Ecobank Reports Profit Before Tax of $170 million
Diluted EPS of $0.0036 and Tangible Book Value Per Share (TBVPS)1 of $0.048
Ade Ayeyemi, Group CEO said: "I am pleased with our diversified business model and the investments that we have made in people, systems, and processes. These have enabled us to serve our customers and communities safely during the COVID-19 pandemic. It also highlights the strength of our franchise and the continued resilience of Ecobank staff. We have been able to serve our customers seamlessly with over 65% of employees working from home. Moreover, we are providing support to our customers, at the time that they need it most. For instance, we are extending relief to our customers through payment deferrals, loan modifications and restructurings.
"We were recognised for our commitment to improving the lives of people across Africa by Euromoney. They awarded Ecobank with the covetedprize of Africa’s Best Bank for Corporate Responsibility, in the Euromoney Awards for Excellence 2020, for our focus on sustainability and partnerships in delivering positive social and environmental outcomes across Africa. I believe that all of my Ecobank colleagues have reason to beproud of themselves," Ayeyemi added.
"Our financial performance for the period was encouraging, despite the adverse impact of foreign currency translation and COVID-19. We generated profit before tax of $170 million, a growth of 12% if adjusted for the effects of currency translations. We also continued to grow customer deposits, increasing them by $604 million in the second quarter to $16.7 billion, boosting our liquidity buffers, and placing us in good stead during these unsettling economic times. The pandemic has completely changed the way that customers transact, accelerating the adoption of digital transactions which are gradually replacing cash. There is increased customer utilisation of our digital channels, through our mobile app,Ecobank Pay, OMNI, online, and self-service on our ATMs. The number of transactions in branches has dropped about 64% year-on-year, while digital engagements have increased by 56%.
"Going forward, the operating environment remains challenging as the pandemic continues to surge across the continent, though economic activities are slowly returning across our footprint. However, economic activity in sub-SaharanAfrica is forecast to reduce. But, our commitmentto the continent, our stakeholders, and employees remains steadfast. We will continue to support our customers and ensure the sustainable viability of the organisation," Ayeyemi concluded.
Business Highlights We helped our customers in response to the unprecedented challenges of COVID-19, allowing customers to defer […]
