- Ecobank posted a 47.4 percent jump in half year pretax profit to 61.41 billion naira ($309 million) versus the same period a year ago, the Pan-African banking group said on Thursday.
- Ecobank said gross earnings climbed to 211.32 billion naira in the period to end-June from 175.05 billion naira a year ago.
- Commenting on these results, Albert Essien, Group Chief Executive Officer said:
“Our results for the six months ended June 2015 reflected the strength of our balanced business model and pan-African strategy. We increased profit after tax by 26% to US$244 million and generated a return on average equity of 18.5% for our shareholders. Despite a difficult operating environment, we stayed committed to our customers – households and businesses alike – by focusing on providing them with the financial solutions they need. In the second quarter, loans and deposits grew gradually, following tepid growth in the first. We continued to drive cost efficiencies in our businesses and our cost-income ratio improved to 62.5% compared to 68.1% in the previous year.”
Essien concluded: “Our balance sheet remained healthy, as evidenced by a capital adequacy ratio of 22.0%. Ecobank is well positioned to gain from resumption in economic activity in Africa and I am confident in the ability of our 19,000 plus employees to serve our clients with pride and excellence.