Ecobank Grows Profit by 18% to $308 Million in 6 Months, CEO Explains Financial Performance

Ecobank Grows Profit by 18% to $308 Million in 6 Months, CEO Explains Financial Performance

  • Ecobank of Nigeria has released a breakdown of its financial performance in the first six months of 2023
  • The pan-African bank revealed that its profit increased significantly by 18 percent to over 300 million dollars
  • Jeremy Awori, CEO of Ecobank Group attributed the strong performance to the diversified business model operated

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Ecobank Transnational Incorporated (Ecobank) has recorded a 18 percent growth in profit before tax, PBT, to %340 million in the first six months of 2023 ending June.

The bank stated this in its published financial statement submitted to the Nigerian Exchange(NGX) on Thursday, July 27, 2023.

EcoBank financial performance
Ecobank CEO Jeremy Awori believes the bank's future is bright Photo credit: Ecobank
Source: Facebook analysis revealed that the pan-African banking group recorded impressive growth in key metrics.

Breakdown of EcoBank results

Within the period under review, net revenues, also known as operating income, increased by 14% to $1,037 million compared to $910 million reported same period in 2022.

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Ecobank also provided a breakdown of its net revenue based on the four geographical regions of operation.

  • UEMOA - United Economic and Monetary Union of West Africa - $314 million
  • Nigeria - $142 million
  • Anglophone West Africa (AWA) - $263 million
  • Central, Eastern and Southern Africa (CESA) - $364 million
  • International - $38 million

CEO speaks on bank's performance

Speaking on the result, Jeremy Awori, EcoBank CEO reaffirmed the bank's commitment to reach new heights.

He said:

"Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet, and our commitment to serving our customers.
"Profit before tax increased by 18% to $308 million and by 67% if you exclude foreign currency translation effects. Net revenues were up 14% to $1,037 million, or 38% in constant currency, and we delivered a return on tangible equity of 27%."

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"We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices, and tepid economic growth."

Awori, who resumed work as the bank's CEO in March, also added that there is meaningful progress in the bank's strategic roadmap.

He added:

" It is important to highlight that reaching our objectives will demand even greater discipline in execution, proactive risk management, and a strong focus on delivering for our customers."

Access Bank CEO Wigwe buys over N11.3bn new shares

Meanwhile, in another report, Access Holdings CEO Herbert Wigwe has cemented his place as one of the most significant shareholders.

The bank revealed that he paid over N11 billion to buy more shares in the financial institution.

Wigwe is one of Nigeria's highest-paid CEO and received huge compensation for his excellent work after an impressive year.


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