WorldStage Newsonline– Ecobank Transnational Incorporated (ETI) and its subsidiaries which provide retail, corporate and investment banking services throughout sub Saharan Africa on Friday released its audited results for nine months ended 30th September 2020 with gross earnings down 5% to $1,613.4 million but (up 0.4% to NGN 613.1 billion) due to Naira depreciation.
Highlights of the result showed that revenue up 4% to $1,213.5 million (up 9% to NGN 461.2 billion); profit before tax and goodwill impairment down 17% to $250.2 million (down 13% to NGN 95.1 billion); profit before tax down 70% to $90.8 million (down 68% to NGN 34.5 billion); profit after tax down 88% to $27.1 million (down 87% to NGN 10.3 billion)
Others include total assets up 3% to $24.4 billion (up 9% to NGN 9,430.2 billion); loans and advances to customers down 8% to $8.5 billion (down 3% to NGN 3,294.5 billion); deposits from customers up 7% to $17.3 billion (up 13% to NGN 6,685.8 billion); total equity down 3% to $1.8 billion (up 3% at NGN 708.6 billion).
The group had operations in 39 countries and employed over 14,878 people as at 30 September 2020.
