Ecobank Transnational Incorporated last week announced its half year unaudited results for the period ended June 30 2019 with the bottom line witnessing 15 percent improvement. Gross earnings rose by 5 percent from N384.59 billion in June 2018 to N405.20 billion in June 2019. Interest income was up marginally by 2 percent from N242.2 billion to N246.6 billion during the reference period.
However, interest expense spiked by 21 percent from N95.6 billion in June last year to N115.7 billion by June this year. Consequently, net interest income declined by as much as 11 percent to N130.9 billion from N146.6 billion in corresponding period in 2018.
But the pan African bank generated more fee and commission income which increased by 10 percent from N77.2 billion to N85.15 billion during the reference period. That improved its net interest revenue by 13 percent to N149.2 billion up from N132 billion same period last year.
Profit before tax rose by the same margin to N73.4 billion up from N65.1 billion during the reference period. Profit after tax increased by 15 percent from N51.6 billion in June 2018 to N59.5 billion in June 2019.
Ecobank share price shed 6.11 percent today to close at N8.45 per share. Year to date, it is down by 39.6 percent.
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