Access bank grows by 110%
October 31st, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
As it is becoming more evident nowadays, Access Bank plc is fast becoming one of the leading financial hubs for Nigerian investors. This was made evident as the bank released an impressive half-year performance record.
A breakdown of the figures shows that the bank recorded an increase of 86 percent in gross earnings and 110 percent in profit before tax for the said period. In monetary terms, gross earnings rose from N 5.9 million to N1 billion, while profit before tax rose from N 1.5 billion to N3.2 billion. Also, profit after tax grew by 111 percent, from N1.1 billion to N2.4 billion in 2006. The deposit base of the institution recorded significant increase as this index rose by 214 percent, from N42 billion in 2005 to N133 billion in 2006.
The bank after the post- merger era has continually grown from strength to strength under the guidance of Aigboje Imoukhuede, the MD of the bank. The bank ranks among the top 10 banks in Nigeria presently.
Talking about quality service rendered, the institution is concentrating on becoming a major retail player in the banking sector. This has seen the bank go into partnership with a global leader in retail banking- the ING Bank Group of the Netherlands.
Only last week, Access Bank started operations in Banjul, the Gambian capital, thereby extending its world-class service to the Western Region in Africa. It has as such, joined the exclusives of banks in Nigeria with subsidiaries abroad
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