Ecobank Group Reports $401m Profit Before Tax

Ecobank Group has posted profit before tax growth of 14 per cent to $400.7 million (N168.7 billion) in its nine months financial results for the period ended September 30, 2022.

This was contained in the Group results released on the Nigerian Exchange (NGX) Limited.

The Group’s profit for the period stood at $278.9 million, a year-on-year growth of nine per cent as at September 30, 2022.

Gross earnings up by seven per cent to $1.819 billion (N 761.3 billion), while revenue also rose by seven per cent to $1.355 billion (N 570.4 billion) under the period review.

Operating profit before impairment charges up 12 per cent to $592.4 million (N249.4 billion), loans and advances to customers down four per cent to $9.2 billion (N4.030 trillion), while deposits from customers down seven per cent to $18.4 billion in September 30, 2022.

Total assets declined by seven per cent to $25.6 billion (N 11.219 trillion), while total equity down 20 per cent to $1.7 billion (N 757.6 billion) in September 2022.

CEO, Ecobank Group, Ade Ayeyemi said: “we continued to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment.

“Group-wide return on tangible equity reached a record 21 per cent, and profit before tax increased by 14 per cent, or 48 per cent at constant currency. These results reflect the resilience, strong brand and diversification of our pan-African franchise.

“We saw decent client activity in consumer and wholesale payments, trade finance and foreign currency markets.

ditionally, despite inflationary pressures, we maintained a tight lid on costs, thereby improving our cost-to-income ratio to 56.3 per cent from 58.3 per cent in the previous year.”