Ecobank (ETI) underperforms in its FY'15 earnings results


Wednesday, April 13, 2016 11:30 PM / CardinalStone Research

Ecobank Transnational Incorporated (ETI) FY'15 results just out - Gross earnings inched up by 10.9% to N542.7 billion, underperforming  our estimate (-11.6% deviation).  

After tax earnings declined markedly by 67.6% to N21.3 billion which also underperformed our estimate of N82.6 billion (-74.3% deviation) and consensus estimate of N76.04 billion (-72.1%).  

EPS declined to N0.56 from N2.81 in FY'14.  

Total assets and net assets  grew by 4.3% and 2.0%  to N4.69 trillion and N502.9 billion respectively. The bank declared a dividend of N0.40 per share.   

At current price, the dividend implies a dividend yield of 2.88%. 

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