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Home Business News

Ecobank Transnational Inc. records 11% increase in interest income for Q3 2020

Chidi Emenike by Chidi Emenike
December 5, 2020
in Business News
Ecobank, SMEs, Digital

ETI Branch

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Ecobank Transnational Inc. has recorded an 11% increase in its interest income to N139.6 billion for 2020 Q3, from N125.93 billion recorded in 2019 Q3.

This is according to the bank’s latest financials sent to the Nigerian Stock Exchange market today.

READ: Nigeria’s inflation rate jumps to 14.23% in October 2020

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Ecobank increases profit by 24% to N92 billion in Q1 2022

NGX stocks to watch in Q2 2022

Key highlights for Q3 2020:

  • Net interest income increased to N93.62 billion, +45% Y-o-Y.
  • Fee and commission income increased to N39.01 billion, +1% Y-o-Y.
  • Net trading income increased to N46.65 billion, +38% Y-o-Y.
  • Operating income increased to N170.85 billion, +20% Y-o-Y.
  • Non-interest revenue declined to N77.23 billion, -1% Y-o-Y.
  • Loss before Tax declined to N29.64 billion, -182% Y-o-Y.
  • Loss After Tax declined to N38.25 billion, -298% Y-o-Y.
  • Staff expenses increased to N44.12 billion, +7% Y-o-Y.
  • Taxation declined to N8.76 billion, +48% Y-o-Y.
  • Between December 2019 and September 2020, Loans and advances to customers decreased to N3.29 trillion, indicating a decline of -2.6%.
  • Deposits from customers between December 2019 and September 2020 increased to N6.69 trillion, up by +12.8%.

READ: Abbey Mortgage Bank Plc projects N60.13 million profit in Q1 2021

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Bottom line

Despite recording an increase in some of the key income components, these gains were eroded by more than a corresponding increase in expenditure components, leading Ecobank to experience a fall in profit before and after tax.

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READ: Sterling Bank Plc records 3.28% decline in 2020 9M gross earnings

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