Net profit at Access Holdings went past a quarter of a trillion naira for the nine months to September in a feat never before recorded by the banking group.
Interest contributed nearly two-thirds of Access Holdings’ gross earnings within the period. But net interest income, which highlights the difference between the cash the lender generated from lending and what it paid out to savers, only grew by two-fifths to N390 billion for the group, whose deposits rose to N16.2 trillion from N11.3 trillion a year ago.
Third-quarter results, which accompanied the financials, showed post-tax profit at N115 billion, meaning the three months to September alone accounted for 45.9 per cent of the net profit for the period.
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