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Access Bank Plc has announced gross earnings of N26.6 billion for the first quarter ended June 30, 2009.
Operating profit rose by 26 per cent to N10.1 billion, against N8 billion in the comparable period of the past year while pre-tax profit and after exceptional item stood at N6.0 billion, a drop of 25 per cent relative to N8 billion, in June 2008.
Speaking on the performance, the bank’s managing director and chief executive, Aigboje Aig-Imoukhuede, said: “Access Bank continues to deliver quality and sustainable earnings despite the challenges of our operating environment. The bank has leveraged its lean, agile, value chain driven business model to deliver quality services to its target market. Our proactive emphasis on risk management and cost efficiency will ensure that we maintain current levels of performance in spite of difficult financial market conditions”.
Further analysis of the result showed that shareholders’ funds of the bank moved up five per cent to N189.0 billion in the review period and cost to income ratio at 44.2 per cent against 43.7 per cent as at June last year. The bank’s margin loan exposure was further reduced by 24 per cent to N25 billion while the capital adequacy ratio was 34 per cent.
Access Bank in the review period made exceptional Item of N4billion representing general and specific provisions on loans.
The bank stated: “Despite a 45 per cent annualised growth in Institutional Banking earnings profit before tax reduced 55.8 per cent to N2.2billion as a result of Risk Reserves we have created for our margin loans to Financial Institutions, and loan loss provisions for facilities to operators in the downstream of the oil and gas value chain. ”
The bank’s Investment Banking profit before tax increased by 6.4 per cent to N1.0 billion. Retail Banking profit before tax moved up by 46 per cent to N542 million against N372 million as at June 2008.
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