Ecobank Group Declares N150.3 bn PBT in Q2, 2023 Results

Banking & Business
July 28, 2023
Streetwise Media

Ecobank Transnational Inc. (ETI) has posted a profit before tax of N150.3 bn for the second quarter of the year 2023. The amount recorded was 38% up from the N 108.95 billion it posted in the same period of the previous year

Result Highlights

Ecobank Group reports performance for the first six months of 2023

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

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

– Operating profit before impairment charges up 18% to $473.8 million (up 38% to NGN 231.2 billion)

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

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

– Total assets down 7% to $27.0 billion (up 53% to NGN 20,445.5 billion)

– Loans and advances to customers down 3% to $10.6 billion (up 58% to NGN 8,033.1 billion)

– Deposits from customers down 7% to $19.5 billion (up 53% to NGN 14,709.7 billion)

– Total equity down 13% to $1.8 billion (up 43% to NGN 1,333.9 billion)

Jeremy Awori, CEO of Ecobank Group, said: “Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet and our commitment to serving our customers. Profit before tax increased by 18% to $308 million and by 67% if you exclude foreign currency translation effects. Net revenues were up 14% to $1,037 million, or 38% in constant currency, and we delivered a return on tangible equity of 27%. We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices and tepid economic growth.”

“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation and Returns agenda. Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed. We see opportunities to build stronger and better customer relationships in our businesses, forge strategic partnerships and be the go-to Payments bank, leveraging our superior platforms.

In addition, we will take forward 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, the prudent management of our balance sheet and capital remains a priority. We will also continue investing in our bestin-class technology, retaining and attracting talent while reinforcing the right culture,” Awori added.

“Finally, I am proud of Ecobank’s contributions across the African communities in which we operate, and equally proud of the good work Ecobankers do for our customers daily,” Awori concluded.