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).

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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).

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.