Africa’s foremost Pan Africa
bank, Ecobank Transnational Incorporated has recorded strong performance for
the first nine months of 2013 with its pre- tax nine month rising to $299
million, representing a 56 percent improvement compared to the same period last
year.
The result, which analysts
described as impressive also showed that its revenue grew by 24 percent to
$1.456 million, while the total assets went up by 16 percent to $21.5
billion. Gross earnings also rose to
$1.45 billion in nine months to 30 September 2013, from $1.17 billion in the
same period last year.
The bank’s strong performance
was earlier in the month affirmed by Fitch Ratings which acknowledged its
Long-term issuer Default Rating (IDR) at ‘B’ with a stable Outlook, Short-term
IDR at ‘B’, Viability Rating at ‘5’ and Support Rating Floor at ‘No Floor.’
Analysts insisted that the
performance was encouraged by increasing non-profit revenue led by trade
finance activity as the bank seeks to monetize pan African footprint. Balance
sheet growth was during the third quarter, with an increase of 69 percent in
net customer loans 5 percent in customer deposit.
Speaking with our correspondent
on the floor of the Nigerian Stock Exchange (NSE) a financial expert who wished
not to be named said it is clear from the result that the bank has continue to
record strong growth, with net income to shareholders up by 74 percent
year-on-year
Ecobank Transnational
Incorporated has announced its nine-month pre-tax profit rose
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