Business News Sat, 3 Nov 2018

Ecobank’s profit soars

Ecobank Ghana has again recorded outstanding financial performance for the third quarter of this year.

Unaudited financial statement by the bank revealed that profit before tax shot up by 40.68 percent to GH¢353.3 million for the nine month ending September 2018.

Deposits also shot up by 26.12 percent year-on-year from GH¢5.7 billion in September 2017 to GH¢7.4 billion in September 2018. The bank and other tier one and tier two banks appears to have benefited immensely from the movement of funds from smaller banks and other financial institutions to bigger banks.

Loans and advances also grew by 20.70 percent to GH¢4.3 billion in quarter three 2018, from GH¢3.5 billion the same period last year.

On some key ratios vital to shareholders, return on average equity was 31.88 percent whilst return on average assets 3.74 percent.

The bank’s stated capital as at the end of September 2018 stood at GH¢416 million whilst income surplus was GH¢215 million.

The bank’s capital adequacy ratio stood at 14.37 percent whilst non-performing loans ratio was 16.00 percent.

Source: thefinderonline.com
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