Ecobank: Q3 2021 net profit surge to Ghs 464m; assets now Ghs 16.7 billion in value
Pan-African Bank, Ecobank Ghana, for the third quarter of this year, posted a net profit of Ghs 464 million.
This is against the Ghs 381 million recorded as net profit in Q3 2020.
The main driver of the bank’s net profit for the review period as indicated in its Q3 2021 Financial Statement, was the bank’s operating profit which grew from Ghs 546 million in Q3 2020 to Ghs 702 million in Q3 2021 marking a 27.22 percentage points increase in operating profit.
The bank’s net interest income recorded a marginal increment in the review period rising from Ghs 962 million to Ghs 1 billion.
The posted net profit of Ghs 464 million for Q3 2021, translates into earnings per share of Ghs 1.92 pesewas for the bank’s shareholders.
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Ecobank Ghana for the period between Q3 2020 and Q3 2021, significantly grew its assets value base by an additional Ghs 2.2 billion.
Total assets value of the bank at end-Q3 2020, stood at Ghs 14.5 billion but increased to Ghs 16.7 billion at end-Q3 2021.
Elements driving the bank’s assets value were loans and advances to customers, cash and balances with banks and non-trading assets which amounted to Ghs 4.6 billion, Ghs 3.2 billion and Ghs 6.6 billion.
A corresponding increase in the bank’s total liabilities was witnessed under the review period.
The bank’s liabilities on a year-on-year basis also grew from Ghs 12.4 billion in 2020 to Ghs 14.1 billion driving mainly by deposits from customers which stood at Ghs 12.5 billion at end-Q3 2021 from Ghs 10.6 billion at end-Q3 2021.
Ecobank’s loan asset quality for the period under review, weakened marginally with non-performing loans (NPLs) increasing from 12.83 percent to 13.59 percent of total loans.
Examine details of Ecobank’s Q3 2021 Financial Statement below:
pdf (24) by Fuaad Dodoo on Scribd
