Access Bank releases first quarter of negatives

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Nigeria’s Access Bank plc has published its unaudited first quarter result for this year, with nothing salutary, compared with last year’s performance.

The bank that reported a gross earning N208 billion in 2012 and a PAT of N38.5 billion, has seen its first quarter earning slipping to N52.7 billion, from N53.05 billion recorded at same time last year.

Gross interest income also fell 20 per cent to N33.9 billion from N42.6 billion.

Profit for the period shrank 19 per cent to N9.9 billion, from N11.78 billion earned in the first quarter of last year.

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The bank’s cash assets declined by 12 per cent to N261 billion, from N296billion last year.

The bank’s loan portfolio however increased from N608 billion to N623 billion, an increase of 2 per cent.

The report was made available to the Nigeria Stock Exchange.

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