EcoBank’s profit after tax rose to N117.4 billion in the nine months of 2022, a 12.3 percent increase from N104.5 billion in the nine months of 2021.
The bank’s interest income stood at N485.8 billion in the nine months period of 2022, up 9 percent from N445.1 billion in the same period of 2021.
Cash and cash equivalents at end of the period dropped to N1.35 trillion, 18.6 percent decrease from N1.66 trillion in the reviewed period.
Earnings per share from continuing operations attributable to owners of the parent during the period stood at N335.580 from N301.062 in nine months of 2021.
Profit after tax
EcoBank’s profit after tax rose to N117.4 billion in the nine months of 2022 from N104.5 billion in the nine months of 2021.
Net Interest income.
EcoBank’s net interest income surged to N311.7 billion in the nine months of 2022, up 10 percent from N284.4 billion in the nine months of 2021.
Interest income climbed 9 percent to N485.8 billion in the nine months period of 2022 from N445.1 billion in the same period of 2021.
Eco Bank’s interest income calculated using the effective interest method stood at N483.5 billion in the nine months of this year, up 9 percent from N444 billion in the comparable period of 2021.
Other interest income stood at N2.34 billion in the nine months of 2022, indicating an 80 percent increase from N1.3 billion in the nine months of 2021.
EcoBank’s interest expense stood at N174.1 billion, 8.3 percent from N160.7 billion in the nine months of last year
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Non-Interest Revenue
EcoBank’s non-interest income stood at N258.72 billion in the nine months of this year, up 11.6 percent from N231.73 billion in the same period of 2021.
The bank’s non-interest income grew on the back of fee and commission income which contributed N165.4 billion, with trading income (N93.15 billion), other operating income (N16.7 billion), and net investment income (N4.42 billion).
Fee and commission income stood at N165.4 billion in the nine months of 2022, a 15 percent increase from N144 billion in the nine months of 2021.
However, the bank incurred fee and commission expenses amounting to N21 billion, up 40 percent from N15 billion in the comparable period.
Trading income stood at N93.15 billion in the nine months of this year, a 9 percent increase from N85.47 billion in the nine months of 2021.
Net investment income at N4.42 billion in the nine months of 2022, down 20.5 percent from N5.56 billion in the nine months of 2021.
Other operating income stood at N16.7 billion, a 44 percent increase from N11.6 billion in the nine months of 2021.
Operating Income
Operating Income stood at N570.41 billion in nine months of 2022, a 10.5 percent increase from N516.1 billion in the nine months of last year.
Operating expenses
Eco Bank’s operating expenses stood at N321 billion, indicating a 6.7 percent increase from N300.7 billion in the nine months of last year. Staff expenses stood at N138.7 billion, a 4.7 percent increase from N132.4 billion in the comparable period.
Depreciation and amortisation stood at N31.17 billion in the nine months of 2022, indicating a 6.2 percent dip from N33.25 billion in the nine months of 2021.
Other operating expenses stood at N150.1 billion in nine months of 2022, 11 percent from N135.06 billion in the nine months of 2021.
Cash flows
Net cash flow from operating activities recorded a positive of N169.54 billion from a negative cash flow of N47 billion
Net cash flow used in investing activities recorded a negative cash flow year on year of N169 billion from N306.6 billion.Net cash flow from financing activities stood at a negative of N211.8 billion from a positive of N267 billion in the comparable period.
Cash and cash equivalents – dropped in nine months
Eco Bank’s cash and cash equivalents at end of the period stood at N1.35 trillion,a 18.6 percent decline from N1.66 trillion in the period reviewed.
