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Ecobank writes off N221.7b loan, posts N50b loss

Ecobank office in Nigeria

 

Ecobank Transnational Incorporated (ETI), on Tuesday cleaned its books of non-performing loans, by making a provision of N221.7 billion in its 2016 audited accounts.

The bank said that its impairment charges, showed a jump of 110.7 per cent compared with N105.2 billion recorded in 2015.

It said that the results released on the floor of the Nigerian Stock Exchange (NSE) on April 18, showed that the bank recorded a growth of 22.3 per cent in gross earnings to N665 billion in 2016, from N542.7 billion in 2015.

The net interest income rose by 25.3 per cent to N284 billion, from N226.6 billion in 2015.

Profit before impairment charges stood at N188 billion, up from N146 billion.

ETI said, however, the N221.7 billion impairment charges led the company to close the year with a loss before tax of N33.7 billion compared with a profit before tax of N40.5 billion in 2015. The bank added that loss after tax stood at N52 billion, as against a profit after tax of N21.25 billion in 2015.

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