Ecobank Q2 Profit Down 18% on Lower Recoveries

Ecobank Transnational Incorporated or ETI has reported second quarter (Q2) 2020 results showing an 18 percent slide in after-tax profit (PAT), largely on the back of lower recoveries on impaired loans compared to a year ago.

Profit for the six months’ period that ended in June 2020 fell to N48.5 billion, from N59.4 billion a year earlier.

Recoveries in the period fell to N18.5 billion, down -51 percent compared to a year ago.

Ecobank had recoveries written back against impairment charges for loans and advances (which remained flat) and for other financial assets (which fell).

Ecobank shares are down -47.5 percent in the past year.