Ecobank Records $261 Million Profit in Six Months

Ecobank Transnational Group says it has posted a profit of $261 million amid a challenging operating environment of high inflation and weakening of African currencies.

The bank's Chief Executive Officer Ade Ayeyemi has attributed the growth to the heavy investment in technology and digital platforms which the bank made in all the 33 countries which the bank is operating.

"Our investment in technology and digital platforms are scalable and have reduced our cost-to-serve. Coupled with revenue growth, we achieved a record cost-to income ratio of 56.0 percent,’’ he said.

Ayeyemi says despite the challenging operating environment of high inflation, weak African currencies among others, the bank’s net revenue increased by 10 percent to $910 million in Africa.

The Chief Executive Officer further stated that by 25 July, 2022, the bank has managed to achieve this growth through enhancement of digital transactions.

"In addition, customers continue to trust us and adopt our digital platforms (Omni Plus, Omni Lite, Ecobank Online, Xpress Points) across our businesses. As a result, customer deposits increased by 3% year-on-year, with the value of digital transactions rising by $10.5 billion to $39.1 billion," he added.

Ayeyemi is optimistic that the bank will continue providing affordable and quality services to people in 33 African countries which the bank is operating.

The achievements come when various banks have also announced huge profits that they realized despite the harsh economic environment.

(by Mathias Mkupasha)

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