fee & commission to N52.5 billion underlined by increase in commissions on virtual products , credit related fees and commissions and channels and Electronic- business income .
For the year ended December 31, 2018, the Access Bank’s Group reported a profit before tax for the period was N103.2 billion, showing 32 per cent growth from N78.2 billion in 2017 while Return on Average Equity stood at 19 per cent in 2018 from 12.4 per cent in 2017. Profit for the period also rose by 58 per cent from N60.1 billion in 2017 to N94.98 billion in 2018.
Customers’ deposits rose by 14 per cent to N2.57 trillion from N2.24 trillion reported in 2017 with major contributors from low cost deposits.
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