Ecobank Transnational Inc. records 11% increase in interest income for Q3 2020

Ecobank Transnational Inc. has recorded an 11% increase in its interest income to N139.6 billion for 2020 Q3, from N125.93 billion recorded in 2019 Q3.

This is according to the bank’s latest financials sent to the Nigerian Stock Exchange market today.

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Key highlights for Q3 2020:

• Net interest income increased to N93.62 billion, +45% Y-o-Y.
• Fee and commission income increased to N39.01 billion, +1% Y-o-Y.
• Net trading income increased to N46.65 billion, +38% Y-o-Y.
• Operating income increased to N170.85 billion, +20% Y-o-Y.
• Non-interest revenue declined to N77.23 billion, -1% Y-o-Y.
• Loss before Tax declined to N29.64 billion, -182% Y-o-Y.
• Loss After Tax declined to N38.25 billion, -298% Y-o-Y.
• Staff expenses increased to N44.12 billion, +7% Y-o-Y.
• Taxation declined to N8.76 billion, +48% Y-o-Y.
• Between December 2019 and September 2020, Loans and advances to customers decreased to N3.29 trillion, indicating a decline of -2.6%.
• Deposits from customers between December 2019 and September 2020 increased to N6.69 trillion, up by +12.8%.

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Bottom line

Despite recording an increase in some of the key income components, these gains were eroded by more than a corresponding increase in expenditure components, leading Ecobank to experience a fall in profit before and after tax.

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