Ecobank Group grows Net Profit by 21% to close at NGN37.7bn from NGN 31.1bn in six months of 2017

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advertisementThe management and Board of the Directors of Ecobank Transantional Incorporated ETI) has released the bank’s financial performances for the six months ended June30, 2017 which showed a mixed reactions for instance gross earnings declined by  6% to closed $1.3 billion in term of dollar but jumped up by 41% to closed at NGN 386.9 billion in Naira. Also the operating profit before impairment losses by 2% to closed at $359.0milllion in dollar but soared up by 47% to close at NGN 109.8 billion.

The report continue with its mixed reactions results shown a profit before tax down  by 26% to $151.3 million in dollar while it grew by 11% to NGN 46.2 billion in Naira and Profit after tax down 19% to $123.4 million in dollar  while up by 21% to NGN37.7 billion in Naira.

But the patterned changed in the case of total assets which chopped up by 3% to closed at $21.1 billion in dollar while it up 3% to NGN 6,458.0 billion in Naira, Loans and advances to customers stood up by 2% to $9.5 billion and up by 3% to NGN 2,899.7 billion in both dollar and Naira respectively,

Other indices like deposits from customers up 3% to $13.8 billion  and up 3% to NGN 4,235.2 billion and the total equity up 12% to $2.0 billion and up 12% to NGN 602.6 billion respectively.

Commenting on the results, Ade Ayeyemi, Group CEO said, “Our audited half year results demonstrated the benefits of our diversified business model. Despite a fragile macroeconomic backdrop in most of our markets, we still generated a 15.6% return on tangible equity and further improved our cost-to income ratio to 60.6%, driven by our continued cost reduction initiatives across the network.”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. We have also recently announced the appointment of Eric Odhiambo as Chief Risk Officer, to help drive our risk management objectives and improve our risk culture.

 

Our revenues increased 5% in constant currency, and highlighted encouraging growth in our Trade and FICC, businesses, thanks to encouraging client activity and improving foreign-exchange markets.

 

Ayeyemi lamented about Profit before tax that by fell 20% in constant currency, due to continued provision building and elevated cost-of-risks as we had earlier communicated. But applauds the management for overall performance saying, we are making good progress on our strategy and continue to serve our customers diligently. We look forward to the second half of the year with excitement.”


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