H1 2022: ETI reports 28% increase in PBT to N108.96bn

Ecobank Transnational Incorporated (ETI) on Monday announced half year (H1) unaudited financial statement for the period ended June 30, 2022 with 28 per cent increase in profit before tax to N108.96billion from N85.32billion reported in corresponding H1 2021 results.

The pan-African bank on the Nigerian Exchange Limited (NGX) also reported 24 per cent increase in profit to N77.31billion in H1 2022 as against N62.55billion reported in prior H1 2021.

ETI’s profits growth was driven by 15 per cent increase in gross earnings to N503.6billion in H1 2022 from N439.49billion reported in H1 2021.

However, its balance sheet position performance plummet with total assets dropping by two per cent to N11.41trillion as of June 30, 2022 as against N11.69 trillion reported in full year ended December 31, 2021.

Loans & advances dropped by three per cent to N3.94trillion as of June 30, 2022 from N4.06trillion in 2021, while customers deposit went down by one per cent to N8.32trillion as of June 30, 2022 from N8.36trillion reported in full financial year ended December 31, 2021.

While speaking on first quarter results, Ecobank Group, CEO, Mr. Ade Ayeyemi, in a statement said:  “We achieved these results in a difficult operating environment characterised by the strengthening of the US dollar against our operating currencies, high inflation, high interest rates and tight labour markets across Africa as the Russia-Ukraine conflict continued to take its toll. Despite these challenges, we continued to support our customers effectively, which paid off as our businesses grew their revenues and profits.

“We have ample liquidity on our balance sheet and continue to generate healthy levels of customer deposits while maintaining satisfactory levels of capital above internal and regulatory minimums.

“As a result, we are confident in the company’s positioning for growth, and will continue to invest in our digital offerings and payment capabilities while enhancing our core technology. In summary, we are pleased with our progress, and I would like to thank our customers for their trust, and all Ecobankers for their hard work towards realising our vision and remaining the bank that Africa and friends of Africa trust.”