Home / Business / Ecobank’s 9M15 net revenue slumps 3%yoy

Ecobank’s 9M15 net revenue slumps 3%yoy

Ecobank Transnational Incorporated (ETI) has reported that its net revenue for 9M15 declined 3% year-on-year (YoY) ( 15% in constant dollars), driven by FX impact and regulatory and macro headwinds in Nigeria.

In the financial reports of its investor statement, the Group said profit before tax for 9M15 was down YoY impacted by FX, operational losses and higher impairments.

Also, ETI said cost/income ratio steadily declined and customer loans were down 4% YoY in 9M15 ( 5% YoY in constant dollars).

According to the report, customer deposits were down 4% YoY ( 4% in constant dollars) with total assets growth in 9M15 impacted by currency weaknesses and the total equity for 9M15 benefitting from the IFC and Nedbank equity investments.

Leave a Reply

%d bloggers like this: