Ecobank Group reports 63% increase in pre-tax profit for Q2 2023

Ecobank Group released its 2023 second-quarter results showing a 63% increase in pre-tax profits to N92.52 billion.

The increase in second-quarter profits helped its half-year profit before tax to rise by 38% to N150.31 billion compared to N108.96 billion same period last year.

Here are key highlights from the Q2 Earnings

Interest Income for the quarter was N238.67 billion compared to N161.09 billion in the corresponding quarter of 2022.

Fees and Commission Income gained 25% to N71.01 billion from N56.73 billion recorded in the same period last year.

Other Operating Income increased significantly by 262% to N13.07 billion from N3.61 billion reported last year.

Pre-tax profit for the quarter increased to N92.52 billion from N56.89 billion profit in Q2 2022.

Impairment charges on loans and advances declined by 34% to N17.93 billion from N27.02 billion

Loans and advances to customers increased by 58% to N8.03 trillion.

Deposits from customers for the half year ended 30th June 2023 increased to N14.71 trillion as against N9.60 trillion recorded as at 31st December 2022

Earnings Per Share increased to N3.19 from N2.20

What The Bank Is Saying

Commenting on the half-year financial statement, the CEO of Ecobank Group, Jeremy Awori said:

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“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.
Profit before tax increased by 18% to $308 million and by 67% if you exclude foreign currency translation effects.

Net revenues were up 14% to $1,037 million, or 38% in constant currency, and we delivered a return on tangible equity of 27%.
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.
We see opportunities to build stronger and better customer relationships in our businesses, forge strategic partnerships and be the go-to Payments bank, leveraging our superior platforms.”

“In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses.
Notably, achieving our goals will require even more discipline in execution, proactive risk management, and focus on delivering for our customers.
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.