Access Bank Nigeria Plc’s first quarter profit has surged amid a myriad of challenges stunting the growth of lenders in Africa’s most populous nation, thanks to foreign exchange income.
For the first three months through March 2017, Access Bank’s net income surged by 34 percent to N26.01 billion from N19.41 billion the previous year.
The growth at the top line (profit) was underpinned by foreign exchange income of N17.05 billion, a 177.68 percent rise from last year’s figure of N6.14 billion.
Access Bank has raised N35 billion in the last quarter of 2016 by tapping into N100 commercial bond market as the lenders in the country grapple with liquidity crises.
Access Bank’s shares rose 3.13 percent to close at N6.60 2 p.m. on Thursday.
