The Ecobank Transnational Incorporated (ETI) has said its unaudited nine months financial performance as at September 30, 2013 showed that its profit before tax increased to $299 million, representing a 56 per cent improvement over the comparable period last year.
A statement said the result showed that its revenue grew by 24 per cent to $1.456 million, while total assets went up by 16 per cent to $21.5 billion.
ETI’s gross earnings also rose to $1.45 billion in period under review, from $1.17 billion last year.
The bank’s Long-term issuer Default Rating (IDR) was recently affirmed at ‘B’ with a stable Outlook, Short-term IDR at ‘B’, Viability Rating at ‘5’ and Support Rating Floor at ‘No Floor’ by Fitch Ratings.
The result, according to the statement, was influenced by increasing non-profit revenue led by trade finance activity as the bank sought to increase its pan African footprint.
Also, it recorded a 69 per cent increase in net customer loans and five per cent in customers’ deposit.
