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Access Bank’s profit hits N13billion
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L-R : Executive chairman, Lagos State Internal Revenue Service (LIRS), Babatunde Fowler; Olatilewa Akinwolere, AGM/group head, Zenith Bank; Abiola Aina, head public sector, Oceanic Bank and special adviser to governor (Taxation & revenue), Ade Ipaye a
Access Bank Plc has announced an unaudited Profit Before Tax (PBT) of N13.15billion for its third quarter ended December 31, 2007.
The result shows a quantum leap in key profitability indices. The bank’s PBT grew by a staggering 206 percent to N13.15billion compared to the N4.30billion recorded in the corresponding period of 2006
Gross earnings rose by 145 percent to N41.89billion from N17.13billion while profit after tax soared by 177 percent to N9.0 billion from N3.2billion during the period under review. This sterling performance is attributable to the bank’s expanded customer base; new business and product lines which have led to the increased transaction level.
Access Bank Plc recently released the result of its just concluded Public Offer and Global Depository Receipt Programme (GDR) for the domestic and international investors which indicated a subscription level of 341 percent. The Bank raised over N240 billion as against an offer size of N70 billion.
This subscription level clearly demonstrates investors’ confidence in the bank’s ability to deliver superior returns to its shareholders and its consistent ascension to industry leadership position within a short period.
With the strengthened capacity of the bank, the industry will begin to witness more industry redefining initiatives that will effectively consolidate the impressive rise of Access Bank to industry leadership not only in Nigeria but in Africa.
Buttressing the bank’s avowed commitment to shareholders’ value creation, it stocks recorded a capital appreciation of about 230 percent to close at N23.00 on December 31, 2007. The Bank also ranked amongst Nigeria’s leading Banks with sterling performance and excellent growth indices at December 31, 2007. It recorded PBT and PAT growth of 618 percent and 725.4 percent respectively while its return on equity ( ROE) and return on asset ( ROA) leapt by 21.24 percent and 3.2 percent in that order compared to industry averages of 3.8 percent and 19.72 percent.
Gross earnings rose by 145 percent to N41.89billion from N17.13billion while profit after tax soared by 177 percent to N9.0 billion from N3.2billion during the period under review. This sterling performance is attributable to the bank’s expanded customer base; new business and product lines which have led to the increased transaction level.
Access Bank Plc recently released the result of its just concluded Public Offer and Global Depository Receipt Programme (GDR) for the domestic and international investors which indicated a subscription level of 341 percent. The Bank raised over N240 billion as against an offer size of N70 billion.
This subscription level clearly demonstrates investors’ confidence in the bank’s ability to deliver superior returns to its shareholders and its consistent ascension to industry leadership position within a short period.
With the strengthened capacity of the bank, the industry will begin to witness more industry redefining initiatives that will effectively consolidate the impressive rise of Access Bank to industry leadership not only in Nigeria but in Africa.
Buttressing the bank’s avowed commitment to shareholders’ value creation, it stocks recorded a capital appreciation of about 230 percent to close at N23.00 on December 31, 2007. The Bank also ranked amongst Nigeria’s leading Banks with sterling performance and excellent growth indices at December 31, 2007. It recorded PBT and PAT growth of 618 percent and 725.4 percent respectively while its return on equity ( ROE) and return on asset ( ROA) leapt by 21.24 percent and 3.2 percent in that order compared to industry averages of 3.8 percent and 19.72 percent.
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