Connect with us

Business News

Q3’21: Ecobank Impresses Shareholders With Triple-Digit Growth in PAT

Published

on

By Dipo Olowookere

Ecobank Transnational Incorporated (ETI) has impressed shareholders and the investing community with its financial performance in the first nine months of 2021.

The results of the company submitted to the Nigerian Exchange (NGX) Limited a few days ago showed a triple-digit growth in the profit before tax as well as the post-tax profit.

In the period under review, the pre-tax profit jumped to N143.7 billion from N34.5 billion, indicating an increase of 316 per cent, while the post-tax profit jumped 916 per cent to N104.5 billion from N10.3 billion.

It was observed that the significant increase in profits despite the macro-economic strains was buoyed by growth in gross earnings, net investment income, other operating income and decline in operating expenses.

According to the Group CEO of Ecobank, Mr Ade Adeyemi, the company was able to achieve this feat due to the careful implementation of the strategies put in place by the management team.

“These results also demonstrate the hard work invested in driving efficiency in all our businesses in line with our deliberate focus on driving down our cost-to-serve, sustain improvement in the quality of our credit portfolio, and strengthen liquidity and capital buffers,” he stated.

A look at the top-line of the financial results of the firm showed that in the period under review, the gross earnings grew by 12 per cent to N686.8 billion from N614.5 billion reported in 2020.

Also, net investment income rose by 523 per cent to N5.6 billion from a loss of N1.3 billion in 2020, while other operating income closed at N11.6 billion, higher than N3.3 billion reported in 2020.

The group’s total assets went up by 5 per cent to N10.9 trillion as at September 30, 2021, from N10.4 trillion in the full-year ended December 31, 2020.

“We reported strong results, reflecting the continued diligence of Ecobankers in putting our customers first and ensuring that we meet their respective needs.

“For the nine months period up to September 2021, we earned $352 million in pre-tax profit, a 41 per cent increase compared to the prior year and revenues of $1.3 billion, a 4 per cent growth. Hence return on tangible equity increased to 17.9 per cent, and we grew the per-share value of our shareholders’ equity by 11 per cent to 5.52 US dollar cents,” Mr Adeyemi further said.

The banker further stated that “our cost-to-income ratio has been declining consistently quarter on quarter, currently 58.3 per cent.

“In addition, the stock of non-performing loans as a percentage of loans outstanding is now at 6.9 per cent compared to 9.9 per cent a year ago.

“We have boosted the firm’s liquidity profile, thanks to growing customer deposits fuelled by an acceleration in digital channel adoption, partnerships with fintechs, telcos, and businesses in the payments ecosystem.”

“Finally, we continue to invest in new digital and mobile capabilities to enhance customer experience, alongside the investments we are making in our people, processes, and controls, to ensure the continued resilience of our business and service delivery to our clients. I am deeply grateful to all our customers and the Ecobank team for the remarkable job,” Mr Ayeyemi added.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News11 mins ago

Factional delegate lists threaten APC convention, party may back govs

News27 mins ago

Not always the problem

News29 mins ago

A spouse’s negative mindset can ruin your marriage

News31 mins ago

Girls, manifest your dreams in 2022 and shine like a star (II)

News33 mins ago

What you should know about fibroids and fertility

News35 mins ago

Sickle cell and narrow-mindedness

News37 mins ago

Despite getting me musical instrument, voice coach, dad disowned me for choosing music as career –Panam Percy Paul

News39 mins ago

Nigerian Idol winner excites guests, new judges unveiled

News41 mins ago

children ‘breadwinners’ forced to abandon school, risk sexual harassment to support families

News43 mins ago

Adekunle Gold holds listening session for new album

News45 mins ago

I suspect boyfriend took my daughter’s blood for ritual after killing her – Edo man

News47 mins ago

Poetry helped me master songwriting – M.Dikoy

News49 mins ago

NCDC orders mandatory COVID-19 test for travellers, 18,000 cases recorded

News51 mins ago

How violent gang stabbed my brother to death during Enugu church bazaar – Lagos-based man

News53 mins ago

It feels great to be honoured by Queen of England — Gospel singer, Muyiwa Olarewaju

News55 mins ago

I’m contesting APC chairmanship, not presidency – Sheriff

News57 mins ago

Many people too proud to start over again — JJC Skillz

News59 mins ago

W’Cup: Optimism as Eagles know playoff foes today

News1 hour ago

Why I don’t flaunt my family on social media — Kiekie

News1 hour ago

Travellers panic over Lagos-Ibadan highway kidnappings, Oyo, Ogun go after gunmen

News17 hours ago

Kano orders closure of school kidnappers buried abducted girl

News16 hours ago

World economic group partners NIPC on investment migration

News18 hours ago

Pictorial: Alaafin’s daughter bags Master’s degree from UNILAG, tops class

Politics14 hours ago

Court issues last warning to Immigration lawyer over refusal to release Ex-Gov Odili’s seized passport

Entertainment15 hours ago

“The teacher who kidnapped and killed Hanifa Abubakar was full of tears when he visited the family to console them over the abduction” – Uncle of the deceased recounts

Entertainment17 hours ago

Adorable new photos of BBNaija star, TBoss and her daughter

Technology21 hours ago

Crypto.com Hacked, Over $30 Million Stolen by Hackers

Business News12 hours ago

Lagos Eyes 500-Hectare Coconut Plantation Estate

Business News12 hours ago

Bolarinwa Emerges ACAMB President, Vows to Reposition Group

Entertainment15 hours ago

Nigerian woman allegedly threatens to deal with her husband after he married their housemaid (audio)

Politics10 hours ago

COVID-19: Oyo govt distributes first aid kits to 250 BESDA learning centres

Metro19 hours ago

Man Marries His Maid Because His Wife Is Busy Businesswoman (See Photos)

News21 hours ago

Otedola promises Eagles N102m to win AFCON

Business News13 hours ago

OPEC May Slash Nigeria’s Oil Production Quota

Health12 hours ago

Best Eating Habits to Reverse Prediabetes, Say Dietitians

Entertainment13 hours ago

“You wan go hustle footballer” – BBNaija’s Esther trolled for going to Cameroon to support Super Eagles

Entertainment15 hours ago

Wizkid’s third baby mama, Jada P sparks pregnancy rumours in new photo

Politics10 hours ago

Civil society protests in Benin over planned hike in fuel price, electricity tariff

Politics9 hours ago

Plateau Verification Committee uncovers 709 civil servants with false ages

Entertainment13 hours ago

Twitter Bants : How to protect your Destiny if you want to sleep with a Sugar Mommy

Trending