Access Bank bags multiple awards

by | November 22, 2017 1:09 am

Access bank was recipients of multiple laurels at the Sustainability, Enterprise and Responsibility Awards (SERAs), held in Lagos recently.

Access bank won ‘Best Company In Climate Action, Most Outstanding CSR Practitioner Of The Year,  Sustainability Champion of the Year, Best company CSR//Sustainability West Africa; and the highest honour of the night – The Most Socially Responsible Company of The Year (Overall Winner).

The lender has been growing earnings in the last 2 years amid a volatile and tough operating environment while providing top class banking service for millions of Nigerians.

  According to the organser of the event, Access Bank was awarded in recognition of its strong sustainability ethos, progress and commitment to embedding sustainability in its business operations whilst driving sustainable development across communities it serves.

Meanwhile, Access Bank’s recorded a double digit growth at earnings as analysts expect the lender to continue its winning streak to next year.

Access shares have gained 65.32 percent since the start of the year while market capitalization stood at N292.75 billion.

“Our current 12-month TP implies upside potential of 17.46% from current levels; consequently, we recommend a HOLD on the stock,” said analysts at Cordros Limited Securities.

“ACCESS is currently trading at 2017F P/BVPS of 0.5x (below the peer average of 0.9x and the 5-year average of 0.6x) and 2017 FP/E of 3.7x (below the peer average of 4.8x and in line with its 5-year average of 3.7x),” said analysts at Cordros Capital.

Access Bank recorded a 27 percent year on year (y/y) growth in interest from loans and advances as a result of better pricing on the loan portfolio.

A breakdown of interest income shows interest income from loans and advances increased by 27.09 percent to N184.83 billion.

In July 2017, Access Bank emerged as the winner of the prestigious Karlsruhe Sustainable Finance award for “Outstanding Business Sustainability Achievement” in Germany, winning for the second time in a row, becoming the first African financial institution to do so. In August 2017, Access Bank was also named the ‘Most Sustainable Bank, Nigeria’ at the World Finance Awards 2017, becoming a four time consecutive winner of this award.