Ecobank Transnational Incorporated (ETI) reported a 23% increase in attributable profits to shareholders of $161 million in the first half of 2023.
The bank also grew profit before tax by 18% to $308 million, a 67% growth rate when foreign currency effects were excluded. Net revenue rose by 14% to an impressive $1,037 million. When adjusted for constant currency fluctuations, net revenue surged by 38%.
Despite the adverse economic landscape, the financial institution delivered a remarkable return on tangible equity at 27%.
Commenting on the company’s performance, Jeremy Awori, CEO of Ecobank Group, 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%. 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.”
“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation and Returns agenda. Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed. We see opportunities to build stronger and better customer relationships in our
businesses, forge strategic partnerships and be the go-to Payments bank, leveraging our superior platforms.
In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses. Notably, achieving our goals will require even more discipline in execution, proactive risk management, and focus on delivering for our customers. Furthermore, the prudent management of our balance sheet and capital remains a priority. We will also continue investing in our bestin-class technology, retaining and attracting talent while reinforcing the right culture,” Awori added.
“Finally, I am proud of Ecobank’s contributions across the African communities in which we operate, and equally proud of the good work Ecobankers do for our customers daily,” Awori concluded.