Ecobank Transnational Incorporated (ETI) has posted a pre-tax profit of N262.2 billion for the nine months ending September 2023, representing a year-on-year growth of 55% from the corresponding period in 2022.
According to the bank’s financial results for the nine months ending September 2023, it recorded gross earnings of N1.21 trillion during the period, marking a year-on-year growth of 59% from the same period in 2022.
In Q3 2023, the bank recorded a pre-tax profit of N111.9 million, representing a year-on-year growth of 87% from the corresponding quarter in 2022.
Key Highlights Q3 2023 vs Q3 2022
- Net interest income: N359.2 billion, +113% YoY
- Fee and commission income: N95.8 billion, +80% YoY
- Fee and commission expense: N10.3 billion, +108% YoY
- Trading income: N54.2 billion, +119% YoY
- Non-interest revenue: N147.0 billion, +73% YoY
- Operating income: N378.6 billion, +98% YoY
- Operating expenses: N200.5 billion, +84% YoY
- Staff expenses: N86.4 billion, +87% YoY
- Profit before tax: N111.9 billion, +87% YoY
- Profit for the period: N77.7 billion, +94% YoY
- Total assets: N20.7 trillion, +55% YTD
- Return on Equity: 16% (9M 2023)
Insights
ETI, the parent group of Ecobank is headquartered in Lome, Togo, however, is listed on the NGX as well as the Ghanaian Stock Exchange, and the BRVM stock exchange.
While the group releases its financial position in the Nigerian Naira, it also releases in the US Dollar.
The group’s gross earnings for the nine months ending September 2023, was $2.085 billion, representing a 15% year-on-year growth in USD terms from the same period last year. In Naira terms, the group’s earnings of N1.21 trillion made it the second-highest-earning bank listed on the NGX this year.