…Reports Profit Before Tax of $90 million on net revenues of $393 million in Q1, 2020
Recorded significant increases in customer adoption rates on our digital/online channels across our businesses. Adoption rates are expected to accelerate as COVID-19 induced lockdowns changes consumer behaviour.
The number and value of transactions grew by 8% and 15% to 4m and $6.1bn, respectively, on Ecobank Omni+, Corporate and Investment Bank’s corporate clients’ online banking platform in the first quarter of 2020.
OmniLite, Commercial Bank’s online banking platform designed specifically to meet the unique financial needs of SMEs increased number of transactions by 40,000 to 126,000, which amounted to $435m.
Ecobank Pay, our payments platform saw a 61% increase in merchant acquisition numbers to 195,000 merchants.
Transaction numbers and value on Ecobank Mobile increased by 72% and 32% to 9m and $613m, respectively.
Registered customers increased by 3,000 to 9,000 year-on-year on our Africa RapidTransfer App, which facilitates low-cost money transfer across 33 African countries.
The number of XpressPoints (our physical agency network) grew by approximately 4,000 agents to 43,700, with the value of transactions reaching $445m.
Three months ended 31 March 2020 – Earnings Results
PBT of $90m, down 12% on a reported basis, but up 27% in constant currency, driven by positive operating leverage
Operating income (net revenue) of $393m, up 1% on a reported basis and 14% in constant currencyOperating expenses of $259m, up 1% on a reported basis and 6% in constant currencyPre-impairment profit of $133m, up 2% on a reported basis and 34% in constant currency, on positive operating leverageCustomer deposits of $16,103m, up 6% on a reported basis and 11% in constant currencyLoans and advances to customers (net) of $8,788m, up 2% on a reported basis and 7% in constant currencyAde Ayeyemi, Group CEO said: “Quarter 1, 2020 was the beginning of an unprecedented, uncharted and disturbing period for businesses, governments and individuals globally, owing to the rapid spread of the coronavirus pandemic. For us, as a bank, our focus is on making sure that we can meet the needs of our customers despite the pandemic, while also ensuring their wellbeing and safety as well as those of our employees.All our countries have successfully activated our business continuity plan in line with the needs of each local environment. Through our investment in technology over the years, working from home has been seamless and indeed a pretext to a possible new normal post-COVID-19.”“As the leading pan-African […]
