HY’19: Ecobank Declares 15% Growth in Net Profit

July 26, 2019
ecobank Ecobank Transnational Incorporated ETI

By Dipo Olowookere

On Friday, July 26, 2019, Ecobank released its 2019 half year financial statements and from its analysis, the performance improved when compared with the same period of 2018.

The key performance indicators showed a 5 percent improvement in the gross earnings of the company in the period under review, which was at N405.2 billion against N384.6 billion.

The lender stated in the results that the revenue it generated slightly went up by one percent to N280.1 billion from 278.6 billion, with the net interest income going down by 11 percent to close at N130.9 billion in H1 2019 in contrast to N146.6 billion in H1 2018.

In the period under consideration, the fee and commission income was N85.2 billion against N77.3 billion 12 months earlier, while the net trading income stood at N64.2 billion versus N58.9 billion, with the other operating income rising to N8.1 billion from N6.1 billion.

The non-interest revenue generated in H1 2019 was N149.2 billion compared with 132 billion in H1 2018, while the operating expenses increased to N186 billion from N172.4 billion.

In the financial statements, Ecobank said its profit before tax improved by 13 percent, staying at N73.4 billion as at June 30, 2019 against N65.1 billion as at June 30, 2018.

Similarly, the profit after tax ended in the reviewed period at N59.5 billion against N51.6 billion in the same time of last year, representing 15 percent growth.

View the full results HERE

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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