Access Bank Plc has recorded a profit of N44.2 billion for the nine months ended 30 September 2014 based on improved efficiency, rising market share and strong risk management practices.

The bank’s Profit Before Tax (PBT) showed an increase of 20 percent from N35.1billion recorded during the same period in 2013.

Access Bank Group unaudited International Financial Financial Standard , IFRS nine results released to the Nigerian Stock Exchange (NSE) also showed gross earnings of N182bnillion up by 17 per cent from N154billion in the corresponding period of 2013. The growth in gross earnings was driven by an increase in interest income from loans.

Similarly, Access Bank posted 21 per cenmt growth in operating income to N126billion from N104billion in 2013. Customer deposits increase by 11 per cent to N1.5trillion from N1.3trillion in 2013. The bank’s asset quality ratios also improved as Non Performing Loan (NPL) ratio was down 20 basis points, bps to 2.5 per cent , from 2.7 per cent in December 2013.

Further analysis of the result indicated that Access bank continued to improve on its operating efficiency and steady income growth resulting in cost to income ratio of 61 per cent in third quarter 2014 compared to 75 per cent in 2013. Total assets grew by 14 per cent to N2.1trillion from N1.8trillion in full year 2013. Loans and advances of N1.1trillion showed an increase of 33 per cent compared to N811billuion in full year 2013.

Commenting on the result, Group Managing Director, Herbert Wigwe said “The bank’s resilient third quarter, 3Q 2014 results reflect consistent improvement in our balanced growth and target metrics.

Our performance over the past three quarters demonstrates the effectiveness of our corporate strategy as the Bank continues to grow its market share in key segments whilst enhancing shareholder value.”

“We have implemented a disciplined and conservative capital enhancement plan, designed to ensure we maintain our moderate risk appetite. This will ensure a stronger capitalised Bank.