ECOBANK ALERTS ON PROFIT DROP

Like some quoted companies in recent past Ecobank Transnational Incorporated (ETI) has hinted that its profit for 2015 will be lower than it had projected publicly in the third quarter of the year.
According to the alert sent to the stock market, ETI "expects to report materially lower profit for the year 2015 for a number if reasons:
1) The macro economic challenges faced by most African economies, lower crude oil prices, depreciating currencies, monetary and fiscal bottlenecks, due to global developments negatively impacted expected revenue growth. Thus revenue growth in 2015 will be below our target guidance.
2) Also, higher impairment losses were recognised in the last quarter of 2015 across our loan portfolio "
It added " Based on the aforementioned, we expect our full year 2015 profit in dollar terms to be lower than the (first) 9 months to 2015 reported profit".
The notice added that the full 2015 audited results will be announced in April followed with an analysts and investors conference call to discuss the financial results.
ETI presently operates in 36 African countries with 1200 branches and offices employing over 19000 people.
It assured that key actions have been implemented to strengthen the weakened loan portfolio while it remains confident in its diversified business and in the long term prospects for growth in Africa

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