{"id":16755,"date":"2017-08-24T20:21:34","date_gmt":"2017-08-24T19:21:34","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=16755"},"modified":"2017-08-24T20:22:32","modified_gmt":"2017-08-24T19:22:32","slug":"ecobank-makes-n389-billion-six-months","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ecobank-makes-n389-billion-six-months\/","title":{"rendered":"Ecobank Makes\u00a0N389 bn In Six Months"},"content":{"rendered":"

Ecobank Transnational Incorporated (ETI) has posted an impressive results in all the key financial indices for the half year ended 30 June 2017.<\/p>\n

The audited results released to the Nigerian Stock Exchange (NSE) on Thursday showed that the pan African bank recorded gross earnings of\u00a0\u00a0N389 billion for the H1 in 2017, up 41 per cent from N273 billion in the corresponding period of 2016.<\/p>\n

Profit before tax also rose by 11 per cent to N46.2 billion in 2017, from N41.6 billion in 2016, while profit after tax moved from N31.1 billion in 2016 to N37.7 billion in 2017, showing a growth of 21 per cent.<\/p>\n

Commenting on the results, Group Chief Executive of ETI,\u00a0\u00a0Mr. Ade Ayeyemi,\u00a0\u00a0said: \u201cOur audited half year results demonstrated the benefits of our diversified business model. Despite a fragile\u00a0\u00a0macroeconomic backdrop in most of our markets, we still generated a 15.6 per cent return on tangible equity and further improved our cost-to- income ratio to 60.6 per cent, driven by our continued cost reduction initiatives across the network.\u201d<\/p>\n

According to him,\u00a0\u00a0revenues increased five\u00a0\u00a0in constant currency, and highlighted encouraging growth in our Trade and FICC, businesses, thanks to\u00a0\u00a0encouraging client activity and improving foreign-exchange markets.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

He noted that overall,\u00a0\u00a0\u201cthe bank\u00a0\u00a0is\u00a0\u00a0making good progress on its strategy and continue to serve our customers diligently. We look forward to the second half of the year with excitement.<\/p>\n

\u201dWe are also happy with the progress we are making on the digital front, particularly on our strategy to enable millions of unbanked Africans\u00a0\u00a0have access to financial solutions using our revolutionary Ecobank App and other digital channels. We have also recently announced the\u00a0\u00a0appointment of Eric Odhiambo as chief risk officer, to help drive our risk management objectives and improve our risk culture,\u201d he\u00a0\u00a0Ayeyemi said.<\/p>\n

The GCEO had last\u00a0\u00a0two months ago told shareholders\u00a0\u00a0that\u00a0\u00a0Ecobank was\u00a0\u00a0fundamentally strong as a systemically important bank in Nigeria, a leading bank in both Francophone and Anglophone West Africa and\u00a0\u00a0a bank that is growing selectively within Central, Eastern and Southern Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ecobank Transnational Incorporated (ETI) has posted an impressive results in all the key financial indices for the half year ended 30 June 2017. The audited results released to the Nigerian Stock Exchange (NSE) on Thursday showed that the pan African bank recorded gross earnings of\u00a0\u00a0N389 billion for the H1 in 2017, up 41 per cent …<\/p>\n","protected":false},"author":6,"featured_media":14085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1178],"coauthors":[2391],"class_list":["post-16755","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-eti"],"yoast_head":"\nEcobank Makes\u00a0N389 bn In Six Months - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/ecobank-makes-n389-billion-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ecobank Makes\u00a0N389 bn In Six Months - National Wire\" \/>\n<meta property=\"og:description\" content=\"Ecobank Transnational Incorporated (ETI) has posted an impressive results in all the key financial indices for the half year ended 30 June 2017. 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