Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced the successful raising of $200 million syndicated loan facility.
ETI, which made the announcement in a notification to the Nigerian Stock Exchange, said the facility was oversubscribed at $268.5 million, with the group increasing the Deutsche Bank’s mandate as an arranger from $150 million to $200 million.
According to ETI, “the facility supports ETI’s goal of maintaining a diversified funding base with strong market access. The loan will be due for repayment in November 2019”.
ETI released its financial statements for the nine month period ended September 30, 2018. The group’s revenue increased from 414 billion naira in 2017 to 419 billion naira in the year under review. This represents a 1 percent increase year on year.
Profit before tax also increased from 69 billion naira in 2017 to 96 billion naira, this represents a 39 percent increase year on year. Profit after tax increased from 58 billion naira in 2017 to 76 billion naira. This represents a 31 percent increase year on year.
The Earnings Per Share increased from 201 naira in 2017 to 246 naira in 2018. This rise represents a 22 percent increase year on year.
ETI, which was incorporated in Lomé, Togo in 1988, is the parent company of the leading independent pan-African banking group, Ecobank. The group has over 17,000 staff in 40 different countries in over 1,200 offices.