Ecobank Declares N262.17bn Profit Before Tax In Nine Months 2023

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Ecobank Transnational Incorporated (ETI) on Thursday announced audited results and accounts for nine months ended September 2023 with N262.17billion ($450million) profit before tax, an increase of 55 percent from N168.89billion ($400.73million) reported in nine months of 2022.

The pan-African financial institution on the floor of the Nigerian Exchange Limited (NGX) also announced N182.92billion ($313.97million) profit, an increase of 56 percent from N117.4billion ($278.9milliion) reported in the nine months of 2022.

About N1.21 trillion ($2.08 billion) gross earnings in nine months of 2023 from N761.3 billion ($1.82 billion) reported in nine months of 2022 impacted profit generation in the period under review.

The pan-African financial institution announced N20.7 trillion ($26.6 billion) in total assets as of September 30, 2023, representing an increase of 55 percent from N13.37 trillion ($29 billion) reported in the 2022 full financial year.

The growth in total assets is driven by N14.93trillion ($19.21billion) deposits from customers, representing an increase of 56 percent from N9.6trillion ($20.8billion) reported in the 2022 financial year and N7.9trillion ($10.16billion) loans and advances to customers as of September 30, 2023, an increase of 56 percent from N5.07trillion ($11billion) reported in 2022 financial year.

 The CEO of Ecobank Group, Jeremy Awori in a statement said: “Ecobank generated profit before tax of $450 million for the nine months to September, an increase of 55 per cent in constant currency from the prior year.

“Moreover, we delivered profits attributable to ETI shareholders of $ 224 million, which translated to a return on tangible shareholders’ equity of 25.6 percent on the back of strong revenue growth of 34 percent in constant currency and an improved cost-to-income ratio of 53.7 percent.

“We achieved these results despite the challenging macroeconomic environment, which demonstrates the resilience of our diversified business model.

“I am pleased to announce that we have completed our Growth, Transformation, and Returns (GTR) strategy. True customer orientation is the core of our GTR strategy, meaning we will always focus our energies and resources on delivering great products and services.

“As part of our broad strategic focus areas, we are accelerating the growth of our Consumer and Commercial Banking businesses given the significant revenue opportunities, diversifying and growing our Corporate and Investment Banking revenue streams, and consolidating our achievements, experience and market recognition to scale our Payments, Remittances, and Fintech business.

“Additionally, we will entrench our leadership positions in markets where we are a top three bank, address subscale markets, and provide unwavering support to our Nigerian team as they turn around and further grow their business.”

“We will invest further in technology, in all its forms, to provide better, faster, and easier services to our customers. Furthermore, we are investing in building our brand to create greater connections and support our growth businesses.”

“Ultimately, the foundation for success rests on the passion and dedication of Ecobankers to consistently deliver for clients and customers no matter the environment, unified by our shared cultural and ethical values. Accordingly, we have made it our priority to invest in providing the enabling environment and resources to inspire creativity, innovation, and discipline in execution,” Awori added.

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