Access Bank Plc Releases Q1 2011 Group Unaudited Results
Category: Investors NewsBeat
LAGOS, NIGERIA – 27 April 2011 – Access Bank Plc, (Bloomberg: ACCESS NL / Thomson Reuters: ACCESS.LG) (“Access Bank” or the “Bank”), the full service commercial bank with headquarters in Nigeria and with operations across Sub-Saharan Africa and the United Kingdom announces its unaudited results for the three month period ended 31 March 2011.
Speaking from the Bank’s headquarters in Lagos, Aigboje Aig-Imoukhuede, Group Managing Director of Access Bank, said:
“We continued to make good progress in the first quarter of 2011, recording a stable operating income against last year’s Q1 levels. As a group, our robust capital and liquidity position, and the quality of our risk assets continued to improve due to our significant investment in risk management capacity last year. Our customer base, deposits and loan book are up year-on-year in Q1 benefitting from the efficiencies inherent in our value chain strategy and our significant presence in the retail banking market.
Whilst our proposed business combination with Intercontinental Bank Plc is proceeding as expected, we continue to exploit our organic growth opportunities as evidenced by our expanding share of the market.”
Group Financial Highlights
Profit & Loss Account
· Gross Earnings of N24.4 billion, down 12.2% (N27.8 billion 1Q 2010)
· Net Operating Profit of N7.1 billion, up 12.7% (N6.4 billion 1Q 2010)
· Operating Expense of N11.7 billion, down 2.5% (N12 billion 1Q 2010)
· Provisions of N3.1 billion, up 55% (N2 billion 1Q 2010)
· Profit before tax of N5.6 billion, up 5.7% (N5.3 billion 1Q 2010)
· Customer Deposits of N589 billion, up 36% year-on-year (N433.7 billion March 2010) and up 21% quarter-on-quarter (N487 billion December 2010)
· Loans and Advances of N468 billion, up 28% (N365 billion March 2010) and up 3% quarter-on-quarter (N455.6 billion December 2010)
· Cost to Income ratio of 62% (65% 1Q 2010)
· Net Interest Margin of 7.5% (9.2% 1Q 2010)
· Loan to Deposit ratio of 80% (84% 1Q 2010)
Capital Adequacy ratio of 27% (29% 1Q 2010)
Group Operational Highlights
· MOU to enter into a business combination with Intercontinental Bank Plc.
· Launched world class global trade platform, “Access Trade” to ensure straight through processing.