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Ecobank’s profit hits N104.5bn, highest in eight years

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Ecobank arraigned for $50,000, N9.2m alleged fraud, converting customer’s funds

Ecobank Transnational Incorporated (ETI) has recorded an impressive first nine months of 2021 as its profit grew to the highest level in eight years.

According to the result posted on the Nigerian Exchange, the pan-African lender’s Profit After Tax (PAT) grew by a whopping 916 percent to N104.5 billion compared to N10.2 billion in the same period last year.

In 2014 it was (N52.4bn), 2015 (N60.4bn), 2016 (N51.5bn) 2017 (N57.9bn) 2018 (N75.7bn) 2019 (78.8bn) 2020 (N10.2bn).

The impressive result of 2021 was driven by the bank’s net investment income which grew 523 percent to N5.56 billion in 2021 compared to a loss of N1.31 billion last year.

Net Investment income is income received from investment assets (before taxes) such as bonds, stocks, mutual funds, loans, and other investments.

The bank also recorded an impressive interest income of N445 billion in the first nine months, a 12 percent rise from the N397 billion in the same period last year.

READ ALSO: Jubril Lawal joins Ecobank as MD after losing out in GTB

The bank also made N144 billion from fees and commission income while operating income rose to N231.7 billion.

EcoBank financial also revealed deposits from customers jumped 6 percent to N7.78 billion just as total assets rose by 5 percent to N10.9 billion.

So far in 2021, EcoBank stock has increased in value by 35.59 percent and ended Monday’s trade at N8 per unit.

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