By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Pan African lender, Ecobank Group said on Tuesday its nine-month profit after tax (PAT) for the period ended September 2015, increased 15 percent to N60.416 billion from N52.491 billion recorded the same period of last year.
Similarly, profit before tax (PBT) grew 18 percent to N78.665 billion from N66.497 billion posted a year earlier.
Gross earnings of Ecobank climbed up from N268.951billion in the third quarter (Q3) of 2014 to N315.833 billion in the review period of 2015; showing a rise of 17 percent.
Ade Ayeyemi, Group CEO of the Ecobank Group commented on the financial results: “The operating environment in Middle Africa was challenging during the period. While our financial results were impacted by various factors, the strength of our diversified pan-African business model ensured a balanced outcome. We reported US$398 million in pre-tax profits, down 2 percent from a year ago, largely due to adverse currency movements and operational and impairment losses in the third quarter. We see looming headwinds ahead and as a result expect reported 2015 profits to come in lower than expected, but relatively flat in constant dollars.
Loans and advances to customers. We had decent loan growth in our Corporate Bank business. And despite a decrease in Domestic Bank deposits, we increased the share of stable deposits within the deposit mix. With revenue growth challenged in the current environment, we would focus more on cost efficiency and invest in key initiatives in our Transaction banking, Cards, and eBanking businesses. Also, we are simplifying our operating model to better serve our customers and position the company for long term success,” he said in a statement to the Nigerian Stock Exchange (NSE).
Ayeyemi concluded: “We closed the period with healthy capital levels with a Tier 1 Capital ratio of 20.6% and Total Capital Adequacy ratio of 22.8% under Basel I. Our 19,000 plus employees, whom I am proud of, have been supportive of our customers.
Shares of ETI at the close of trading on the Nigerian bourse declined 0.17 percent to N18.08 from N18.11 traded the previous session; losing 0.03 kobo per share.
