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Nigeria’s Biggest Bank Targets 30% Profit Outside Home Market

  • Plans 10% loan growth this year to telecom, health sectors
  • Lender expanding to grow, cushion challenges in home market

Access Bank Plc, Nigeria’s biggest lender is looking to generate as much as 30% of profit outside its home market, following a series of acquisitions spanning East and West Africa last year.

The lender expects African subsidiaries and its U.K. unit to account for about 25-30% of profit before tax in the next three to five years from 21% in the third quarter, it said in response to questions via WhatsApp. The same range of addition to pre-tax profit is projected to assets, deposits and revenue, it said.