Friday, January 28

Ecobank Plc reports 916% growth in net profit in 9M 2021

Ecobank Transnational Incorporated Plc released its audited results for the nine months period ended 30th of September, 2021.

According to the results filed with the Nigerian Exchange Limited (NGX), the bank posted triple-digit growth in bottom line income of N104.51 billion, as earnings per share improved to N3.01 kobo during the period under review.

Key highlights of the result

  • Interest Income grew by 12.02% Y-o-Y to N445.12 billion, from N397.37 billion recorded in the same period of 2020.
  • Similarly, Net interest income grew by 12% Y-o-Y to N284.42 billion, against N255.03 billion recorded in the corresponding period of last year. The growth was impacted by a 34.20% increase in Investment Securities.
  • Non-interest income rose by 12.42% Y-o-Y to N231.74 billion from N206.13 billion recorded in the same period of last year.
  • Operating expenses declined by 3% Y-o-Y to N300.72 billion. The decrease was restrained by a 13% growth in Depreciation and Amortization.
  • Profit after tax significantly grew by 916.14% Y-o-Y to N104.51 billion during the period under review. However, quarter-on-quarter, the bank recorded a 57% surge in its bottom line to N6.2 billion from N4 billion recorded in Q2 2021.
  • Loans and advances grew by 15.29% Y-o-Y to N4.74 trillion.
  • Deposits from customer rose by 16.48% Y-o-Y to N7.79 trillion.
  • Total assets increased by 15.71% Y-o-Y to N10.91 trillion.
  • Earnings per share stood at N3.01 kobo.