WorldStage Newsonline– Access Bank has announced its first quarter (Q1) 2018 results with profit before tax (PBT) coming flat at N27.4 billion against Q1 2017 due to a 55% spike in loan impairment charges.
Moreover, profit after tax (PAT) after minority interest declined by 24% to N15.94 billion, no thanks to a negative result of –N5.3 billion in other comprehensive income.
Access Bank’s loan book was flattish in Q1 2018 while the pre-provision profit advanced by 9% with the non-interest income line up by 15% .
The revenue line was boosted by a growth of 407% to N27.7bn in income from forex swaps, which completely offset a net forex loss of -N6.8 billion.
Funding income grew by around 5% while a 77% reduction in loan loss provision as against last quarter also contributed to the sequential growth in earnings.
Access Bank stock gained 5 kobo during trading on the Nigerian Stock Exchange on Wednesday to close at N11.35 per share with 32,463,951 shares exchanging hands in 206 deals valued at N366.8 million.
