Ecobank Announces N143.7 Billion Profit Before Tax In 9 Months

Ecobank Transnational Incorporated (ETI) has announced N143.7 billion profit before tax in its audited nine months ended September 30, 2021, an increase of about 316 per cent from N34.5billion reported in nine months ended September 30, 2020.

By the results filed with the Nigerian Exchange Limited (NGX), the bank triple-digit growth has resulted in earnings per share of over N3.01 kobo during the period under review.

Profit after tax also grew by 916 per cent to N104.51billiion from N10.28billion reported in prior nine months of 2020. Growth in gross earnings, net investment income, other operating income and decline in operating expenses were major financial parameters that contributed to the Group’s significant increase in profits amid macro economy challenges where it has branches.

Gross Earnings for the period grew by 12 per cent to N686.8billion from N614.5billlion reported in 2020. As net investment income rose by 523 per cent to N5.56billion from loss of N1.3billion in 2020; other operating income closed at N11.59billion from N3.3billion reported in 2020

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