Ecobank grows half year PBT by 195% to N443.5bn

Ecobank Transnational Incorporated (ETI) has released its consolidated unaudited financial statements for the half year (H1) period ended June 30, 2024.

Ecobank Group performance for the first six months of 2024 shows gross earnings decreased by 0.4 percent to $1.362billion (up 179percent to N1.864trillion).

The results at the Nigerian Exchange Limited (NGX) show revenue was up 2 percent to $994million (up 186 percent to N1.360trillion). Operating profit before impairment charges went up by 12percent to $461.5 million (up 215 percent to N631.5 billion).

Profit before tax was up 5percent to $324.1 million (up 195percent to N443.5 billion). Profit after tax was up 5percent to $227.3 million (up 196 percent to N311billion). The group’s total assets decreased by 5 percent to $25.9 billion (up 49percent to N38.599trillion). Loans and advances to customers went down by 9percent to $9.6 billion (up 43 percent to N14.351trillion). Deposits from customers decreased by 5percent to $19billion (up 49 percent to N28.257trillion); while total equity decreased by 13percent to $1.5 billion (up 36percent to N2.246trillion).