The board of Access Bank , today April 25, released its group financials, for the first quarter (Q1) of the year 2018(three months ending March 31).

The group recorded a foreign exchange loss of N 6.82 billion. This impacted on its quarterly performance, with a profit before tax of N27.67b, which is a very marginal improvement on its N27.56b restated performance, for the same period in 2017.

Other highlights:

-Interest Income-N95.59b (N79.33b in 2017), representing a 20% growth.

-Net gain in Investment Securities-N27.67b(N5.54b in 2017),representing a whopping 399% growth

-Fee and Commission Income-N15.86b (N11.08b in 2017) representing a 43% growth.

-Net Foreign exchange Loss-N6.82b ( There was a gain of N17.05b in 2017),neutralizing its 20% growth in income and thus its profit performance.

-Retained Earnings dropped from N117.70b in 2017 to N90.29b as at March 2018,as a result of negative IFRS 9 implementation adjustments of N78b and total positive transfers of N91b, to Retained Earnings, made up of N28.79b coming from Regulatory Risk Reserve and then N22.12b from Total Comprehensive Income.

https://www.financialdigest.com.ng/blog/2018/04/25/q1-2018-access-bank-suffers-n6-82b-foreign-exchange-loss/