Ecobank posts triple-digit growth of N104.51 billion

Ecobank Transnational Incorporated Plc released has its audited results for the nine months period ended 30th of September, 2021.

In the details of the esults filed with the Nigerian Exchange Limited (NGX), the bank posted triple-digit growth in bottom line income of N104.51 billion, as earnings per share improved to N3.01 kobo during the period under review.

According to the details, interest Income grew by 12.02% Y-o-Y to N445.12 billion, from N397.37 billion recorded in the same period of 2020.

The document revealed that net interest income grew by 12% Y-o-Y to N284.42 billion, against N255.03 billion recorded in the corresponding period of last year. The growth was impacted by a 34.20% increase in Investment Securities.

It also showed that non-interest income rose by 12.42% Y-o-Y to N231.74 billion from N206.13 billion recorded in the same period of last year.

The document also disclosed that operating expenses declined by 3% Y-o-Y to N300.72 billion. The decrease was restrained by a 13% growth in Depreciation and Amortization.

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