Earnings Report /
Ghana

Ecobank Ghana: Q3 21 earnings supported by impressive growth in non-interest income

  • PAT increases 6% yoy, but misses our expectations

  • Cost of risk improved, reducing to 3.2% in Q3 21 compared to 3.6% in Q3 21

  • We maintain our Buy recommendation on Ecobank Ghana, with our unchanged TP of GHS9.1 suggesting an ETR of 16%

Gbemisola Ogungbade
Tellimer Research
6 December 2021
Published by