By Peter OBIORA Investadvocate
Oct 28 2010 15.10 GMT
Lagos (INVESTADVOCATE)-Gross Earnings of Access Bank Plc (ACCESS) has dipped by -15.20 percent (-15.20%) in third Quarter Q3 result for the period ended September 30 2010.
This was contained in the Result Announcement released Thursday October 28 2010 at the Floor of the Nigerian Stock exchange (NSE) and made available to investadvocate in Lagos Nigeria.
To record the -15.20% dip, Access Bank’s Gross Earnings declined from N91.929 billion in Q3 of year 2009 to N77.954 billion in the corresponding period of year 2010.
However, the Bank’s Profit After Tax (PAT) grew from a negative (N9.730 billion) in Q3 of 2009 to N9.564 billion in the same period of year 2010 indicating a growth of 198.29%.
While Profit Before Tax (PBT) of the Bank also grew from a negative (N10.640 billion) in Q3 of 2009 to N9.564 billion in the Q3 result for the period ended September 30 2010.
Prior to this time, the dip in Gross Earnings of the Bank had continued, in its Second Quarter (Q2) result for the period ended June 30 2010 released August 2010 at the NSE.
In the period under review, figures in the result showed that Gross Earnings dipped by -19.47% to close at N49.408 billion.
Also, in the First Quarter (Q1) Gross Earnings decreased from N56.9 billion in the same period of year 2009 to N49.4 billion in the Q1 of year 2010 indicating a down by 13%
This is coming on the heels of the appointment of Dr. Gregory Ovie Jobome, to the position of Group Chief Risk Officer, following the recent approval granted by the Central Bank of Nigeria (CBN).