Ecobank’s turnover hits N1.21tn, grows profit by 55.79% in Q3 2023

Ecobank Transnational Incorporated on Thursday published its Third Quarter report for the period ended 30 September 2023.

The financial institution reported Gross Earnings of N1.21 trillion for the nine months period, up by 59.01% from N761.298 billion.

Profit after tax grew year on year by 55.79% to N182.92 billion from N117.41 billion reported the previous year.

Earnings per share of the Company stands at N7.44

At the share price of N17, the P/E ratio of Ecobank stands at 2.29x with earnings yield of 43.75%.

Jeremy Awori, CEO of Ecobank Group, stated thus:

“Ecobank generated profit before tax of $450m for the nine months to September, an increase of 55% in constant currency from the prior year. Moreover, we delivered profits attributable to ETI shareholders of $224m, which translated to a return on tangible shareholders’ equity of 25.6% on the back of a strong revenue growth of 34% in constant currency and an improved cost-to-income ratio of 53.7%. We achieved these results despite the challenging macroeconomic environment, which demonstrates the resilience of our diversified business model.

“I am pleased to announce that we have completed our Growth, Transformation and Returns (GTR) strategy. True customer orientation is the core of our GTR strategy, meaning we will always focus our energies and resources on delivering great products and services. As part of our broad strategic focus areas, we are accelerating the growth of our Consumer and Commercial Banking businesses given the significant revenue opportunities, diversifying and growing our Corporate and Investment Banking revenue streams, and consolidating our achievements, experience and market recognition to scale our Payments, Remittances and Fintech business. Additionally, we will entrench our leadership positions in markets where we are a top three bank, address subscale markets, and provide unwavering support to our Nigerian team as they turn around and further grow their business.”

“We will invest further in technology, in all its forms, to provide better, faster, and easier services to our customers. Furthermore, we are investing in building our brand to create greater connection and support our growth businesses.”

“Ultimately, the foundation for success rests on the passion and dedication of Ecobankers to consistently deliver for clients and customers no matter the environment, unified by our shared cultural and ethical values. Accordingly, we have made it our priority to invest in providing the enabling environment and resources to inspire creativity, innovation and discipline in execution”.

“Our board and management are committed, and Ecobank is positioned for greater success, impact and shareholder returns.”

Leave a Reply

Your email address will not be published. Required fields are marked *