Ecobank Reports USD 408 Million In Profit For The First Nine Months Of 2014

Ecobank Transnational Inc. (NSE: ETI, GSE: ETI; BRVM: ETIT), the parent company of the pan-African banking Group present in 36 African countries including Tanzania reported its unaudited financial results for the nine months ended 30 September 2014.

According to the report pre-tax profit reached USD 408 million, up 35% from the prior year while profit after tax reached 324 million, up 28% from the prior year.

Basic earnings per share stands at USD 1.59, an increase of 26% from USD 1.26 in 2013.

Commenting on these results, Group CEO Albert Essien said: “Our strong results for the first nine months of 2014 show solid revenue growth and a further reduction in our cost-income ratio. Our capital position has been significantly enhanced with the conversion of USD 75 million of loans by IFC funds in the third quarter and Nedbank’s subsequent investment of USD 493 million to reach a 20% shareholding in Ecobank, a welcome deepening of our long-established alliance. We are also pleased to have Qatar National Bank as a new shareholder and look forward to developing mutual business opportunities in the Gulf and North Africa region.”

Ecobank started operations in Tanzania in January 2010 and has since grown to include 12 branches across the country.

Follow the link to access Ecobank Ecobank financial results for the nine months ended 30 September 2014http://tanzaniainvest.com/downloads/Ecobank-Group-9-Months-2014-financial-results.pdf