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.
Latest Stories
-
Partnership launched to provide pensions for small-scale farmers
6 mins -
Ejisu by-election: Why would I bribe election officials in public? – asks Kingsley Nyarko
1 hour -
Vinicius scores twice as Real Madrid draw against Bayern in Germany
1 hour -
I’m doing well – Amerado assures fans after stage mishap
2 hours -
EC asks police to start criminal investigation into Ejisu by-election ‘white envelope’ bribery allegation
3 hours -
LPG Marketers Association kicks against NPA’s $80 per metric ton levy on LPG
4 hours -
We need a comprehensive review of Ghana’s financial regulations – Dr Alhassan Andani
4 hours -
Court dismisses injunction against NBA for approving registration of 14 new GM crops
4 hours -
Penalty for companies not filing returns increased to GH¢1k from May 1
4 hours -
Ejisu By-Election: Results so far
4 hours -
Ejisu By-Election: And the winner is…
5 hours -
Dumsor: Businesses could collapse if situation is not resolved – Ghali
5 hours -
Ejisu by-election: NPP will do everything possible to win – Kingsley Nyarko
5 hours -
‘White envelope’ incident was unfortunate – Political Science lecturer
5 hours -
NPP will always win Ejisu elections – Paul Yandoh
5 hours