Ecobank

Ecobank Transnational Inc. (ETI) reported profit before tax of N150.3 billion for the second quarter of 2023.

Lovetvnews Nigeria reports that the registered amount was 38% higher than the N 108.95 billion published in the same period of the previous year highlight results.

Ecobank Group reports performance for the first six months of 2023.

– Total revenue up 18% to $1,430.5 million (up 38% to NGN 695.7 billion)

– Revenue increased 14% to $1,037.2 million (up 33% to NGN 506.1 billion)

– Operating income before impairment charges increased by 18% to $473.8 million (up 38% to $231.2 billion).

– Profit before tax increased by 18% to USD 308.1 million (up 38% to NGN 150.3 billion)

– Profit after tax increased 16% to 215.7 million USD (up 36% to 105.2 billion NGN)

– Total assets decreased by 7% to USD 27.0 billion (up 53% to NGN 20,445.5 billion)

– Loans and receivables to customers decreased by 3% to $10.6 billion (up 58% to NGN 8,033.1 billion)

– Customer deposits down 7% to $19.5 billion (up 53% to NGN14,709.7 billion)

– Total equity down 13% to $1.8 billion (up 43% to NGN 1,333.9 billion) Jeremy Owore, CEO of the Ecobank Group, said: “Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, flexible balance sheet and commitment to serving our customers.

Pretax profit increased 18% to $308 million and 67% excluding currency effects.

Net sales increased 14% to $1,037 million, or 38% at constant exchange rates, and we achieved a return on tangible equity of 27%.

We achieved these results despite continued challenging macroeconomic conditions in the second quarter with significant weakness in African currencies, higher consumer prices and slower economic growth.”

“We have made significant progress in formulating our strategic roadmap, which will provide the blueprint for our growth, transformation and turnaround agenda.

Over the past few months, as I have interacted with customers, Ecobankers colleagues and other stakeholders, my faith in our growth opportunities has been reaffirmed.

We see opportunities to build stronger and better customer relationships across our businesses, forge strategic partnerships and be the payment bank of choice, leveraging our superior platforms.

In addition, we will continue our transformation and growth agenda for our corporate, commercial and consumer banking businesses.

Notably, achieving our goals will require even more discipline in execution, proactive risk management, and focus on delivering for our customers.

Furthermore, prudent management of our balance sheet and capital remains a top priority.

We will also continue to invest in our cutting-edge technology, retaining and attracting talent while building the right culture,” Awori added.

Awori concluded: “Finally, I am proud of Ecobank’s contribution to the African communities where we operate, and equally proud of the good work that Ecobank staff do for our clients every day.”