Ecobank Transnational Incorporated (ETI) made impressive results in all the key financial indices for the half year ended 30 June 2017. The audited results released to the Nigerian Stock Exchange (NSE) yesterday showed that the pan African bank recorded gross earnings of N389 billion for the H1 in 2017, up 41 per cent from N273 billion in the corresponding period of 2016.. Profit before tax also rose by 11 per cent to N46.2 billion in 2017, from N41.6 billion in 2016, while profit after tax moved from N31.1 billion in 2016 to N37.7 billion in 2017, showing a growth of 21 per cent.
Commenting on the results, Group Chief Executive of ETI, Mr. Ade Ayeyemi, 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 per cent return on tangible equity and further improved our cost-to- income ratio to 60.6 per cent, driven by our continued cost reduction initiatives across the network.”
According to him, revenues increased five in constant currency, and highlighted encouraging growth in our Trade and FICC, businesses, thanks to encouraging client activity and improving foreign-exchange markets.
He noted that overall, “the bank is making good progress on its strategy and continue to serve our customers diligently. We look forward to the second half of the year with excitement. ”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,” he Ayeyemi said.
The GCEO had last two months ago told shareholders that Ecobank was fundamentally strong as a systemically important bank in Nigeria, a leading bank in both Francophone and Anglophone West Africa and a bank that is growing selectively within Central, Eastern and Southern Africa.
