Ecobank Transnational Inc. has reported a Profit After Tax (PAT) of N25.6 billion in the fourth quarter of 2020 (Q4, 2020) compared to N20.6 billion recorded in a similar period of 2019, indicating a rise in profit by 24.1% Year-on-Year.
This is according to the firm’s recent financial statement made available on the Nigerian Stock Exchange and seen by Nairametrics.
Ecobank Transnational Inc. had earlier recorded a rise in its interest income by about 11% Y-o-Y, from N125.93 billion as of Q3 2019 to N139.6 billion in Q3 2020. It however dipped in Q4 2020 by 4% from N138.3 billion recorded in Q4 2019 to N132.8 billion.
Other key highlights of Q4 2020 are;
Net interest income rose to N90.3billion, +19% Y-o-Y.
Fees and commission income rose to N45.5billion, +7% Y-o-Y.
Other operating income increased to N13.2 billion, +25% Y-o-Y.
Operating expenses declined to N106.4 billion, -1% Y-o-Y.
Profit Before Tax (PBT) declined to N30.9 billion, -16% Y-o-Y.
Taxation declined to N5.8 billion, -65% Y-o-Y.
Deposits from customers increased to N7.3 trillion by the end of FY 2020, +23% Y-o-Y.
Loans and advances to customers increased to N3.7 trillion by the end of FY 2020, +9.4% Y-O-Y.
Total assets increased to N10.3 trillion by the end of FY 2020, +19% Y-o-Y.
Total liabilities increased to N9.5 trillion by the end of FY 2020, +19% Y-o-Y.
The increase in the firm’s Profit After Tax (PAT) figures might be attributable to a combination of an increase in income-earning components like; net interest income, fees and commission, etc., coupled with a reduction in expenditure items like operating expenses and tax.
What you should know
Nairametrics had earlier reported that Ecobank Nigeria had secured a N50 billion 10-Year subordinated loan targeted towards MSMEs.
A few days ago, Fitch Ratings had assigned Ecobank Nigeria Limited, a Long-Term Issuer Default Rating (IDR) of ‘B’-with a stable outlook and quality management.
Ecobank Transnational Inc. share price closed at N6.5 on the floor of the Nigeria Stock Exchange gaining 1.56%.