Access Bank Grows Earning by 20% to N459bn:
Access Bank releases its audited financial results to the Nigerian Stock Exchange on Wednesday, March 21. The company showed resilient growth in total income and showcases its strength to perform even under a recovering economy. Growth in gross earnings was boosted by a 29% increase in interest income (from N247.2billion to N319.9billion year to year). Net income interest also grew by 17% (to N163.45billion from N139.15billion) while Non-Interest income followed suit growing 4% (to N139.1billion from N133.4billion). Overall the Groups operating income increased by 11% to N302.596billion from N272.605 billion Year to Year. Although the group posed notable growth in earnings, the state of the economy did affect the company’s profitability. Profit before tax declined to N80.1 billion from N90.3 billion in FY 2016, however, the Bank’s fundamentals remained strong and the Group remains poised for growths in the coming periods.