Friday, March 15, 2019
05:00 PM / Proshare MARKETS
Access Bank Plc held its FY 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals.
The management of the bank in its review of the domestic operating environment gave an overview of the Nigerian economy in 2018 and regulatory highlights of key CBN policy actions during the year 2018.
Nigeria recorded high inflation rates during the year under review while the country’s foreign reserves increased by $950mn in December 2018 to $43.12bn on the back of FGN’s latest Eurobond sales despite continued withdrawal of offshore investors.
Access Bank Plc recorded a gross earnings of N528.75bn in FY 2018 as against N459.08bn in FY 2017, up by +15% YoY. The increase in earnings was driven by 19% growth in interest income and a 5% increase in non-interest income. The bank’s Profit After Tax increased by 58.1% YoY from N60.09bn in FY 2017 to N94.98bn in FY 2018.
The bank’s balance sheet/statements of financial position reflected that it recorded a drop in its shareholder’s fund while its total assets, Loans and advances and customer deposits went up.
At the close of trading today, the share price of Access Bank Plc dropped by a tick size of -2.52% to close at N5.80k from N5.95k previous close price.
In a nutshell, below are the key takeaways from the FY 2018 earnings presentation made by the bank’s management;
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