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jeudi, 28 juillet 2022 11:14

Ecobank Group announces unaudited pre-tax profit of 24% to $261 million at end of June 2022

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For the first half of 2022, Ecobank Group increased its profit on tangible equity by a record 19.5% and increased earnings per share for shareholders by 24% year-on-year.


In addition, pre-tax profit increased by 24% to $261 million and by 53% when the significant depreciation of some of our key African currencies against the US dollar is taken into account.

Pre-tax profits increased by 43% due to higher deposit margins, loans, and debit card spending. In Corporate and Investment Banking, profits increased by 33% as the bank gained share in the letter of credit market, increasing payment volumes by 43% on Omniplus, and foreign exchange volumes by 25% as clients were more numerous than expected.

Foreign exchange volumes increased by 25% as client activity rebounded following the pandemic. In addition, increased SME activity and growth in the payments business drove Commercial Banking profits up by 15%. The result is a record cost/income ratio of 56%. In addition, increased impairment charges to reflect increased credit risks. The bank also proactively built central impairment reserves of $206 million used in a challenging credit environment.

"We have performed well due to our investments, including in technology, and Ecobankers' continued commitment to meeting customers' financial needs, despite a challenging operating environment. Our balance sheet remains liquid and adequately capitalized, allowing us to weather the crisis; adequately capitalized, giving us the ability to better serve our customers. Our service to our customers and communities, rooted in our vision of advancing Africa's economic development and financial integration, is widely recognized," said Ayeyemi, CEO of Ecobank Group.

Ecobank Group was recently voted by Euromoney as Africa's Best Bank for 2022, Africa's Best Digital Bank and Africa's Best Bank for SMEs. These awards are a testament to the passion for serving customers and consumers and the continued investment in technology, processes and people.

The most productive region is the UEMOA zone with a net margin of 38%. In contrast, Ecobank Nigeria had a net margin of less than 14%. This relatively low level is mainly explained by high operating expenses at the bank level (cost/income ratio of 81%).

Lu 283 fois Dernière modification le jeudi, 28 juillet 2022 11:30

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