Ecobank Group Declares N311bn PAT for H1 2024  

Kayode Tokede

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 half of 2024, about 196 per cent growth from N105billion reported in the same period of 2023.

According to the company’s latest financial statement released on Nigerian Exchange Limited (NGX)., the group’s gross earnings  stood at N1.78 trillion in H1 2024, a growth of 179 per cent. 

CEO of Ecobank Group, Jeremy Awori in a statement 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 five per cent to $324 million.

“Excluding the impact of foreign currency translation due to US dollar strength, the profit before tax increased by 23per cent.

The return on tangible shareholder’s equity (ROTE) was 34.7per cent, compared to 27per cent 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 – 14per cent, 23per cent, and 25 per cent 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 53.6per cent. We continue to right-size our risk-weighted assets, and our deposits franchise remains strong. Customer deposits rose 13per cent in constant currency to $19 billion, with current and savings accounts (CASA) comprising 81per cent of total deposits. With a loans-to-deposit ratio of 54per cent, 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 added.