Bloomberg News

Ecobank’s Nine-Month Profit Advances 55% as Loans Increase

October 14, 2011

(Updates with loans, deposits in third paragraph.)

Oct. 14 (Bloomberg) -- Ecobank Transnational Inc., Africa’s largest lender by geographical spread, said profit jumped 55 percent in the nine months through September as loans and deposits increased.

Net income increased to 19.1 billion naira ($119 million) from 12.3 billion naira a year earlier, the company said in a statement published on the website of the Nigerian Stock Exchange today. Gross earnings for the period climbed to 124.4 billion naira from 93.6 billion naira, Ecobank said.

The Lome, Togo-based lender’s loans increased 17 percent to 1.17 trillion naira from 1 trillion naira a year earlier. Deposits rose to 1.5 trillion naira from 1.25 trillion naira.

Ecobank’s shares declined 1 percent to 11.68 naira at the close of trading in Lagos, Nigeria’s commercial capital. The bank’s shares have slumped 26 percent this year compared with the Nigerian Stock Exchange All-Share Index’s 20 percent decline.

--Editors: Ana Monteiro, Dulue Mbachu

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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