Customer deposit of Ecobank Transnational Incorporated (ETI) has hit N7.86% as its post-tax profit recorded a 33.04 per cent rise in the first half of the year ended June 30, 2021.
In its unaudited financial statement for the first half of the year 2021, Ecobank said its operating income improved by 15.35 per cent year-on-year from June 30, 2020. It said its operating profit before impairment charges and taxation rose by 32.62 per cent to N138.26 billion.
At the end of H1 2021, Ecobank’s total assets increased to N11.02tn from N10.38tn in December 2020. The loans and advances to its customers fell from N3.70 trillion in first half of 2020 to N3.63 trillion in first half of 2021, while customer deposits in all its operating locations increased by 7.38 per cent from N7.32 trillion to N7.86 trillion.
Commenting, Ade Ayeyemi, Ecobank Group CEO, said: “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1 per cent versus 15.2 per cent a year ago and increased diluted EPS and tangible book value per share by 19 per cent and six per cent, respectively. In addition, profit before tax increased 23 per cent to $210 million.”
“Group revenues rose seven per cent to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery. Our diversified pan-African business model continued to rise to the challenge. Revenues grew 13% and 6% in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets.