Ecobank's January-September profit jumps 12% to N117 billion on growth in major revenue streams
Lome-based Ecobank Transnational Incorporated, which has Nigeria as its largest operation out of the 36 markets in which it operates on the continent, reported moderate earnings growth for the year to September, thanks growth in interest income and commissions. and commission income, its revenue report announced Thursday.
These two almost always contribute the most to the revenue pool of Nigerian lenders.
At N761.3 billion, the group generated 11% more gross revenue than the same period last year, according to financial data published on the Nigerian Stock Exchange website.
Interest income and non-interest income increased by 9% and 12% respectively.
Revenue was partially bolstered by other operating income which, at N16.7 billion, increased by 44%, while commercial revenue increased by 9% to N93.2 billion .
Nedbank Group, Africa's fifth-largest lender, headquartered in Durban, South Africa, is ETI's largest shareholder, holding a 28.9% stake in the financial institution.< /p>
The amount provisioned by the company for loans whose chances of being repaid by borrowers have been jeopardized by persistent default decreased slightly by 6% to N56.1 billion from a year ago one year.
Ecobank suffered a net monetary loss of 14.4 billion naira due to the repercussions of hyperinflation in the markets of its operation, just as the non-conversion premium on the bonds rose to 10.5 billion naira from a year ago when it incurred no such costs, both weighing on profit.
READ ALSO:Last month, Ecobank announced that it had repaid holders of its $400 million convertible debt as the bond matured.
He paid the investors 110% of the principal sum to repay the debt, as none of them indicated any interest in converting the security into common stock.
Pre-tax profit rose 17% to N168.7 billion, while net profit soared to N117.4 billion, up 12%.
Ecobank has announced that it has appointed a new CEO, Jeremy Awori, to replace Ade Ayeyemi, who will retire at the age of 60.
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Lome-based Ecobank Transnational Incorporated, which has Nigeria as its largest operation out of the 36 markets in which it operates on the continent, reported moderate earnings growth for the year to September, thanks growth in interest income and commissions. and commission income, its revenue report announced Thursday.
These two almost always contribute the most to the revenue pool of Nigerian lenders.
At N761.3 billion, the group generated 11% more gross revenue than the same period last year, according to financial data published on the Nigerian Stock Exchange website.
Interest income and non-interest income increased by 9% and 12% respectively.
Revenue was partially bolstered by other operating income which, at N16.7 billion, increased by 44%, while commercial revenue increased by 9% to N93.2 billion .
Nedbank Group, Africa's fifth-largest lender, headquartered in Durban, South Africa, is ETI's largest shareholder, holding a 28.9% stake in the financial institution.< /p>
The amount provisioned by the company for loans whose chances of being repaid by borrowers have been jeopardized by persistent default decreased slightly by 6% to N56.1 billion from a year ago one year.
Ecobank suffered a net monetary loss of 14.4 billion naira due to the repercussions of hyperinflation in the markets of its operation, just as the non-conversion premium on the bonds rose to 10.5 billion naira from a year ago when it incurred no such costs, both weighing on profit.
READ ALSO:Last month, Ecobank announced that it had repaid holders of its $400 million convertible debt as the bond matured.
He paid the investors 110% of the principal sum to repay the debt, as none of them indicated any interest in converting the security into common stock.
Pre-tax profit rose 17% to N168.7 billion, while net profit soared to N117.4 billion, up 12%.
Ecobank has announced that it has appointed a new CEO, Jeremy Awori, to replace Ade Ayeyemi, who will retire at the age of 60.
Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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