ACCESS BANK PLC - Performance beats peers
​ACCESS continued its impressive earnings growth, reporting strong performances across the key line items with top and bottom line up 5% and 42% respectively. Amidst the tough operating environment, Gross Earnings came in line with our estimate (1% deviation) with a 5% y/y growth - better than the average 9% decline recorded by peers. The impressive top line growth was supported by the strong growth in Interest Income (up 19% y/y and 3% ahead of our estimate), thanks to the modest 5% loan growth. Against the trend observed in earlier quarters, Non-Interest Income moderated 19% y/y, coming in 4% below our estimate. Although Fee and Commission Income remained strong at N17.9 billion (up 86% y/y), ACCESS recorded Net Loss on Investment Securities of N3.3 billion – a trend similar to that observed across the other banks.Overall, annualized EPS of N2.69 came in well ahead of Vetiva (N1.86) and Consensus (N1.98) estimates
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