BUSINESS

Ecobank Grows Profit By 20 percent To USD154m In H1

Ecobank Transnational Incorporated (ETI), a financial group which provides retail, corporate and investment banking services throughout sub Saharan Africa outside South Africa has released its condensed unaudited consolidated financial statements for the period ended 30 June 2021 with  profit for the period up 20% to $154.0 million (up 29% to NGN 62.6 billion).

Gross earnings up 5% to $1,090.4 million (up 13% to NGN 442.9 billion) for the first six months of 2021.

Other highlights of the result showed that revenue up 7% to $824.5 million (up 15% to NGN 334.9 billion); Operating profit before impairment charges up 23% to $340.4 million (up 33% to NGN 138.3 billion); Profit before tax up 23% to $210.1 million (up 33% to NGN 85.3 billion).

The result also showed that total assets up 3% to $26.8 billion (up 6% to NGN 11,021.6 billion); loans and advances to customers down 4% to $8.9 billion (down 2% to NGN 3,634.4 billion); deposits from customers up 5% to $19.1 billion (up 7% to NGN 7,861.3 billion); and total equity down 4% to $2.0 billion (down 1% to NGN 803.2 billion).

 

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