Ecobank Records 55% Year-on-year Profit Growth in Nine Months of 2023 |Omohglobalnews

David Olujinmi 

Ecobank Transnational Incorporated (ETI) has posted a pre-tax profit of N262.2 billion for the nine months ending September 2023, representing a year-on-year growth of 55% from the corresponding period in 2022.  

According to the bank’s financial results for the nine months ending September 2023, it recorded gross earnings of N1.21 trillion during the period, marking a year-on-year growth of 59% from the same period in 2022.  

In Q3 2023, the bank recorded a pre-tax profit of N111.9 million, representing a year-on-year growth of 87% from the corresponding quarter in 2022.  

Key Highlights Q3 2023 vs Q3 2022 

Net interest income: N359.2 billion, +113% YoY 

Fee and commission income: N95.8 billion, +80% YoY 

Fee and commission expense: N10.3 billion, +108% YoY  

Trading income: N54.2 billion, +119% YoY 

Non-interest revenue: N147.0 billion, +73% YoY 

Operating income: N378.6 billion, +98% YoY  

Operating expenses: N200.5 billion, +84% YoY  

Staff expenses: N86.4 billion, +87% YoY  

Profit before tax: N111.9 billion, +87% YoY 

Profit for the period: N77.7 billion, +94% YoY  

Total assets: N20.7 trillion, +55% YTD  

Return on Equity: 16% (9M 2023) 

Insights 

ETI, the parent group of Ecobank is headquartered in Lome, Togo, however, is listed on the NGX as well as the Ghanaian Stock Exchange, and the BRVM stock exchange.

While the group releases its financial position in the Nigerian Naira, it also releases in the US Dollar.  

The group’s gross earnings for the nine months ending September 2023, was $2.085 billion, representing a 15% year-on-year growth in USD terms from the same period last year. In Naira terms, the group’s earnings of N1.21 trillion made it the second-highest-earning bank listed on the NGX this year.  

David Olujinmi