ETI’s profit surged by 20% in six months

Ecobank

Eco Transnational Incorporated (ETI) is reporting 20% rise in profit to NGN37.7 billion in its financial report for the half year 2017 compared to NGN31.0 billion reported in the same period in the financial year 2016.

The balance sheet showed that the group ended the period with NGN386.8 billion revenue in contrast to NGN273.4 billion posted in the year before which is 41% fall year on year comparison. Net interest income was NGN142.7 billion against NGN120.1 billion in 2016.

Operating income grew by 14% to NGN278.7 billion in contrast to NGN208.4 billion posted in the year 2016. Impairment loss increased by 93% to NGN63.4 billion compared to NGN32.9 billion in the fiscal year 2016.

ETI said its total assets increased to NGN6.4 trillion in the year in review against NGN5.9 trillion in the previous year while total liabilities was NGN5.8 trillion versus NGN5.3 trillion in 2016.

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