Proshare Logo
   Market Date: 28-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Access Bank Plc - Unaudited results for the 6 month period ended 30 September 2009

Category: Investors NewsBeat

  Read (2455)
Access Bank Plc - Unaudited results for the 6 month period ended 30 September 2009


LAGOS, NIGERIA – 30 October 2009 – Access Bank Plc, (Bloomberg: ACCESS NL) (“Access Bank” or the “Bank”), the full service commercial bank headquartered in Nigeria and with operations across eight African countries and in the United Kingdom announces its unaudited results for the 6 month period ended 30 September 2009.

Access Bank remains focused on building market share and leveraging its lean value chain driven business model to deliver quality service to our target market. We have continued to take the necessary actions to maintain strong capital adequacy ratios and grow our funding base and liquidity levels well beyond the prescribed regulatory minimum. The strength of our business model is evident given our 34% year on year growth in operating profits. Although our bottom line earnings for the 6 month reporting period have been significantly impacted by a N30.9billion exceptional provision resulting from the recently concluded joint CBN/NDIC special examination, we have since commenced the necessary recovery and remedial actions to regularize a significant portion of the classified loans. We are cautiously optimistic that we will record performance improvements over the next quarter.

Financial Highlights

· Gross Earnings of N64.0 billion, an increase of 31%, compared with the equivalent period in the prior year (N49.2 billion Sept 2008)
· Operating cost / operating income ratio down to 51%, (53% Sept 2008)
· Operating profit of N21.5 billion, an increase of 34% (N16.0 billion Sept 2008)
· Exceptional provision for risk assets of N30.9 billion
· Notwithstanding provisions, Bank’s capital adequacy ratio stands at 25.3%
· Loss After Tax of N11.8 billion, compared with a profit of N9.2 billion Sept 2008
· Loans & Advances down 12% to N383.2 billion (N432.7 billion Sept 2008)
· Deposits and other accounts up 22% to N381.3 billion (N311.4 billion Sept 2008)
· Loan to deposit ratio improved to 99% (138% Sept 2008)
· Liquidity ratio of 33.5% (8.5% above the regulatory minimum of 25%).

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014