Ecobank Trans International has announced that it made a ₦88.3bn profit before tax in 2017 as against a ₦33.7bn loss before tax in 2016.
The bank also announced that its gross earnings in naira increased from ₦665 billion in 2016 to ₦763 billion in 2017.
Meanwhile, the group’s total equity appreciated by 24 percent N664.7bn, total assets increased by 10 percent to N6.864tn, while its total liabilities also rose by eight percent to N6.16tn.
Mr. Ade Ayeyemi, the Group Chief Executive Officer of Ecobank Trans International, while speaking on the group performance for the 2017 fiscal year said, “Our 2017 financial performance was an encouraging improvement on 2016. We delivered a profit before tax of $288m compared to a loss of $131m in the previous year. $1.8bn of revenue remained largely unchanged from 2016 due to our decision to keep a tight lid on loan growth.”
The group’s total equity was also reported to have appreciated by 24 percent N664.7bn and its total assets increased by 10 percent to N6.864tn, while its total liabilities also rose by eight percent to N6.16tn.
In a related development, Access Bank, in its financial statements announced that it recorded loss in profit before and after tax in the 2017 year.
The bank’s profit before tax fell from ₦90bn in 2016 to ₦80bn in the 2017 fiscal year.
Also, its profit after tax also dropped from ₦71bn in the 2016 year to ₦61bn in 2017.
However, the bank’s gross earnings increased from ₦381 billion in 2016 to ₦459 billion in 2017.