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02.05.2007 Business & Finance

Ecobank transnational profit up by 20%

By Business and Financial Times

Ecobank Transnational Incorporated (ETI) has recorded a 20 percent profit after tax rise for the first quarter ended March 2007 from US$24.68 million.

Net interest income, the bank's main source of revenue increased by 75 percent to US$24.4 million, though the ratio of operating expenses to interest income increased form 80.2 percent to 84.3 percent.

Total assets increased by 57 percent to US$3.959.1 million and total US$3,959.1 million and total liabilities also rose by 61 percent to US$3,447.6 million.

Fixed assets increased by 68 percent to US$138.7 million at the end of March 2007, with cushy and cash equivalents reaching US$624.2, representing 22.5 percent rise.

Loans and advances also grew over the period. While those to banks increased by 25 percent to US#604.3 million, customers received US$161.8 million, which represents 184 percent increase with other deposits category rising by 15 to US$36.5 million.

The bank's total investments in securities, associates and subsidiaries reached US$456.5 million, 26.5 percent higher than the 2006 figure.

While shareholders funds grew by 36 percent to US$402.1 million, earnings per share of profit attributable to equity holders were maintained at US$0.02, in line with a resolution by the members earlier this year to split cache ordinary share into two, reducing its value from US$0.25 to US$0.125.

ETI was established in 1985 under the approval of the member states of Economic Community of West African States (ECOWAS).