Global Economic Slump: ETI Records 22% Drop In Profit
OMOTAYO ARAOYE
Ecobank Transnational Incorporated (ETI) profit currently stands at $128.9 million for the first half of 2020, indicating a 22% decrease when compared to N48.5 billion reported for the same period in 2019.
ETI confirmed the decrease in its latest unaudited consolidated financial statements for six-month period ended June which were released on Wednesday.
Many businesses have suffered a dip due to global economies shut down arising from COVID-19 pandemic.
The ETI results further showed that the bank’s revenue was down by 1% to $770.9 million as against 4% to N290.3 billion increase recorded last year.
The bank’s condensed gross earnings for the six-month period stood $1,040.9million, depicting that there was a 7% decrease when compared to N392.0 billion recorded during the corresponding period in 2019.
Further breakdown of the result shows a 16% loss in profit before tax of $170.3 million in June 2020. This was down from 13% to N64.1 billion recorded in 2019.
However, the bank’s total asset increased by 3% to close at $24.3 billion as against 9% to N9,392.1 billion recorded last year.
The financial service witnessed a downturn in its loans and advances to customers by 7% to $8.6 billion. However, Deposits from customers was up 3% to $16.7 billion.
ETI’s total equity was up 2% to $1.9 billion.
The Group has operations in 39 countries and employed over 14,605 people as at 30 June, 2020.
It is a full-service bank, providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals
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