Ecobank Posts 33% Profit in June

Ecobank Transnational Incorporated (ETI) has recorded a 33.04 per cent increase in its profit before tax (PBT) in June, first half of the year 2021.

In the bank’s unaudited financial statement, the operating income improved by 15.35 per cent year-on-year from June 30, 2020, while its operating profit before impairment charges and taxation rose by 32.62 per cent to N138.26bn.

At the end of H1 2021, Ecobank’s total assets increased to N11.02tn from N10.38tn in December 2020 but loans and advances to its customers fell from N3.70tn in H1 2020 to N3.63tn in H1 2021.

Customer deposits in all its operating locations increased by 7.38 per cent from N7.32tn to N7.86tn while the total equity depreciated by 1.06 per cent as it reduced from N811.75m to N803.18bn.

While speaking on the report, Ecobank Group CEO, Ade Ayeyemi, stated, “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1% versus 15.2% a year ago and increased diluted EPS and tangible book value per share by 19% and 6%, respectively. In addition, profit before tax increased 23% to $210 million.”

Group revenues rose 7 per cent to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery.

Omotayo Araoye

Follow us on: