Ecobank Transnational Incorporated, parent company of Ecobank Ghana registered a profit of GH¢150 million in the nine month of this year.
This was however down by 87% and could be largely attributed to the impact of covid1-9 on economies that the Ecobank Group operates.
According to its unaudited financial statement for Quarter Three, ETI revenue however went up by 12% year-on-year to GH¢6.7 billion in the nine months of this year.
Total assets also went up by 6% to GH¢139.4 billion in the third quarter of 2020.
Unsurprisingly, loans and advances to customers declined by 5% to GH¢48.7 billion. This is largely due to risk from the coronavirus pandemic which compelled banks to review their credit policies to avoid loan losses.
Deposits from customers however went up by 10% to GH¢98.8 billion at the end of September 2020.
For the financial soundness indicator, the Capital Adequacy Ratio stood at 11.6%, a little above the banking industry average of 10%.
This shows a robust and sound bank.
ETI is a pan-African banking conglomerate, with banking operations in 36 African countries including Nigeria and Ivory Coast.
Ecobank Ghana Quarter 3 earnings up 16%
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.