Bloomberg News

Nigeria’s Access Bank CEO Targets 22% Growth in Lending in 2013

October 24, 2012

Access Bank Plc (ACCESS), Nigeria’s fourth- biggest bank by market value, will seek to increase lending by as much as 22 percent next year as it resumes credit expansion, Chief Executive Officer Aigboje Aig-Imoukhuede said.

Access “deliberately shied away from growing” its loan book following last year’s purchase of Intercontinental Bank Plc, one of the firms bailed out by the country’s central bank three years ago, he said on a conference call from Lagos today. “We can switch it on, and we will switch it on,” he said.

The bank expects to increase lending by between 5 percent and 7 percent in the final quarter of this year, he said. It will target loan-book growth of 12 percent to 22 percent in 2013, he added. With that target, Access could add as much as 20 billion naira ($127 million) to profit next year, he said.

Net income in the first nine months of this year climbed to 35.1 billion naira from 13.7 billion naira a year earlier, Access said on Oct. 19.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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