{"id":67587,"date":"2022-12-13T23:52:51","date_gmt":"2022-12-13T22:52:51","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=67587"},"modified":"2022-12-13T23:52:51","modified_gmt":"2022-12-13T22:52:51","slug":"ecobank-groups-digital-transactions-hit-59-1-billion-in-9-months","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ecobank-groups-digital-transactions-hit-59-1-billion-in-9-months\/","title":{"rendered":"Ecobank Group\u2019s Digital Transactions Hit $59.1 Billion In 9 Months"},"content":{"rendered":"

Ecobank Group said it recorded transactions valued at $59.1 billion across its digital channels in the first 9 months of 2022. The company disclosed this in its audited financial report for the 9-month ended September 2022.<\/p>\n

According to the company, this represents a 44% increase compared with the $40.4 billion it recorded in the same period last year.<\/p>\n

A closer look at the various digital channels of the company shows that the Ecobank Omni Plus recorded the largest transaction value within the period at $37.8 billion. Through its mobile app and Unstructured Supplementary Service Data (USSD), Ecobank recorded $4.2 billion within the period.<\/p>\n

Its Omni Lite channel recorded transactions valued at $4.1 billion, while Ecobank Online and Xpress Points (Agency Network) recorded $755 million and $3.7 billion transactions respectively. The company also posted transactions valued at $8.1 billion through other indirect digital channels. The company\u2019s result: Ecobank in the 9-month financial result reported a 7% increase in revenue from $1.26 billion in the same period of 2021 to $1.35 billion in the period under review. The bank\u2019s operating profit expanded by 12% to $593 million, up from $528 million filed in the corresponding period of 2021, Profit before tax rose to $401 million, a 14% increase from $352 million achieved in 2021. Profit paid to shareholders grew by 7% from $182 million to $196 million.<\/p>\n

CEO\u2019s comment: Ecobank Group\u2019s CEO, Ade Ayeyemi, while commenting on the result, said: \u201cWe 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%, and profit before tax increased by 14%, or 48% at constant currency (i.e., excluding currency movements). These results reflect the resilience, strong brand and diversification of our pan-African franchise.<\/p>

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\u201cWe saw decent client activity in consumer and wholesale payments, trade finance and foreign currency markets. Additionally, despite inflationary pressures, we maintained a tight lid on costs, thereby improving our cost-to-income ratio to 56.3% from 58.3% in the previous year. The dampened economic outlook necessitated maintaining a sound balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio at 14.4% is well above our internal and minimum regulatory limits,\u201d he said.<\/p>\n

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Ecobank Group said it recorded transactions valued at $59.1 billion across its digital channels in the first 9 months of 2022. The company disclosed this in its audited financial report for the 9-month ended September 2022.<\/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-67587","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ecobank-group"],"yoast_head":"\nEcobank Group\u2019s Digital Transactions Hit $59.1 Billion In 9 Months - National Wire<\/title>\n<meta name=\"description\" content=\"Ecobank Group said it recorded transactions valued at $59.1 billion across its digital channels in the first 9\" \/>\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-groups-digital-transactions-hit-59-1-billion-in-9-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ecobank Group\u2019s Digital Transactions Hit $59.1 Billion In 9 Months - 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