Nigeria: Access Bank's Profit Declines to N62 Billion On Loan Impairment Charges

22 March 2018

Access Bank Plc announced its audited results for the full year ended 31 December, 2017, showing gross earnings of N459.075 billion, up by 20 per cent from N381.3 billion in 2016. Growth in gross earnings was boosted by a 29 percent increase in interest income to N319.9 billion in 2017, from N247.2 billion in 2016 whilst net interest income grew by 17 percent from N163.452 billion in 2017, from N139.148 billion in the comparative period of 2016. Similarly, non-interest income grew four per cent to N139.1billion in 2017 from N133.4 billion in 2016. Foreign exchange income soared from N3.598 billion in 2016 to N107.932 billion in 2017. However, loan impairment charges jumped 57 per cent from N21.953 billion to N34.467 billion in 2017, a development the bank attributed to the adverse lingering effects of the macro on asset quality in the industry.

Consequently, profit before tax fell by 11 per cent to N80 billion, from N90.33 billion, while profit after tax declined by 13 per cent to N71.439 billion to N61.991 billion.

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