Ecobank Lost 10% ahead of Dividend Notice

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Pan African lender, Ecobank Transnational Incorporated, ETI, lost 10% of its market valuation to strong exits trade in the Nigerian Exchange, NGX, and US bank crisis sent jittery across the market.

Ticker: ETI share price dropped to N10.8 with 18.349 billion shares outstanding value at N198.175 billion as of Friday. The bank’s stock opened the week at N12, with a more than N200 billion market valuation amidst a plan to announce dividend payments for 2022.

The group reported an improved earnings performance in the third quarter of 2022 following balance sheet repair efforts. Ecobank offloaded its legacy burden, setting the Pan Africa lender on the path to growing earnings across the market.

Last week, management told the Nigerian Exchange Limited of the delay in the publication of ETI’s Consolidated Audited Accounts for the year ended December 31, 2022.

It said on March 1, 2023, its board of directors had approved the Audited Accounts and the payment of a dividend subject to the completion of standard procedures and relevant regulatory approvals.

The group revealed that it is yet to receive regulatory approval in respect of the component audit of a material subsidiary company.

Accordingly, ETI said it has obtained the approval of the Securities and Exchange Commission of Nigeria for an extension of time till March 31, 2023, to file the 2022 Audited Accounts.

The bank said the details of the audited accounts will be published upon approval of the regulators of the relevant material subsidiary. Overall, the Nigerian banking index slumped by 4.9% at the same time# Ecobank Lost 10% ahead of Dividend Notice.

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