Ecobank Group nets N62.6b profit in first half

Ecobank Transnational Incorporated (ETI) Plc - the holding company for Ecobank Nigeria and others – grew its profit after tax by 29 per cent to N62.6 billion in the first half, showing a steady outlook across the top-line and the bottom-line.

Key extracts of the interim report and accounts for the six months ended June 30, 2021, showed that the group grew its net profit by 29 per cent to N62.6 billion in 2021 as against N48.535 billion in the comparable period of 2020.

Gross earnings increased by 13 per cent to N 442.9 billion from N392.013 billion while revenue rose by 15 per cent to N334.9 billion in 2021 as against N290.313 billion in 2020.

Operating profit before impairment charges rose by 33 per cent to N138.3 billion in the first half of 2021 compared with N104.246 billion in the first half of 2020. Loans and advances to customers stood at N3.634 trillion while deposits from customers grew by seven per cent to N7.861 trillion.

Total equity closed the first half at N803.2 billion while total assets stood at N11.022 trillion, representing an increase of six per cent from N10.384 trillion recorded by December 31, 2020.

Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI) Plc, Ade Ayeyemi, said the group was focusing on achieving execution momentum in its payment business and the sustained reliability of all its platforms.

He said the group is also focused on driving increased adoption of its products and services, bringing non-performing loan ratio down and exceeding the expectations of its customers to truly be the pan-African bank that Africa trusts.

“These, together with all our investments and achievements to date, will enable us collectively grow revenues and generate a long-term return of capital to our shareholders, despite the near-term challenges from COVID-19,” Ayeyemi said.