Ecobank Transnational Incorporated (ETI) Plc, the parent company of Ecobank Nigeria, the pan-African banking group with presence in over 36 African countries employing over 16,000 people in 40 countries and over 850 branches and offices. The bank recently announced a 3% Year-on-Year (YoY) increase in its Post Tax Profit for Q3 2019.
The bank announced a N77.3 billion Post-Tax Profit in Q3 2019 as opposed to N75.5 billion declared in same period of 2018. A 13% growth in Fee and Commission Income, 15% growth in Net Trading Income and 51% reduction in Net Credit Loss Charges was seen to be responsible for the impressive growth of Ecobank Q3 2019 Post Tax Profit.
Here are the highlights of the Ecobank Q3 2019 results released by ETI Plc
- Gross Earning up by 7% from N572.7 billion to N610.9 billion in Q3 2019
- Net-interest income down by 9% from N215.2 billion to N195.4 billion in Q3 2019
- Net Fee and Commission Income up by 13% from N100.8 billion in Q3 2018 to N113.9 billion
- Net Trading Income up by 15% from N85.0 billion to N97.9 billion in Q3 2019
- Net Credit Loss Expense was down by 51% from N66.4 billion to N32.6 billion in Q3 2019.
- Operating Expenses up by 10% from N255.9 billion to N280.5 billion in Q3 2019
- Profit Before Tax up by 14% to N109.5 billion from N96.3 billion in Q3 2018
- Post Tax Profit also up by 3% from N75.5 billion to N77.3 billion in Q3 2019.
The Earning Per Share of Ecobank in Q3 2019 also decreased by 7% from 245 kobo in September 2018 to 227 kobo per share in September 2019.
The Balance Sheet size of Ecobank also declined marginally except for Equity that remains flat for the period
- Total Assets down by 0.6% from N8.22 trillion in December 2018 to N8.17 trillion in Q3 2019
- Customer deposits also down by 3% from N5.80 trillion to N5.63 trillion in Q3 2019.
- Customer loans and advances down by 6% from N3.3 trillion in December 2018 to N3.1 trillion in September 2019
- Total Equity was flat at N660 billion as at end of September 2019