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Equities Market Extends Losses on Negative Sentiments

Published

7 years ago

on

Nigerian Exchange Limited - Investors King
  • Equities Market Extends Losses on Negative Sentiments

The Nigerian equities market extended its weekly depreciation to sixth consecutive week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI), fell by 0.8 per cent to close at 25,333.39 last week.

The market had maintained a steady decline over the past weeks, shedding 3.0 per cent the previous week. Although the weak negative investors sentiments persistent last week, a number of high-capped stocks halted their losses last week, leading to a lower decline of 0.8 per cent. The market capitalisation of the NSE fell by the same margin to close lower at N8.721 trillion. Apart from the NSE ASI, all other indices finished lower during the week with the exception of the NSE Banking and NSE Consumer Goods Indices that appreciated by 0.02 per cent and 0.42 per cent respectively.

Daily Market Performance   Summary

Trading resumed on negative note as  the NSE ASI fell by 0.15 per cent to close at 25,499.00. The depreciation recorded in the share prices of FBN Holdings, Ecobank Transnational Incorporated (ETI), Dangote Sugar, Mobil   Oil and Stanbic IBTC Holdings were responsible for the decline in NSE ASI. Total value of stocks traded on the floors on Monday was N858.54 million, down by 3.34 per cent from N888.17 million the previous day.

Performance across sectors was broadly bearish with only the NSE Industrial Goods Index gaining marginally. The  NSE Insurance Index led sector decliners, falling by  0.6 per cent on account of losses in Continental Reinsurance Plc (-4.8 per cent) and NEM  Insurance (-1.4 per cent). Similarly,  the NSE  Oil & Gas Index closed 0.36 per cent lower as a result of  profit taking in Mobil Oil  (-2.6 per cent) and Total Nigeria Plc(-2.5 per cent). The NSE Banking Index shed 0.6 per cent to close in the red on the back of weak appetite for ETI (-2.0 per cent), Stanbic IBTC (-1.9 per cent) and Zenith Bank (-0.2 per cent). Losses in Dangote Sugar (-4.9 per cent) and International Breweries (-1.5 per cent) depressed the NSE Consumer Goods Index by 0.1 per cent.

The negative sentiments continued to drive the market down on Tuesday, causing the market the NSE ASI to hit a seven-month low. Specifically, the NSE ASI fell by 0.15 per cent to close at 25,461.34, increasing the month-to-date and year-to-date decline to 6.46 per cent and 11.47 per cent respectively.

Tuesday’s decline resulted from heavy sell offs across oil and gas sector. For instance, Forte Oil Plc fell by 9.7 per cent, while Total Nigeria Plc went down by 5.0 per cent. In all, 17 stocks declined compared with 11 stocks that appreciated. Forte Oil Plc led, declining by 9.7 per cent to close at N74.62.

The sell-off in Forte Oil Plc came after the company successfully raised N9 billion bond under its N50 billion bond issuance programme. The   company had said the funds  would  be used to refinance existing short term commercial bank loan obligations and to finance the retail outlet expansion of the company.

The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa  had said: “With the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice. This bond programme being the first in the downstream sector, is testament to Forte’s position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate.”

The NSE Oil & Gas Index led the decliners with 2.5 per cent, while NSE Consumer Goods Index followed with a marginal decline of 0.02 per cent. On the positive side,  the NSE  Banking Index rebounded 0.05 per cent  on the back of bargain hunting in Access Bank  (+0.5 per cent), Zenith Bank Plc (+0.4 per cent) and Guaranty Trust Bank (+0.3 per cent).

The bear run was halted on Wednesday as the NSE ASI 0.22 per cent to close higher at 25,517.00 on bargain hunting by investors on some of the highly discounted stocks to increase their portfolio. Similarly, market capitalisation added N19.2 billion to close at N8.8 trillion. At the close trading, 19 stocks gained compared to 11 that depreciated.

Sterling Bank Plc led the price gainers with 5.7 per cent, followed by Oando Plc with 5.0 per cent. Flour Mills of Nigeria Plc and PZ Cussons Nigeria Plc advanced 4.9 per cent each. Conversely, Forte Oil Plc led price losers with 6.2 per cent to close at N70.00 per share. Julius Berger Nigeria plc trailed with 5.0 per cent, just as African Prudential Registrars Plc and Total Nigeria Plc rose by 4.3 per cent.

In terms of sectoral performance, all the sectors closed in the green except the NSE Oil and Gas Index that shed weight. The NSE  Banking Index led sector gainers after appreciating 0.75 per cent following investors’ swoop on GTBank Plc(+1.2 per cent) and  United Bank for Africa Plc (+1.2 per cent). The uptrend in Nestle Nigeria Plc (+1.3 per cent), PZ Cussons Nigeria Plc (+4.9 per cent) and Nigerian Breweries Plc (+0.2 per cent) bolstered the  NSE Consumer Goods Index by 0.50 per cent. Also the NSE Insurance Index appreciated 0.2 per cent on account of AIICO Insurance Plc (+3.5 per cent), while the NSE Industrial Goods Index rose 0.1 per cent.

One day after rebounding, the bears returned and reclaimed the control of the market, pushing the NSE ASI down by 0.10 per cent to close at 25,490.70. The depreciation recorded in the share prices of Forte Oil, Stanbic IBTC, Total, Zenith Bank and Nigerian Breweries were responsible for the decline. Similarly, market capitalisation lost N9.1 billion to close at  N8.8 trillion.

Sectorally, the performance was mixed.  The  NSE Oil & Gas Index topped the losers’ chart closing 1.4 per cent lower due to profit taking in Total (-9.0 per cent) and continuous sell-off in Forte Oil (-1.4 per cent) while the  NSE Consumer Goods Index  shed ).13 per cent on the back of weak appetite in Nigerian Breweries Plc (-0.2 per cent) and International Breweries  (-4.1 per cent). On the  positive side, the NSE Banking Index went up by  0.15 per cent  following gains  posted by  GTBank (+0.9 per cent) and Access Bank (+0.2 per cent) which offset losses in Zenith Bank (-1.1 per cent). The NSE Insurance Index rose marginally 0.02 per cent on account of a rally in NEM Insurance (+4.2 per cent).

The market closed lower on Friday as the NSE ASI fell by 0.62 per cent to close at 25,333.39. The depreciation recorded in the share prices of Forte Oil, Stanbic IBTC, Lafarge, Zenith Bank and Dangote Cement accounted for the decline.

Market turnover

Meanwhile, investors traded 639.439 million shares worth N6.455 billion in 11,799 deals were traded last week, compared with 823.547 million shares valued at N5.444 billion that exchanged hands  in 11,634 deals the previous week. The Financial Services Industry remained the most traded with 491.758 million shares valued at N2.211 billion traded in 6,241 deals; thus contributing 76.90 per cent and 34.25 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 64.507 million shares worth N58.500 million in 681 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 54.901 million shares worth N3.307 billion in 2,386 deals.

Gainers and losers

The price movement chart showed that 27 equities appreciated in price during the review week, higher than 10 equities of the previous week. Conversely, 26 equities depreciated in price, lower 48 equities of the previous week. In terms of gainers, Flour Mills of Nigeria Plc led  with 20.3 per cent, trailed by African Prudential Registrars Plc with 14.5 per cent. Fidson Healthcare Plc appreciated by 12.9 per cent, while Unity Bank Plc rose by 9.2 per cent. Champion Breweries Plc, Mobil Oil Nigeria Plc and Diamond Bank Plc garnered 8.4 per cent and 7.1 per cent in that order among others.

Conversely, Forte Oil Plc led the price losers, declining by 24 per cent, trailed by Okomu Oil Palm Plc with 13.8 per cent, while Neimeth International Pharmaceuticals Plc shed 12.7 per cent. Airline Services and Logistics Plc. UACN Property Development Company Plc and Total Nigeria Plc declined by 11.8 per cent, 11.7 per cent ND 10.9 per cent respectively.

Goddy Egene and Nosa Alekhuogie

The Nigerian equities market extended its weekly depreciation to sixth consecutive week as the Nigerian Stock Exchange (NSE) All-Share Index (ASI), fell by 0.8 per cent to close at 25,333.39 last week.

The market had maintained a steady decline over the past weeks, shedding 3.0 per cent the previous week. Although the weak negative investors sentiments persistent last week, a number of high-capped stocks halted their losses last week, leading to a lower decline of 0.8 per cent. The market capitalisation of the NSE fell by the same margin to close lower at N8.721 trillion. Apart from the NSE ASI, all other indices finished lower during the week with the exception of the NSE Banking and NSE Consumer Goods Indices that appreciated by 0.02 per cent and 0.42 per cent respectively.

Daily Market Performance   Summary

Trading resumed on negative note as  the NSE ASI fell by 0.15 per cent to close at 25,499.00. The depreciation recorded in the share prices of FBN Holdings, Ecobank Transnational Incorporated (ETI), Dangote Sugar, Mobil   Oil and Stanbic IBTC Holdings were responsible for the decline in NSE ASI. Total value of stocks traded on the floors on Monday was N858.54 million, down by 3.34 per cent from N888.17 million the previous day.

Performance across sectors was broadly bearish with only the NSE Industrial Goods Index gaining marginally. The  NSE Insurance Index led sector decliners, falling by  0.6 per cent on account of losses in Continental Reinsurance Plc (-4.8 per cent) and NEM  Insurance (-1.4 per cent). Similarly,  the NSE  Oil & Gas Index closed 0.36 per cent lower as a result of  profit taking in Mobil Oil  (-2.6 per cent) and Total Nigeria Plc(-2.5 per cent). The NSE Banking Index shed 0.6 per cent to close in the red on the back of weak appetite for ETI (-2.0 per cent), Stanbic IBTC (-1.9 per cent) and Zenith Bank (-0.2 per cent). Losses in Dangote Sugar (-4.9 per cent) and International Breweries (-1.5 per cent) depressed the NSE Consumer Goods Index by 0.1 per cent.

The negative sentiments continued to drive the market down on Tuesday, causing the market the NSE ASI to hit a seven-month low. Specifically, the NSE ASI fell by 0.15 per cent to close at 25,461.34, increasing the month-to-date and year-to-date decline to 6.46 per cent and 11.47 per cent respectively.

Tuesday’s decline resulted from heavy sell offs across oil and gas sector. For instance, Forte Oil Plc fell by 9.7 per cent, while Total Nigeria Plc went down by 5.0 per cent. In all, 17 stocks declined compared with 11 stocks that appreciated. Forte Oil Plc led, declining by 9.7 per cent to close at N74.62.

The sell-off in Forte Oil Plc came after the company successfully raised N9 billion bond under its N50 billion bond issuance programme. The   company had said the funds  would  be used to refinance existing short term commercial bank loan obligations and to finance the retail outlet expansion of the company.

The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa  had said: “With the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice. This bond programme being the first in the downstream sector, is testament to Forte’s position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate.”

The NSE Oil & Gas Index led the decliners with 2.5 per cent, while NSE Consumer Goods Index followed with a marginal decline of 0.02 per cent. On the positive side,  the NSE  Banking Index rebounded 0.05 per cent  on the back of bargain hunting in Access Bank  (+0.5 per cent), Zenith Bank Plc (+0.4 per cent) and Guaranty Trust Bank (+0.3 per cent).

The bear run was halted on Wednesday as the NSE ASI 0.22 per cent to close higher at 25,517.00 on bargain hunting by investors on some of the highly discounted stocks to increase their portfolio. Similarly, market capitalisation added N19.2 billion to close at N8.8 trillion. At the close trading, 19 stocks gained compared to 11 that depreciated.

Sterling Bank Plc led the price gainers with 5.7 per cent, followed by Oando Plc with 5.0 per cent. Flour Mills of Nigeria Plc and PZ Cussons Nigeria Plc advanced 4.9 per cent each. Conversely, Forte Oil Plc led price losers with 6.2 per cent to close at N70.00 per share. Julius Berger Nigeria plc trailed with 5.0 per cent, just as African Prudential Registrars Plc and Total Nigeria Plc rose by 4.3 per cent.

In terms of sectoral performance, all the sectors closed in the green except the NSE Oil and Gas Index that shed weight. The NSE  Banking Index led sector gainers after appreciating 0.75 per cent following investors’ swoop on GTBank Plc(+1.2 per cent) and  United Bank for Africa Plc (+1.2 per cent). The uptrend in Nestle Nigeria Plc (+1.3 per cent), PZ Cussons Nigeria Plc (+4.9 per cent) and Nigerian Breweries Plc (+0.2 per cent) bolstered the  NSE Consumer Goods Index by 0.50 per cent. Also the NSE Insurance Index appreciated 0.2 per cent on account of AIICO Insurance Plc (+3.5 per cent), while the NSE Industrial Goods Index rose 0.1 per cent.

One day after rebounding, the bears returned and reclaimed the control of the market, pushing the NSE ASI down by 0.10 per cent to close at 25,490.70. The depreciation recorded in the share prices of Forte Oil, Stanbic IBTC, Total, Zenith Bank and Nigerian Breweries were responsible for the decline. Similarly, market capitalisation lost N9.1 billion to close at  N8.8 trillion.

Sectorally, the performance was mixed.  The  NSE Oil & Gas Index topped the losers’ chart closing 1.4 per cent lower due to profit taking in Total (-9.0 per cent) and continuous sell-off in Forte Oil (-1.4 per cent) while the  NSE Consumer Goods Index  shed ).13 per cent on the back of weak appetite in Nigerian Breweries Plc (-0.2 per cent) and International Breweries  (-4.1 per cent). On the  positive side, the NSE Banking Index went up by  0.15 per cent  following gains  posted by  GTBank (+0.9 per cent) and Access Bank (+0.2 per cent) which offset losses in Zenith Bank (-1.1 per cent). The NSE Insurance Index rose marginally 0.02 per cent on account of a rally in NEM Insurance (+4.2 per cent).

The market closed lower on Friday as the NSE ASI fell by 0.62 per cent to close at 25,333.39. The depreciation recorded in the share prices of Forte Oil, Stanbic IBTC, Lafarge, Zenith Bank and Dangote Cement accounted for the decline.

Market turnover

Meanwhile, investors traded 639.439 million shares worth N6.455 billion in 11,799 deals were traded last week, compared with 823.547 million shares valued at N5.444 billion that exchanged hands  in 11,634 deals the previous week. The Financial Services Industry remained the most traded with 491.758 million shares valued at N2.211 billion traded in 6,241 deals; thus contributing 76.90 per cent and 34.25 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 64.507 million shares worth N58.500 million in 681 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 54.901 million shares worth N3.307 billion in 2,386 deals.

Gainers and losers

The price movement chart showed that 27 equities appreciated in price during the review week, higher than 10 equities of the previous week. Conversely, 26 equities depreciated in price, lower 48 equities of the previous week. In terms of gainers, Flour Mills of Nigeria Plc led  with 20.3 per cent, trailed by African Prudential Registrars Plc with 14.5 per cent. Fidson Healthcare Plc appreciated by 12.9 per cent, while Unity Bank Plc rose by 9.2 per cent. Champion Breweries Plc, Mobil Oil Nigeria Plc and Diamond Bank Plc garnered 8.4 per cent and 7.1 per cent in that order among others.

Conversely, Forte Oil Plc led the price losers, declining by 24 per cent, trailed by Okomu Oil Palm Plc with 13.8 per cent, while Neimeth International Pharmaceuticals Plc shed 12.7 per cent. Airline Services and Logistics Plc. UACN Property Development Company Plc and Total Nigeria Plc declined by 11.8 per cent, 11.7 per cent ND 10.9 per cent respectively.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Fidelity Bank Records a 120.1% Growth in PBT to N39.5bn in Q1 2024

Published

19 hours ago

on

May 2, 2024

By

Fidelity Bank MD - Mrs Nneka Onyeali-Ikpe

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024.

This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy).

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%).

In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8% compared to 8.1% in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Banking Sector

FCMB Group’s Digital Transformation Drives 62.4% Increase in Revenue

Published

20 hours ago

on

May 2, 2024

By

FCMB - Investors King

FCMB Group Plc, one of Nigeria’s leading financial institutions, has reported a surge in its digital revenue for the 2023 financial year.

According to the 2023 audited financial results filed with the Nigerian Exchange Limited, FCMB Group’s digital revenue increased by 62.4% in digital revenue to N60.3 billion from N37.1 billion in the previous year.

With a strategic focus on digitalization, the group has successfully expanded its digital offerings, resulting in a significant uptick in revenue derived from digital channels.

In its 2023 financial report, FCMB Group highlighted the strides made in digital retail lending with over 1.6 million loans totaling N100.9 billion accessed, underwritten, and disbursed through digital channels.

Similarly, digital SME lending witnessed significant traction, with over 20,500 loans totaling N177.9 billion disbursed via digital platforms.

The group’s digital wealth propositions also experienced robust growth, with assets under management reaching N15.1 billion, reflecting a substantial increase from N8.5 billion in 2022.

The surge in digital revenue was attributed to the successful execution of FCMB Group’s digital strategy, which prioritizes innovation, customer-centricity, and operational excellence.

By embracing digital payments, wealth management, and lending solutions, FCMB Group has empowered a greater number of customers while driving revenue growth and operational efficiency.

Commenting on the financial performance, FCMB Group highlighted the reduction of its cost-to-income ratio to 66.3%, excluding revaluation gain (48.9% inclusive of revaluation income).

This achievement underscores the effectiveness of the group’s digital initiatives in optimizing costs and enhancing operational efficiency.

The robust financial performance was further underscored by FCMB Group’s profit before tax, which surged to N104.4 billion in 2023, indicating a remarkable 186% year-on-year growth.

Various divisions of the group, including banking, consumer finance, investment management, and investment banking, recorded robust earnings growth, reflecting the overall strength and resilience of the group.

Furthermore, FCMB Group’s gross revenue rose by 82.5% to N516.4 billion from N283 billion, driven by a 61.7% growth in interest income and a 154.4% growth in non-interest income.

Net interest income grew by 44.8%, propelled by an increase in the yield on earning assets.

In addition to its financial achievements, FCMB Group underscored its commitment to environmental sustainability by transitioning 160 branches to solar power, with 78% of its business locations now powered by renewable energy.

The group also secured funding of up to N13 billion from local development finance institutions to support customers in accessing solar energy solutions.

Looking ahead, FCMB Group reiterated its commitment to leveraging its unique group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth.

With a focus on continued innovation and digitization, FCMB Group is poised to sustain its growth trajectory and deliver value to its customers, shareholders, and communities across Nigeria.

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Banking Sector

Ecobank’s Profit After Tax Grows to $407m in 2023

Published

20 hours ago

on

May 2, 2024

By

Ecobank - Investors King

Ecobank Transnational Incorporated (ETI) has reported a $407 million profit after tax for the 2023 financial year.

This represents an 11% increase from the $367 million reported for the year 2022 and reflects the pan-African banking group’s continued growth trajectory amidst challenging economic conditions.

The financial results, filed with the Nigerian Exchange Limited on Tuesday, showcased Ecobank’s robust performance despite the headwinds posed by higher inflation, interest rates, and currency depreciation across Africa.

The group’s profit before tax also rose by 8% or 34% when adjusted for foreign currency translation effects to $581 million.

According to Ecobank, the growth in profit was primarily driven by revenue outpacing expense growth, resulting in positive operating leverage.

The group’s pre-provision, pre-tax operating profit hit $951 million in the year under review, representing a 17% increase from the previous year.

Commenting on the financial results, Jeremy Awori, CEO of Ecobank Group, acknowledged the challenges faced by households, businesses, and governments across Africa in 2023.

Despite the economic uncertainties, Awori declared Ecobank’s unwavering commitment to its customers and stakeholders.

Awori stated, “Ecobank generated a return on tangible shareholders’ equity of 24.9% despite the challenging operating environment in 2023.”

Net revenue exceeded $2.0 billion for the first time since 2015, reaching $2.1 billion, underscoring the efficacy of Ecobank’s 5-year growth, Transformation, and Returns strategy.

The CEO attributed Ecobank’s encouraging results to its customer-centric approach and initiatives aimed at revenue diversification, growth, and low-cost deposit mobilization.

The consumer and commercial banking businesses witnessed an increase in their share of group-wide revenues and profits, indicating progress in strategic objectives.

However, amidst the overall positive performance, Ecobank’s Nigerian operations faced challenges, with profit before tax declining to $27 million in 2023 from $31 million in 2022, representing a 15% decrease.

The challenging operating environment in Nigeria, characterized by high inflation and currency depreciation, impacted the performance of the Nigerian segment.

Looking ahead, Ecobank remains committed to its strategic agenda, which emphasizes technology-driven innovation, revenue diversification, and cost management.

The group’s focus on disciplined cost management aims to redirect savings into investments in marketing, sales capabilities, and technology, driving sustainable returns in the future.

As shareholders approved a N10 billion rights issue, Ecobank is well-positioned to capitalize on emerging opportunities and navigate evolving market dynamics.

With a resilient performance in 2023, Ecobank reaffirms its commitment to driving growth, delivering value to shareholders, and advancing financial inclusion across Africa.

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