ETI Posts 64.03% Q1 Profit, As NSE Index Rebounds | Independent Newspapers Limited
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ETI Posts 64.03% Q1 Profit, As NSE Index Rebounds

Posted: May 1, 2015 at 5:35 am   /   by   /   comments (0)

By Bamidele Ogunwusi, Lagos


Ecobank Transnational Incorporated (ETI) has informed the management and stockbrokers of The Nigerian Stock Exchange (NSE) in its first quarter ended March 31, 2015, that its profit after tax grew by 64.035 percent from N14.923 billion to N24.479 billion reported in the comparable period of 2014.

The bank posted a gross earnings of N136.223 billion from N109.836 billion, representing an increase of 24 per cent, operating income rose by 21 percent from N104.792 billion from N86.290 billion, while net interest income which was N44.625 billion in 2014, rose to N54.239 billion.

Profit before tax rose to N30.519 billion from N19.263 billion, representing a growth of 58.4 percent, cash and cash equivalents stood at N540.411 billion to N437.598 billion, loans and advances to customers grew by 25.4 percent to N2.669 trillion from N2.129 trillion recorded in 2014, total assets rose from N3.687 trillion to N4.514 trillion, while deposits improved by 17.6 percent from N2.830 trillion to N3.329 billion.

Total liabilities grew by 21.1 percent from N2.830 trillion to N3.329 trillion, net assets rose by 34.2 percent from N374.210 billion to N502.063 billion, while earnings per share recorded 48 percent improvement when it rose to N1.22 from 82 kobo recorded in 2014.

Meanwhile, trading on the floor of the Nigerian bourse rebounded on Thursday to end trading activities in the week on a positive note when the corporate performance indicators appreciated by 1.93 percent.

At the close of transactions on Thursday, the All-share index closed higher at 34,708.11 points, from 34,050.92 points recorded on Wednesday, while market capitalisation rose by N214.585 billion from N11.572 trillion to N11.949 trillion.

In volume terms, a total of 374.551 million shares worth N3.705 billion changed hands on Thursday compared to 287.907 million shares worth N3.176 billion recorded on Wednesday.