Ecobank rakes in N389b in six months

Ecobank Transnational Incorporated (ETI) Plc, the parent company of Ecobank brands across Africa, recorded N389 billion in gross earnings in the first half of this year.

The half-year results of ETI just released at the Nigerian Stock Exchange (NSE) showed that the pan African group recorded gross earnings of N389 billion for the half year 2017, up 41 per cent from N273 billion recorded in the corresponding period of 2016. Profit before tax also rose by 11 per cent to N46.2 billion in 2017, from N41.6 billion in 2016, while profit after tax moved from N31.1 billion in 2016 to N37.7 billion in 2017, showing a growth of 21 per cent.Commenting on the results, Group Chief Executive, Ecobank Transnational Incorporated (ETI) Plc, Mr. Ade Ayeyemi, said the audited half year results demonstrated the benefits of the group’s diversified business model.According to him, despite a fragile macroeconomic backdrop in most of its markets, the group still generated a 15.6 per cent return on tangible equity and further improved cost-to- income ratio to 60.6 per cent, driven by its continued cost reduction initiatives across the network.

He said the group revenues increased by five per cent in constant currency, which highlighted encouraging growth in trade and fixed-income, commission and currency businesses due to encouraging client activity and improving foreign-exchange markets.“The bank is making good progress on its strategy and continues to serve our customers diligently. We look forward to the second half of the year with excitement. We are also happy with the progress we are making on the digital front; particularly on our strategy to enable millions of unbanked Africans have access to financial solutions using our revolutionary Ecobank App and other digital channels,” Ayeyemi said.He said the bank has also made efforts to improve risk management objectives and risk culture citing the recent appointment of Eric Odhiambo as chief risk officer.Ayeyemi had recently assured shareholders that Ecobank was fundamentally strong as a systemically important bank in Nigeria, a leading bank in both Francophone and Anglophone West Africa and a bank that is growing selectively within Central, Eastern and Southern Africa.