BY BAMIDELE FAMOOFO
Ecobank Transnational Incorporated had a rise in profit to the tune of 9 percent in the third quarter financial period ended September 30, 2022.
Profit for the period according to unaudited financial accounts made available to the Nigerian Exchange Limited stood at N117.4 billion as against N104.5 billion recorded in the same period in 2021.
Profit before tax was up by 14 percent to stand at N168.7 billion as at September 30, 2022 compared with about N143.67 billion printed in nine months of 2021.
The pan-African banking conglomerate, with banking operations in 36 African countries, pushed up its gross earnings by 7 percent from about N686.77 billion in September 2021 to about N761.28 billion in the review financial period.
Shareholders of ETI stand the chance to earn a good dividend on their investment at the end of the financial year ending December 31, 2022 as Earnings per Share grew by 8 percent, from 301.06kobo to 335.6kobo in nine months of 2022.
Further breakdown of the bank’s performance in the review period showed that its Loans and Advances to customers dropped by 1 percent to N4.03 trillion while Deposits from customers also dropped by 4 percent to N8.06 trillion. ETI’s total equity portfolio also dropped by 18 percent in the review period to N757.2 billion.
