Access Bank Plc achieved 16% growth in profit after tax (PAT) to N102.3 billion ($270 million) for the nine months ended September 30, 2020, compared to N88.4 billion ($232 million) recorded in the same period of 2019. A solid result despite the current economic context marked by the Covid-19 pandemic and the consequent decline in the price of oil.

The bank's pre-tax profit also jumped 16 percent to N116.6 billion ($306 million) as reported by results released on Thursday(November 19th) on the Nigerian Stock Exchange (NSE).

According to the bank's latest information, gross revenue rose 15 percent to N592.8 billion ($1.5 billion) at the end of September, up from N513.7 billion ($1.3 billion) 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 N5260 billion with strong savings account deposits of N1230 billion. Similarly, net loans and advances increased by 15% to N3530 billion.

"We have continued to grow our African footprint profitably in pursuit of our vision of being the most respected African bank in the world and the payment gateway in Africa. Our expansion strategy in Africa is twofold; consolidate in existing markets (Mozambique and Zambia) to become major players and enter new markets and key African trade corridors (Guinea, Kenya and South Africa)," said Herbert Wigwe, Managing Director of Access Bank Group.

Access Bank is expected to accelerate its business diversification and operational efficiency objectives shortly through the creation of a holding company structure, ("HoldCo"), for which the bank has received approval in principle from the Central Bank of Nigeria.