ETI Declares N262.17bn PBT, N20.7tn Total Assets

Kayode Tokede

Ecobank Transnational Incorporated (ETI), yesterday announced that it crossed the N20trillion in total assets as of nine ended September 30, 2023 audited results posted on the floor of the Nigerian Exchange Limited (NGX)

The pan-African financial institution announced N20.7trillion ($26.6billion) total assets as of September 30, 2023, representing an increase of 55 per cent from N13.37trillion ($29 billion) reported in 2022 full financial year.

The growth in total assets is driven by N14.93trillion ($19.21billion) deposits from customers, representing an increase of 56 per cent from N9.6trillion ($20.8billion) reported in 2022 financial year and N7.9trillion ($10.16billion) loans and advances to customers as of September 30, 2023, an increase of 56 per cent from N5.07trillion ($ 11billion) reported in 2022 financial year.   

The group closed nine months of 2023   with N262.17billion ($450million) profit before tax, representing an increase of 55 per cent from N168.89billion ($400.73million) reported in nine months of 2022.

Also, it announced N182.92billion ($313.97million) profit, an increase of 56 per cent from N117.4billion ($278.9milliion) reported in nine months of 2022.

About N1.21trillion ($2.08billion) gross earnings in nine months of 2023 from N761.3billion ($1.82billion) reported in nine months of 2022 impacted on profit generation in the period under review.

The CEO of Ecobank Group, Jeremy Awori in a statement said: “Ecobank generated profit before tax of $450million for the nine months to September, an increase of 55per cent in constant currency from the prior ear.

“Moreover, we delivered profits attributable to ETI shareholders of $224million, which translated to a return on tangible shareholders’ equity of 25.6 per cent on the back of a strong revenue growth of 34 per cent in constant currency and an improved cost-to-income ratio of 53.7 per cent.

“We achieved these results despite the challenging macroeconomic environment, which demonstrates the resilience of our diversified business model.

“I am pleased to announce that we have completed our Growth, Transformation and Returns (GTR) strategy. True customer orientation is the core of our GTR strategy, meaning we will always focus our energies and resources on delivering great products and services.

“As part of our broad strategic focus areas, we are accelerating the growth of our Consumer and Commercial Banking businesses given the significant revenue opportunities, diversifying and growing our Corporate and Investment Banking revenue streams, and consolidating our achievements, experience and market recognition to scale our Payments, Remittances and Fintech business.

“Additionally, we will entrench our leadership positions in markets where we are a top three bank, address subscale markets, and provide unwavering support to our Nigerian team as they turn around and further grow their business.”

“We will invest further in technology, in all its forms, to provide better, faster, and easier services to our customers. Furthermore, we are investing in building our brand to create greater connection and support our growth businesses.”

“Ultimately, the foundation for success rests on the passion and dedication of Ecobankers to consistently deliver for clients and customers no matter the environment, unified by our shared cultural and ethical values. Accordingly, we have made it our priority to invest in providing the enabling environment and resources to inspire creativity, innovation and discipline in execution,” Awori added.