ETI Unveils Net Profit of N102bn In 2018

Ecobank Transnational Incorporated Plc (ETI) has posted profit after tax of N102.2 billion for the financial year ended December 31, 2018.

The financial institution’s results revealed on the Nigerian Stock Exchange (NSE), recently, showed that profit for the year up by 46 per cent to N102.2 billion from 69.7 billion in 2017. The Group’s earnings per share rose to N3.30 from N2.22 in 2017.

Gross earnings was up by one per cent N773.3 billion from N763.63 billion, while operating profit before impairment losses up by two per cent N218.4 billion as against N214.28 billion

Loans and advances to customers rose by 17 per cent from N 2.86 trillion to N3.34 trillion, while deposits from customers up appreciated by 25 per cent to N5.8 trillion, compared to N4.65 trillion.

The Group’s total assets stood N8.22 trillion, higher than N6.86 trillion, while total equity down by one per cent to N660.1 billion.

ETI said that after due consideration of the impending regulatory capital requirements across the Group, and the need to build the Company’s liquidity buffer, the directors do not recommend the payment of dividends for the year under review.

Speaking on the performance, the Group CEO of ETI, Ade Ayeyemi noted, “Our financial performance in 2018 was remarkable in many ways and reflected the meaningful and significant progress that we have made against the priorities that we set in our ‘Roadmap to Leadership’ strategy.

“In Francophone and Anglophone West Africa regions we delivered sustainable growth and value for shareholders. While in Nigeria, and the Central, Eastern and Southern Africa, regions we are spurred on by the gradual progress being made. Our businesses continued to serve customers diligently and with purpose and all delivered profit growth in 2018, with Commercial Bank overturning the loss before tax made in 2017.