Category: Banking

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2020 FY Results: Ecobank Transnational Inc. posts N33.7 billion profit after tax.

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Ecobank Transnational Inc. released its full-year results for the year ended 31st December 2020.

  • Net interest income was N346.61 billion. (+27.8% YoY)
  • Operating income of N641.8 billion. (+9.4% YoY)
  • Operating expenses was N402.7 billion. (+3.7% YoY)
  • Profit after tax was N33.7 billion. (-66.1% YoY)
  • Earnings per share from continuous operations was N3.73 Vs N281.57
  • Customers’ deposits totaled N7.3 trillion. (+23.6% YoY)
  • No dividend announcement was made.

See link to results.

2020 FY Results: First Bank post N80 billion profit as earnings per share prints at N2

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First Bank Plc released its full-year 2020 interim results showing a profit boost from sales of its insurance business.

  • Net Interest Income after adjusting for loan losses was N205.8 billion vs N239 billion, (-22.1% YoY)
  • Net fees and commissions of N103 billion vs N83.8 billion, (+25.1% YoY).
  • Operating income for the group was N373.8 billion vs N398.1 billion (-17.6% YoY)
  • Profit after tax without discontinued operations N65.9 billion vs N73.8 billion, (-21.5% YoY)
  • Profit from discontinued operations (sale of its stake in FBN Insurance) N13.3 billion
  • PAT with discontinued operations is N79.71 billion in 2020 compared to N73.67 billion a year earlier. +8.20% YoY
  • Earnings per share for the period under review is N2.18 from N1.95. +11.79%YoY
  • No dividend announcement was made in their press release.
  • The company share price of N7.35 as of when the result was released. It is down 6.37% year to date.

Bottom Line: Company’s result was worse than expected, however, it received a major boost from its sale of FBN Insurance in 2020.

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2020 FY Results: Sterling Bank records 10% earnings growth

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Sterling Bank Plc released its full-year 2020 interim results

  • Net Interest Income after adjusting for loans impaired is N54 billion vs N58.8 billion in 2019 (-8% YoY).
  • Operating income of N81.8 billion vs N81.7 billion YoY.
  • Operating expenses also fell 3% to N69.2 billion.
  • The bank reported a profit after tax of N11.69 billion in 2020 compared to N10.6 billion a year earlier, (+10.30% YoY)
  • Earnings per share for the period under review is 41 kobo from 37 kobo, (+10.81% YoY)
  • Customer deposits of N951.3 billion vs N892.6 billion, (+6.6% YoY)
  • No dividend announcement was made in their press release.
  • The company share price of N1.90 as of when the result was released. It is down 7.62% year to date.

Bottom Line: Sterling Bank is close to hitting N1 trillion in deposits and will probably hit this benchmark in the first quarter of the year. This suggests most of its initiatives towards driving customer deposits have paid off.

See link to results