ACCESS BANK PLC REPORTS 31% INCREASE IN REVENUES FOR THE 6 MONTH ENDED 30 SEPTEMBER 2009 TO N64 BILLION
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.
· 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%).