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Ecobank Grows Profit by 28% in 2019

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Fund management
  • Ecobank Grows Profit by 28% in 2019

Ecobank Transnational Incorporated (Ecobank) grew profit by 28 percent in the financial year ended December 31, 2019.

In the audited financial statement released through the Nigerian Stock Exchange (NSE) on Tuesday, the lender’s gross earnings rose by 9 percent during the year under review to N842.490 billion, up from N772.557 billion reported in 2018.

The total revenue generated expanded by 3 percent from N567.400 billion filed in 2018 to N586.879 billion in 2019. While the bank’s operating profit before impairment losses declined by 9 percent from N218.360 billion to N198.565 billion in 2019.

Also, net interest income declined by 19 percent from N929.760 billion in 2018 to N749.729 billion in 2019. Not interest income moderated slightly by 2.6 percent from N895.411 billion filed in 2018 to N872.530 billion in 2019.

However, profit before tax rose by 32 percent to N146.544 billion in 2019, up from N110.829 billion recorded a year ago.

Profit after tax increased from N77.463 billion in 2018 to N99.461 billion in 2019, representing an increase of 28 percent.

Ecobank grew total assets by 5 percent from N8.195 trillion in 2018 to N8.621 trillion in 2019 while liabilities grew from N7.520 trillion to N7.894 trillion in 2019.

The bank’s total equity increased by 9 percent from N631.132 billion to N687.742 billion. Customers’ deposits expanded by 2 percent to N5.924 trillion during the year under review.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Finance

Global Debt Rises to $258 Trillion in Q1 2020

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Global debt

Global Debt Rose to $258 Trillion in the First Quarter of 2020

Global debt rose to a record high of $258 trillion in the first quarter of the year, according to the Institute for International Finance (IIF).

The IIF, the body that represents global banks and financial institutions, said debt to GDP ratio rose by over 10 percent to reach a record 331 percent during the period under review.

“While increasing debt levels raise concerns about debt sustainability, over 92% of government debt is investment-grade,” the report said.

In emerging economies, the debt-to-GDP ratio rose to 230 percent and expanded by $700 million in value to $72.5 trillion due to the decline in emerging currencies against the US dollar.

While debt-to-GDP in developed economies grew from 380 percent in 2019 to 392 percent. The report noted that the U.S. debt accounted for half of the total $185 trillion debt in developed economies while debt outside the financial sector was high in Canada, France, Norway and the United States.

The report noted that debt across all sectors in China was on track to hit 335 percent of GDP following a surge from 302 percent to 318 percent in the first quarter.

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Finance

PoS Transactions Decline by N97 Billion in April

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point of sale

PoS Transactions Depreciated by N97bn in the Month of April

The Central Bank of Nigeria (CBN) said payments across the nation’s point of sale terminals declined by 26.2 percent in April when compared to March.

The federal government had imposed a lockdown on activities in Lagos, Ogun and Abuja on March 31, 2020 to curb the spread of the COVID-19 pandemic in Nigeria.

The lockdown weighed on economic activities and plunged PoS transactions by N96.7 billion in the month of April.

In the report put together by the central bank, data covers cheques, ATM, PoS, E-bills and NIP transactions for the month of April and excluded channels such as Web, Mobile, and NEFT.

The data collected by the apex bank showed the total volume of transactions declined from 251.9 million in March to 186.6 million in the month of April. The lowest since February 2018 when the volume of e-payments drops to 159.9 million.

Similarly, transaction values dipped by N4.6 trillion or 37.7 percent from N12.3 trillion in March to N7.6 trillion in April.

A break down of the report shows the value of PoS transactions depreciated by N96.7 billion or 26.2 percent from N368.9 billion in March 2020 to N272 billion in April.

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Finance

Government Deficit Spending Rises by 144% to N609bn in Two Months

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President Buhari

Deficit Spending Rises by 144% to N609bn in January, February

Federal Government deficit spending rose by 144 percent year-on-year in the first two months of the year to N650 billion, up from N250 billion in the same period of 2019.

In the monthly economic report released for the months of January and February 2020 on Tuesday, the Central Bank of Nigeria said the sharp increase was due to a 54 percent increase in the Federal Government’s expenditure from N798.9 billion in the corresponding period of 2019 to N1.22 trillion in 2020.

The report also noted that the increased erased the 13 percent increase recorded in retained revenue from N548.9 billion in the same period of 2019 to N619.3 billion in January and February 2020.

Breaking down fiscal activities, the CBN said “At N325.54 billion, the estimated Federal Government retained revenue for the month of January 2020 was below the monthly budget of N705.44 billion by 53.9 per cent.

“At N587.05 billion, the estimated total expenditure of the Federal government was below the monthly budget estimate of N865.31 billion by 32.2 per cent. It was also below the N757.07 billion recorded in the preceding month by 22.5 per cent.

“At N293.80 billion, the estimated Federal Government retained revenue for the month of February 2020 was below the monthly budget estimate of N705.44 billion by 58.4 per cent.

“At N641.08 billion, the estimated total expenditure of the Federal Government was below the monthly budget estimate of N865.31 billion by 25.9 per cent. It was, however, above the N587.05 billion recorded in the preceding month by 9.2 per cent.”

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