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

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

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Ecobank, SMEs, Digital

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

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

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.

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

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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