(3 minutes read)
- Ecobank Transnational Incorporated (ETI) posted a profit after tax more than eight times higher for the nine-month period to September
- It is higher than the figure it reported a year ago. The gross earnings of the bank increased to 4.4 per cent to touch US$1.7 billion
- The two key earnings sources were interest income and fees & commission income
Ecobank Transnational Incorporated (ETI) posted a profit after tax more than eight times higher for the nine-month period to September. It is higher than the figure it reported a year ago. The gross earnings of the bank increased to 4.4 per cent to touch US$1.7 billion.
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The two key earnings sources were interest income and fees & commission income. The earning income grew by 4 per cent and the commission income grew by 17 per cent.
ETI operates within four geographical regions on the continent: Francophone West Africa (UEMOA); Nigeria; Anglophone West Africa (AWA) and Central, Eastern and Southern Africa (CESA). UEMOA unit as the biggest contributor of the profit. Growth in its Nigerian and AWA operations was also good. It helped avert what would have been a slide in its loan portfolio. Pre-tax profit and goodwill impairment stood at US$352.2 million has also improved, compared to the US$250.2 of the corresponding period of last year. After-tax profit was US$256.2 million. This is in stark contrast to the US$27.063 million reported a year earlier when the bottom line took a hit from a goodwill impairment of US$159.4 million.
