Ecobank grows gross earnings in 9 months

The consolidated report of Ecobank Transnational Incorporated (ETI) for the nine-month period which ended in September shows that the bank’s gross earnings grew by 7 per cent even as profit for the period slightly increased.

The bank’s condensed gross earnings for the nine-month period stood N610.8 billion, indicating that there was a 7 per cent increase when compared to N572.6 billion during the comparable period in 2018.

Meanwhile, ETI’s group revenue for the period witnessed only a 1 per cent increase at N422.6 billion, compared to N418.6 billion as at September 2018. For more on how gross earnings and revenue differ, check here.

Moving on, Ecobank Transnational Incorporated witnessed a 14 per cent increase in profit before tax as at September 2019. The reported figure is N109.4 billion which is higher than N96.3 billion reported during the comparable period last year.

The profit for the period stood at N78.8 billion, marking a 4 per cent increase when compared to N75.7 billion reported as at September 2018.

During the period, ETI’s basic and diluted earnings per share attributable to shareholders increased to N5.71 and N5.71 as against N0.83 and N0.82 respectively.

The company’s share price opened trading today on the Nigerian Stock Exchange at N7.10. The price remained unchanged as at the time of filing this report.