Ecobank doubles full-year income

ECOBANK doubled its full-year earnings to December 2018 thanks to increased investments in fixed income securities, fee and commission income and net foreign exchange income.

Interest and similar income stood at US$53 million from US$37 million in FY17. Total net interest income stood at US$33,8 million.

Total net loans amounted to US$206 million from US$157 million in FY17.

Treasury Bills investment holdings increased to US$380 million from US$185 million.

From total assets US$1 billion from US$546 million in FY17 thanks to increased deposits and cash and cash equivalents.

Net profit for the period stood at US$40 million in FY18 from US$22,2 million. Return on equity stood at 36,75% while return on assets stood at 3,8%.

A US$6 million dividend was proposed in the interim period. — Staff Writer

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