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Ecobank International records $299 million pre-tax profit

By The Citizen


Ecobank Transnational Incorporated has recorded strong performance for the first nine months of 2013 with its pre- tax nine month rising to $299 million, representing a 56 percent improvement compared to the same period last year.

The result, which analysts described as impressive also showed that its revenue grew by 24 percent to $1.456 million, while the total assets went up by 16 percent to $21.5 billion.  Gross earnings also rose to $1.45 billion in nine months to 30 September 2013, from $1.17 billion in the same period last year.

The bank's strong performance was earlier in the month affirmed by Fitch Ratings which acknowledged its Long-term issuer Default Rating (IDR) at 'B' with a stable Outlook, Short-term IDR at 'B', Viability Rating at '5' and Support Rating Floor at 'No Floor.'

Analysts insisted that the performance was encouraged by increasing non-profit revenue led by trade finance activity as the bank seeks to monetize pan African footprint. Balance sheet growth was during the third quarter, with an increase of 69 percent in net customer loans 5 percent in customer deposit.

Speaking with our correspondent on the floor of the Nigerian Stock Exchange (NSE) a financial expert who wished not to be named said it is clear from the result that the bank has continue to record strong growth, with net income to shareholders up by 74 percent year-on-year

Ecobank Transnational Incorporated has announced its nine-month pre-tax profit rose