Ecobank Group declares N311bn PAT in H1 2024 results
The earnings of Ecobank Transnational Incorporated (ETI), a pan-African banking group, rose to the highest in at least nine years of N311 billion in the first six months of 2024. According to the bank’s latest financial statement, its after-tax profit rose by 196 percent to N311 billion in H1 from N105 billion in the same period in 2023, according to the company’s latest financial statement released on Tuesday. bank’s gross earnings surged by 179 percent to N1.78 trillion.
Jeremy Awori, CEO of Ecobank Group, said: “Our half-year results demonstrate the strength of our diversified business model. Despite facing macroeconomic challenges in some of our operating markets, the company increased its net revenues to $994 million and its profit before tax by 5% to $324 million. Excluding the impact of foreign currency translation due to US dollar strength, the profit before tax increased by 23%. The return on tangible shareholder’s equity (ROTE) was 34.7%, compared to 27% in the previous year.”
“Our results also highlighted the significant progress made in our GTR strategy, with double-digit revenue growth in constant currency across all our businesses – 14%, 23%, and 25% in Corporate and Investment Banking, Commercial Banking and Consumer Banking, respectively. We gained share in trade services and observed increased client activity in wholesale payments and cards,” Awori continued.
“Our transformation agenda remains our top priority, with a focus on improving customer experience and driving efficiency and productivity. Despite persistent inflation, we achieved an efficiency ratio of 53.6%. We continue to right-size our risk-weighted assets, and our deposits franchise remains strong. Customer deposits rose 13% in constant currency to $19 billion, with current and savings accounts (CASA) comprising 81% of total deposits. With a loans-to-deposit ratio of 54%, we have room to take advantage of credit opportunities that meet our risk appetite if required,” Awori continued.
“In conclusion, we have confidence in the company’s long-term prospects. While near-term monetary and fiscal challenges persist, our sole focus remains enhancing the customer experience and meeting their financial needs. I extend my heartfelt thanks to our fellow Ecobankers for their hard work and dedication in delivering these results,” Awori concluded.
