Ecobank Group profit rose by 12% in nine months

Ecobank

Ecobank Group plc is reporting 12% increase in profit to NGN57.9 billion for the nine months ended in 2017 compared to NGN51.5 billion reported in the same period in the financial year 2016.

The bank’s gross earnings grew by 24% to NGN564.4 billion in contrast to NGN456.6 billion posted in the previous year while interest income rose by 32% to NGN353.3 billion from NGN303.5 billion recorded in the year before.

Net interest income also increased by 8% to NGN216.5 billion compared to NGN200.0 billion in 2016 while operating income stood at NGN413.7 billion against NGN343.7 billion in the year 2016.

Ecobank Group said its total assets for the period in review was NGN6.4 trillion compared to NGN6.2 trillion posted in the fiscal year 2016 while total liabilities remained at NGN5.7 billion against NGN5.7 billion in the year before.