BY BUKOLA IDOWU, Lagos
Ecobank Transnational Incorporated (ETI) in its 2021 first quarter unaudited results, posted a 22 per cent increase in profit before tax (PBT) even as Wema Bank announced a four kobo dividend payout for its 2020 financial year.
The first quarter financials of Ecobank Transnational released to investors show that the bank recorded a profit Before Tax (PBT) of N40.3 bn, representing 22 per cent increase over the N33 bn reported at the same time in 2020.
The bank had recorded a gross earnings of N214.3 bn representing 10 per cent increase against N194.9 bn during the same period in 2020, as revenue went up by 15 per cent to N164.6 bn. Its operating income before impairment losses went up by 37 per cent to N67.0 bn as its profit after tax closed at N30.5 bn.
Total assets of ETI went up slightly by one per cent to N10.4 trn. However, loans and advances to customers was slightly down by one per cent to N3.6 trn as total equity also reduced by two per cent to N8 trn.
Commenting on the results, the group chief executive, Ecobank, Ade Ayeyemi, said, “We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our NPL ratio low and exceeding the expectations of our customers to truly be the pan-African Bank that Africa trusts.”
Meanwhile, shareholders of Wema Bank will be getting the third consecutive dividend as the bank has proposed a four kobo dividend payout.
ed a year on year growth of 39.42 per cent in customer deposit which grew to N804.87 billion at the end of 2020 financial year compared to N577.28 billion recorded in 2019.
Its net loans had likewise closed at N360.08 billion, a growth of 24.49 per cent compared to 2019 figure of N289.24 billion, as its non-performing loans (NPL) was pushed down to 4.70 per cent year on year from 7.38 per cent in FY 2019.