Ecobank’s third-quarter profit rises amid a 12% rise in non-interest income

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In the third quarter of 2022, Ecobank Transnational Incorporated (ETI) improved its gross profits by 11% to N761.3 billion from N686.8 billion in the same period last year, with interest income increasing by 9% to N485. 8 billion from N445.1 billion, and interest expense rose 8 per cent to N174.2 billion from N160.7 billion.

In the period under consideration, fee and commission revenue increased 15 per cent to N165.5bn from N144bn, driven by higher cash management and related fees, as well as more card administration fees, which made up for the shortfall in other rates. and portfolio and other management fees.

trade publication reports that bank charges, brokerage fees paid and other fees paid by the lender led to a 41 per cent increase in Ecobank’s fee and commission expenses in the first nine months of this year to N21.0 billion from N14 .9 billion.

Business revenue generated by the bank increased to N93.2 billion in Q3 2022 from N85.5 billion in Q2 2021, other operating income increased to N16.7 billion from N11.6 billion, but net income from investments decreased to N4.4 billion from N5.6 billion.

In the first nine months of 2022, Ecobank improved its non-interest income by 12% to N258.7bn from N231.7bn, while operating income increased 11% to N570.4bn from N516.2bn.

In the period considered, the company’s operating costs increased by 7 per cent to N320.9 billion from N300.7 billion, with staff costs rising to N138.6 billion from N132.4 billion.

The bank, in financial statements filed with Nigerian Exchange (NGX) Limited, said its pre-tax profit improved by 17 per cent to N168.7 billion from N143.7 billion, while…tax profit rose 12 percent. to N1177.4 billion from N104.5 billion.

Year-to-date, customer loan disbursement is marginally down to N4.03 trillion from N4.06 trillion in FY2021, while customer deposits are down to N8.06 trillion from N8.36 trillions.

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