Ecobank Transnational Incorporated Plc released its Q2 Unaudited Results for the Period ended June 30, 2019.
Key Highlights
- Gross Earnings grew by +5.4% to N405.20bln from N384.58mln in the previous quarter.
- Profit Before Tax increased by 12.8% to N73.43bln from N65.09bln recorded in the previous quarter.
- Profit for the period however increased by 15.4% to N59.49bln from N51.55 recorded in the previous quarter.
- Net Assets also declined by 1.3% to N651.31bln from N660.07bln recorded in the previous quarter.
The key performance indicators showed a 5 percent improvement in the gross earnings of the company in the period under review, which was at N405.2 billion against N384.6 billion.
The lender stated in the results that the revenue it generated slightly went up by one percent to N280.1 billion from 278.6 billion, with the net interest income going down by 11 percent to close at N130.9 billion in H1 2019 in contrast to N146.6 billion in H1 2018.
In the period under consideration, the fee and commission income were N85.2 billion against N77.3 billion 12 months earlier, while the net trading income stood at N64.2 billion versus N58.9 billion, with the other operating income rising to N8.1 billion from N6.1 billion.
The non-interest revenue generated in H1 2019 was N149.2 billion compared with 132 billion in H1 2018, while the operating expenses increased to N186 billion from N172.4 billion.
In the financial statements, Ecobank said its profit before tax improved by 13 percent, staying at N73.4 billion as at June 30, 2019, against N65.1 billion as of June 30, 2018.
Similarly, the profit after tax ended in the reviewed period at N59.5 billion against N51.6 billion at the same time as last year, representing 15 percent growth.
Check out the full results HERE
