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Ecobank declares N104.51bn PAT for first nine months of 2021
OBINNA EZUGWU
Ecobank Transnational Incorporated Plc, has declared N104.51 billion profit after tax (PAT) for the first nine months of 2021, ended September 30, representing 916.14% increase from the corresponding quarter of 2020.
The is according to the bank’s recently released audited results for the period.
However, quarter-on-quarter, the bank recorded a 57% growth in its bottom line to N6.2 billion from N4 billion recorded in Q2 2021.
According to the results filed with the Nigerian Exchange Limited (NGX), the bank posted triple-digit growth in bottom line income of N104.51 billion, as earnings per share improved to N3.01 kobo during the period under review.
Other highlights of the result are as follows:
Interest Income grew by 12.02% Y-o-Y to N445.12 billion, from N397.37 billion recorded in the same period of 2020.
Net interest income grew by 12% Y-o-Y to N284.42 billion, against N255.03 billion recorded in the corresponding period of last year. The growth was impacted by a 34.20% increase in Investment Securities.
Non-interest income rose by 12.42% Y-o-Y to N231.74 billion from N206.13 billion recorded in the same period of last year.
Operating expenses declined by 3% Y-o-Y to N300.72 billion. The decrease was restrained by a 13% growth in Depreciation and Amortization.
Loans and advances grew by 15.29% Y-o-Y to N4.74 trillion.
Deposits from customer rose by 16.48% Y-o-Y to N7.79 trillion.
Total assets increased by 15.71% Y-o-Y to N10.91 trillion.
Earnings per share stood at N3.01 kobo.
In a related development, Ecobank Group has announced the appointment of Mr. Jubril Mobolaji Lawal as Regional Executive and Managing Director designate of Ecobank Nigeria.
The appointment comes ahead of the retirement in January 2022, of Mr. Patrick Akinwuntan, Ecobank Nigeria’s current Managing Director.
The appointment is however, subject to the approval of the Central Bank of Nigeria (CBN).
Ecobank Group, in a statement issued Monday, by Adenike Laoye, Group Head, Corporate Communications and Chief of Staff to the Group Chief Executive Officer, said the new managing director, Lawal, was appointed following a keenly contested selection process, which included both internal and external candidates.
“We welcome Mobolaji Lawal to the Ecobank Group and we stand to benefit from the extensive experience that he has acquired in various fields across banking, which will play a major role in continuing to rebuild our franchise in Nigeria,” the statement said.
“Nigeria is a key market for us, in which we have seen significant improvement over the past three years as we reposition and leverage upon our pan-African strengths in digital products and services, payments and as the go-to-bank for businesses seeking to grasp the growth opportunities being created by the AfCFTA, across all our markets on the continent.
“I wish Mobolaji the best and assure him of both my support and that of the entire Ecobank Group,” said Mr. Ade Adeyemi, Group Chief Executive Officer (GCEO) Ecobank Group.
Mrs. Bola Adesola, the Chairman of the Board of Ecobank Nigeria said: “We look forward to working with Mobolaji and assure him of the full support of the Board, Management and all the staff of Ecobank Nigeria. The business in Nigeria is on the path of transformation and we are confident that Mobolaji will have significant impact in advancing our positive trajectory.”
The statement says Lawal joins Ecobank having been “a versatile senior banking executive and digital transformation specialist for over 28 years” with Guaranty Trust Bank Plc.
It states further: “He has deep involvement and experience in digital and retail banking, corporate and commercial banking, credit risk management and corporate finance.
“His previous experience includes being Executive Director at GTBank Plc Nigeria, and Non-Executive Director roles at both GTBank Ghana Limited and Nigeria Interbank Settlement Systems Plc.
“Mobolaji led the team that envisioned and implemented GTBank Plc’s retail and digital banking strategy to achieve industry-wide leadership over a ten-year period and he introduced new products and solutions that have helped to deepen payments and access to digital financial services in Nigeria.”
Lawal holds a Bachelor of Law degree from the Obafemi Awolowo University, Nigeria; B.L. from the Nigerian Law School and a Master of Business Administration from Oxford University, United Kingdom. He has also attended several executive management and banking specific developmental programmes at leading educational institutions including Harvard Business School, Stanford Graduate School of Business and Institut Européen d’Administration des Affaires (INSEAD).
The retiring managing director, Akinwuntan, expressed his gratitude to Ecobank Group stakeholders for the opportunity to have served the bank.
“It has been a rare privilege to have had the honour of serving for over a quarter of a century at Africa’s most exciting and unrivalled Pan-African Banking Champion, Ecobank. I am exceedingly thankful to God, my family, friends, all Ecobankers, our founders, shareholders, regulators and all our customers and stakeholders for the support and help that they have given on this journey,” he said.
The statement said in line with Ecobank’s leadership and business continuity procedures, Akinwuntan will continue to manage Ecobank Nigeria and will ensure a smooth handover and transition to his success
