Ecobank Shed 2.29% In One Day Trading
The shares of Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (ETI) dipped 2. 29 per cent during trading on the floor of the Nigerian Stock Exchange (NSE) on Wednesday.
Ecobank opened trading on a market capitalisation of N120.189 billion, on a share price of N6.55 per share, fell to N117.437 billion and a share price of N6.4 per share. This figures showed the bank lost N2.752 billion or 2.29 per cent.
Finding by InsideBusinessNG further shows that the Ecobank’s volume of shares during Wednesday’s transaction also dropped 3.6 per cent, falling from 1,979,153 shares volume on Tuesday to 1,907,772 unit of shares. The company’s outstanding shares are currently at 18,349,551,215.
Ecobank had on Monday announced that it has secured a N50 billion, a 10-year bilateral subordinated loan which proceeds are for on lending to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.
The Bank said, “The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.”
According to its Q3 2020 Audited results for the period ended September 30th, 2020, it Gross Earnings rose by 0.4 per cent to N613bn from N611bn in the previous quarter. Profit before tax, however, declined by 68.5 per cent to N34bn.
While it Profit after tax fell by 87 per cent to N10.3bn and Net Assets grew by 3 per cent from N688bn to N709bn.
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