ETI reports N773bn in gross earnings and N102bn profit for 2018

Ecobank Transnational Incorporated Plc (ETI), parent company of Ecobank Nigeria Plc, has made public its financial result for the year ended December 31, 2018, with gross earnings at N773.3 billion and profit after tax of N102.2 billion.

The financial institution’s results released on the Nigerian Stock Exchange (NSE), on Thursday, March 28, 2019, showed that the gross earnings appreciated by one percent from the N763.63 billion recorded in 2017.

The profit after tax was an increase of 46 percent over the N69.7 billion recorded in 2017. The Group’s earnings per share rose to N3.30 from N2.22 in 2017.

Other details showed that operating profit before impairment losses went up by two percent to N218.4 billion as against N214.28 billion recorded in the comparable period of 2017. Loans and advances to customers increased by 17 percent to N3.34 trillion from N 2.86 trillion, while deposits from customers appreciated by 25 percent to N5.8 trillion, compared to N4.65 trillion in the previous year. The Group’s total assets stood N8.22 trillion, higher than N6.86 trillion in 2017, while total equity was down by one percent to N660.1 billion.

ETI said that after due consideration of the impending regulatory capital requirements across the Group, and the need to build the organization’s liquidity buffer, the Directors have recommended the payment of dividends for the year under review.

Group CEO of ETI, Ade Ayeyemi, described the performance as encouraging. “Our financial performance in 2018 was remarkable in many ways and reflected the meaningful and significant progress that we have made against the priorities that we set in our ‘Roadmap to Leadership’ strategy. In Francophone and Anglophone West Africa regions, we delivered sustainable growth and value for shareholders. While in Nigeria and the Central, Eastern and Southern Africa regions, we are spurred on by the gradual progress being made. Our businesses continued to serve customers diligently and with purpose and all delivered profit growth in 2018, with Commercial Bank overturning the loss before tax made in 2017.”

He added that, “We continued to invest in the technology platforms to accelerate our shift from ‘physical’ to ‘digital’ and we are supporting our customers with digitally innovative products to enrich their engagements with Ecobank. To meet a key goal of expanding financial services to the unbanked, we have increased the number of Xpress Points, our agency network, to about 14,000 and we plan to grow this number. Our cash management and trade finance products, such as, Omni and e-Trade, are providing our customers with the convenience and efficiency of executing their cross-border transactions across Africa.”

“Overall, we are excited about the prospects for the firm and for Africa. Yes, risks remain, and economic cycles come and go, but we will remain steadfast in serving our customers well. I am proud of the work that Ecobankers have done in the last three years to stabilize the firm and position it for long-term success,” Ayeni said.