Access Bank Plc achieved a 16% growth in after-tax profit (PAT) to 102.3 billion naira ($270 million) for the nine months ended September 30, 2020, compared to 88.4 billion nairas ($232 million) recorded in the same period in 2019. A solid result despite the current economic context marked by the Covid-19 pandemic and the subsequent fall in the price of oil.

The bank's pre-tax profit also jumped by 16% to 116.6 billion naira ($306 million), as indicated by the results published on Thursday, November 19, on the Nigerian Stock Exchange (NSE).

According to the latest information from the bank, gross income increased by 15%, reaching 592.8 billion naira ($1.5 billion) at the end of September, compared to 513.7 billion naira ($1.3 billion) earned a year earlier. Interest and non-interest income contributed 63% and 37% respectively to its profits. Customer deposits also increased by 24% during the period under review to reach 5260 billion naira with solid savings account deposits of 1230 billion naira. Likewise, net loans and advances increased by 15% to 3530 billion naira

“We have continued to develop our African footprint in a profitable manner in pursuit of our vision to be the most respected African bank in the world and the payment gateway in Africa. Our expansion strategy in Africa has two components; consolidating existing markets (Mozambique and Zambia) to become major players and entering new key African markets and trade corridors (Guinea, Kenya and South Africa)”, welcomed Herbert Wigwe, the CEO of Access Bank Group

Access Bank should shortly accelerate its goals of diversifying activities and improving operational efficiency through the creation of a holding company structure, (“HoldCo”), for which the bank has received approval in principle from the Central Bank of Nigeria.