Access Bank PLC - Strong Non-Interest Income continues to boost Earnings
​ACCESS reported impressive earnings growth across the key line items, ending the year on a strong note after posting the strongest y/y top and bottom line growth amongst our coverage banks. Although Interest Income (N208 billion) was slightly below our N212 billion estimate, Gross Earnings (N337 billion) came in 2% ahead of our estimate as strong Non-Interest Income performance (N129 billion – up 89% y/y) trumped our N117 billion estimate. In line with the trend observed in the first three quarters of the year, Non-Interest Income was largely supported by gains on Investment Securities and Foreign Exchange. Overall, with a N3.1 billion tax write-back (FY’15: N9.2 billion vs. 9M’15: N12.3 billion), effective tax rate (12%) came in lower than our 20% estimate for FY’15 and prior year’s 17%.
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