Ecobank Transnational Incorporated (ETI) Plc also released its financial results for the first six months of this year.
The release was shortly after it announced Mr Patrick Akinwuntan as the new chief executive officer of Ecobank Nigeria, succeeding Mr Charles Kie, after the later resigned as the chief executive officer of the bank.
The Nigerian lender posted a marginal 0.58% drop in its topline figures for the period ended June 30, 2018, as its gross earnings came to N384.6 billion in contrast to N386.9 billion in the corresponding period of last year.
However, the profit before tax appreciated by 40.8 percent to N65.1 billion from N46.2 billion achieved in H1 2017, while the profit after tax went up by 36.6 percent to N51.6 billion from N37.7 billion.
In the period under review, the financial institution raked N242.2 billion from interest income against N241.9 billion in the first half of 2017, while interest expense stood at N95.7 billion against N99.2 billion 12 months ago.
Furthermore, the net interest income in this period was N146.6 billion compared with N142.7 billion in H1 2018, while the net trading income closed at N58.9 billion as at June 30, 2018 in contrast to N71.1 billion as at June 30, 2017.
The company in its reports says that its shareholders’ earnings per share grew 27% from N1.31kobo to N1.67kobo in the corresponding period of 2018.
Its PE Ratio stood at 12.37x with 8.09% earnings yield.
