• Sun. Jul 14th, 2024

ECOBANK Attributes Resilient Balance Sheet To Diversified Business Model, Customer-Focused Approach


Aug 2, 2023

In response to Ecobank Group’s impressive performance in the second quarter of 2023, CEO Jeremy Awori attributed the group’s profitability to their well-executed strategic roadmap. This roadmap highlighted the advantages of their diversified business model, the strength of their balance sheet, and their unwavering commitment to providing exceptional customer service.

During the second quarter of 2023, the group saw a remarkable 63% increase in pre-tax profits, reaching an impressive N92.52 billion.

This substantial growth in profits also contributed to a 38% rise in half-year profit before tax, amounting to N150.31 billion compared to N108.96 billion in the same period the previous year, according to the financial statement.

The quarter’s financials showcased substantial improvements in key areas. Interest income surged to N238.67 billion, a significant increase from N161.09 billion in the corresponding quarter of 2022.

Also, fees and commission income experienced a solid 25% gain, reaching N71.01 billion compared to N56.73 billion recorded in the same period last year.

Another indicator of Ecobank Group’s success was the substantial increase in customer deposits for the half-year ending on June 30, 2023.

The deposits rose to N14.71 trillion, showcasing significant growth from N9.60 trillion recorded as of December 31, 2022.

Jeremy Awori expressed his satisfaction with the half-year financial statement, underscoring the positive impact of their strategic approach on the company’s overall performance.

The CEO’s optimism reflects the commitment and dedication of the entire team at Ecobank Group to delivering outstanding results and value to their customers and stakeholders.

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.

“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.

“In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses.

“Furthermore, the prudent management of our balance sheet and capital remains a priority. We will also continue investing in our best-in-class technology, retaining and attracting talent while reinforcing the right culture”

“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.

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