Ecobank Ghana recorded a strong financial performance for the third quarter of this year as profit went up by 16% to GHS381 million despite covid-19 pandemic, according to its 2020 Third Quarter Results.
The bank’s Return on Equity- an important profitability indicator for shareholders- also grew by 28%.
Ecobank which is Ghana’s biggest bank according to the 2020 PwC Banking Survey benefited tremendously from non-funded transactions during the period, as non-funded income contributed 26% to total income.
The strong growth in income resulted in an increased earnings per share of GHS1.58, compared with GHS1.36 pesewas a year ago.
But for a high provision for bad debt made, the bank will have recorded very high earnings.
The balance sheet size stood a little over GHS27 billion with customer deposits growing by 19% to hit GHS10.6 billion.
In terms of stability of the bank, non-performing loans stood at 12.83%, lower than the industry average of 15.5%.
Capital Adequacy Ratio-a measurement of a bank’s available capital expressed as a percentage of a bank’s credit exposures, was way above the industry average at 17.30%, signifying a stronger bank.
The bank is highly liquid as customers can easily demand for their deposits anytime, any day.
Key Ratios
Cost to Income | 45% |
Return on Average Assets | 4% |
Return on Average Equity | 28% |
Non Funded Income to Total Income | 26% |
Financial Highlights September 2019 - September 2020
2020 | 2019 | ||
Profit before Tax | 546.6m | 445.09m | 16% |
Total Assets | 14.54bn | 11.63bn | 25% |
Deposits | 10.68bn | 8.95bn | 18% |
Latest Stories
-
Chinese supermarket in Abuja shut for allegedly barring Nigerians
9 mins -
CPP files injunction to halt Ejisu by-election
31 mins -
GRA clarifies status of resident individuals for tax purposes
40 mins -
Minority criticises Energy Minister for lack of leadership amid ‘dumsor’
47 mins -
Ghana’s cocoa farmers lament low earnings amid high prices
2 hours -
Rainstorm caused power outages in Greater Accra Region – ECG
2 hours -
KODA’s family requests for privacy ‘to mourn and heal’
2 hours -
Kofi Adu Domfeh writes: When roads are constructed to kill
3 hours -
CAF Confederation Cup semi-final: We have the advantage – John Antwi
4 hours -
I hope that we’ll find a miracle – Céline Dion details Stiff Person Syndrome diagnosis
4 hours -
Government’s silence on energy crisis demonstrates a lack of leadership – Agyemang-Duah
4 hours -
Philipa Baafi bounces back with ‘Eda Ho Pefee’
4 hours -
Amazon Web Services and AmaliTech collaborate to train more than 5,000 people in cloud computing in Ghana
4 hours -
Inflation to decline to 24.6% in April 2024 – Report
4 hours -
Dancehall Queen Aklerh thrills patrons at EP listening
4 hours