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Nigeria’s Access Bank Posts 20% Rise In Profit

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IMAGE: Access Bank plc, »


Nigerian top-tier lender Access Bank Thursday reported a profit before tax of N42.15 billion ($256.54 million) in the first nine months of 2014, a 20 percent rise from the corresponding period of Last year.

The bank’s gross earnings also climbed a little over 4 percent to N161.79 billion ($984.42 million) from N155.02 billion ($943.23 million)in the same period last year.

Access Bank last month suffered an 8.2 percent fall of its stocks following the lifting of the freeze of its shares. The Nigerian Stock Exchange had frozen the bank’s shares at N9.59 pending a proposed shareholder vote on the planned raising of fresh capital of about N68 billion ($416 million) in a rights issue, but following the lifting which was requested by Access Bank, the share price fell to N8.80.

The bank says the N68 billion rights issue would be used to boost its telecom, oil and gas, manufacturing, general commerce and lending to the retail sector. It also says it wants to increase investments in other African countries like Ghana, Rwanda and Zambia to take advantage of the growth opportunities there.


Article Credit: Ventures-africa

Updated 4 Years ago

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Tags:     Access Bank     Nigerian Stock Exchange     Ghana     Rwanda     Zambia