WorldStage Newsonline-- With an interest income of N52.2 billion, Access Bank on Monday reported first quarter (Q1) 2012 results with higher than expected profit before tax (PBT) of N15.5 billion compares with N5.6 billion (Nigerian GAAP) in Q1 2011.

According to analysts at FBN Capital, the results showed that the bank’s earnings were showing significant improvements just one quarter into the acquisition of Intercontinental, as the former Q1 2011 financials would have shown a loss for the Q1 2011 period.

“As such Access is extracting significant synergies this early into the acquisition,” the analysts said.

Other highlights of the results showed that profits after tax (PAT) rose to N12.114 billion with loans provisions of only N405 million

“If Access can sustain the strong topline performance through 2012 and if cost synergies in particular begin to come through, then we would expect the market’s confidence in the bank’s ROE target of 17% to high 20’s in 2012 to grow and the share price to reflect this through further capital appreciation,” FBN Capital said.