ACCESS Loans to Customers Grows by 9.2% in Q3'15


Wednesday, October 21, 2015 07.55 PM / Cordros Capital

Access Bank Plc (ACESS) released its nine months results for the period ended 30th September 2015 on the Nigerian Stock Exchange (NSE) today.

For the nine months period, the lender reported a y/y increase in gross earnings of 41.7% to N257.9 billion compared to N181.8 billion in the previous year. Non-interest income remained a strong contributor (c.40%) to gross earnings, growing by 105.9% y/y to N102.2 billion.

Interest income performance was also strong, growing by 17.9% y/y to N155.4 billion.

However, net interest income declined marginally by 0.1% y/y after interest expense surged by 42.5% y/y. PAT grew by 36.1% y/y to N48.09 billion in 9M'15, boosting ROAE to 20.4% versus 16.5% as at FY'14.    

Loans to customers grew by an impressive 9.2% q/q, taking the bank's loan book to customers to N1.28 trillion (+15.3% YTD. growth). On the other hand customer deposits decreased by 5.0% q/q falling to N1.56 trillion (+7.1% YTD growth) from N1.64 billion in H1'15.  

In comparison to Q3'14, the bank reported a surge in gross earnings and PAT of 39.2% and 36.9% respectively in Q3'15. 

On a q/q basis, gross earnings decreased by 3.2% as non-interest income shrunk by 16.4% from the previous quarter but was supported by a 7.7% q/q growth interest come. PAT fell by 4.6% q/q on the back of the weaker showing in non-interest income.


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