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Access Bank of Nigeria Doubles Full-Year Profit as Deposits Grow

April 3 (Bloomberg) -- Access Bank Plc, Nigeria’s sixth-largest lender by market value, said full-year profit more than doubled as customer deposits increased.

Net income advanced to 38.6 billion naira ($244 million) in 2012 from 14.5 billion naira a year earlier, the Lagos-based lender said in a statement today on the website of the Nigerian Stock Exchange. Revenue rose 54 percent to 208.3 billion naira as loans and advances to customers climbed 5 percent to 604 billion naira. Deposits grew 9 percent to 1.2 trillion naira.

Access restrained its loan book following it’s purchase of Intercontinental Bank Plc in 2011, Chief Executive Officer Aigboje Aig-Imoukhuede said in October. An increased levy this year on banks by the state-owned Asset Management Corp. of Nigeria, created in 2010 to buy bad debts from lenders, may erode earnings this year, said Olubunmi Asaolu, an analyst at FBN Capital Ltd.

The bank’s shares were up 0.1 percent to 10.50 naira at the close in Lagos, the highest since March 14. Access has advanced 16 percent this year compared with the 25 percent gain of the Bloomberg NSE Banking Index.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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