{"id":62986,"date":"2022-07-26T10:41:20","date_gmt":"2022-07-26T09:41:20","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=62986"},"modified":"2022-07-26T10:41:20","modified_gmt":"2022-07-26T09:41:20","slug":"ecobank-group-boosts-profit-by-20-to-185m-in-h1-2022","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ecobank-group-boosts-profit-by-20-to-185m-in-h1-2022\/","title":{"rendered":"Ecobank Group Boosts Profit By 20% To $185m In H1 2022"},"content":{"rendered":"
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Ecobank Group has released its unaudited result for the first half 2022 with 20% rise in profit to $185 million from $154 million in H1 2021.<\/p>\n<\/div>\n

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The result showed that profit before tax increase by \u00a024% to $261m, net revenues up 10% to $910m.<\/p>\n<\/div>\n

Mr Ade Ayeyemi, CEO, Ecobank Group in his comment on the result said, \u201cOur results for the first six months of 2022 reflect not only the benefits of the firm\u2019s diversification but also our resilience and capabilities to continue serving our clients and customers in a challenging environment and still generate adequate returns responsibly for our shareholders. As a result, we delivered a return on tangible equity of 19.5%, a record, and increased earnings per share for shareholders by 24% year-on-year. In addition, profit before tax increased by 24% to $261 million and by 53% if you adjust the increase for the significant depreciation of some of our critical African currencies to the US dollar.<\/p>\n

\u201cWe performed well because of our investments, including in technology, and Ecobankers\u2019 continued dedication to meet customers\u2019 financial needs, despite a challenging operating environment of high inflation, weakening African currencies, worsening government fiscal balances and lowering economic growth. In our Consumer Banking business, pre-tax profits increased 43% on higher deposit margins, loans, and debit card spending. In Corporate and Investment Banking, profits rose 33%, as we gained share in the letters of credit market, payment volumes increased by 43% on Omniplus, and FX volumes grew by 25% as client activity rebounded from the pandemic. In addition, an increase in SME activity and growth in the payment business lifted profits in Commercial Banking by 15%.<\/p>

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\u201cOur investments in technology and digital capabilities have contributed to a reduction in our cost-to-serve. Along with revenue growth, the outcome is our record cost-to-income ratio of 56%. In addition, we increased impairment charges to reflect heightened credit risks. More importantly, we have proactively built central impairment reserves of $206 million, which we can deploy in a stressed credit environment. At the same time, our balance sheet remains liquid and adequately capitalised, providing us the capacity to serve our customers better.<\/p>\n<\/div>\n

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\u201cOur service to our customers and communities, anchored on our vision to advance Africa\u2019s economic development and financial integration, is widely recognised. Recently, Euromoney adjudged Ecobank for 2022 \u2013 Africa\u2019s Best Bank, Africa\u2019s Best Digital Bank and Africa\u2019s Best Bank for SMEs. These accolades are a testament to our passion for serving clients and customers and our continued investments in technology, processes, and people. I am extremely proud of my colleague Ecobankers and thank them for their diligence. As always, we are passionately working towards realising our vision and remaining the bank that Africa and friends of Africa trust.\u201d<\/p>\n<\/div>\n

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Ecobank Group has released its unaudited result for the first half 2022 with 20% rise in profit to $185 million from $154 million in H1 2021.<\/p>\n","protected":false},"author":6,"featured_media":62987,"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":[23,17],"tags":[9255],"coauthors":[2391],"class_list":["post-62986","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ecobank-group"],"yoast_head":"\nEcobank Group Boosts Profit By 20% To $185m In H1 2022 - National Wire<\/title>\n<meta name=\"description\" content=\"Ecobank Group has released its unaudited result for the first half 2022 with 20% rise in profit to $185 million from $154 million in H1 2021.\" \/>\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-group-boosts-profit-by-20-to-185m-in-h1-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ecobank Group Boosts Profit By 20% To $185m In H1 2022 - 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