A copy of the report, which Business Insider Africa obtained from the Nigerian Stock Exchange, showed very positive financial indicators. For one, ETI’s gross profit jumped to $1.2 billion, marking a 12% rise from $1.090 billion in the first half of 2021.
Similarly, total revenue increased 10% to $909.8 million from $824.5 million in the first half of 2021.
On the earnings side, ETI’s pre-tax profit for January to June 2022 increased a significant 24% to $261.3 million from $210 million in the comparable period in 2021. Similarly, after-tax profit reached $185.4 million, indicating a 20% increase. compared to $154 million in the first half of 2022.
The report also showed that customer deposits during the six months were flat at $19.7 billion. Meanwhile, the group’s total assets edged down 2% to $27.092 billion from $27.5 billion in the first half of 2021.
In addition, ETI’s loans and advances to customers fell slightly by 2% to $9.3 billion from $9.5 billion in the first half of 2021.
While giving a more detailed look at the financial performance of the banking group in the first half of 2022, Chief Executive Ade Ayeyemi said:
“Our results for the first six months of 2022 not only reflect the benefits of business diversification, but also our resilience and ability to continue to serve our clients and customers in a challenging environment and to generate adequate returns from responsibly for our shareholders. As a result, we achieved a record return on tangible equity of 19.5% and increased earnings per share for shareholders by 24% year-over-year. , pre-tax profit increased by 24% to $261 million and by 53% if you adjust for the increase in the significant depreciation of some of our critical African currencies against the US dollar.”
Ecobank Transnational Incorporated is the parent company of the Ecobank group which is present in more than 30 African countries, including: Nigeria, Ethiopia, Burkina Faso, Kenya, Togo, etc.