Ecobank posts strong growth in Q3 2021

Ecobank Transnational Incorporated (ETI) published its financial results for the third quarter ended September 30, 2021 on Monday, December 6, 2021 on the Nigerian Exchange Limited (NGX), the Nigerian stock exchange. The figures show net profit of $ 256 million in the first 9 months of the year, up 847% year-on-year and in dollars.

However, quarter over quarter, the bank recorded a 57% increase in net income to 6.2 billion naira (15 million USD) from 4 billion naira (10 million USD) recorded in the second quarter. 2021.

Regarding interest income, it increased by 12.02% year-on-year to reach 445.12 billion naira (1 billion USD), against 397.37 billion naira (970 million USD) recorded during the same period. period of 2020.

Likewise, net interest income increased 12% year on year to stand at 284.42 billion naira (694 million USD), compared to 255.03 billion naira (622 million USD) as of September 30, 2020. .

For their part, non-interest income increased 12.42% year-on-year to 231.74 billion naira (565 million USD) from 206.13 billion naira (503 million USD) recorded during the last year. same period of the past year.

Operating expenses fell 3% year-on-year to 300.72 billion naira (734 million USD). The decrease was limited by a 13% growth in depreciation.

Customer deposits increased 16.48% year-on-year to 7.79 billion naira (19 million USD).

Based in Lomé (Togo), the banking group claims the largest banking network across the African continent.

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