ETI Ecobank Transnational : Ecobank Reports Profit Before Tax of $90 million on net revenues of $393 million for the first-quarter of 2020

Ecobank Reports First Quarter 2020 Profit Before Tax of $90 million

Diluted EPS of $0.0020, and Tangible Book Value Per Share (TBVPS)1 of $0.05 Ade Ayeyemi, Group CEO said: "Quarter 1, 2020 was the beginning of We have made it safer to visit our physical locations by providing an unprecedented, uncharted and disturbing period for businesses, temperature checks, crowd control, hand sanitisers and social distancing, governments and individuals globally, owing to the rapid spread of the among other measures. Our ATMs and call centres remain open 24/7, and coronavirus pandemic. For us, as a bank, our focus is on making sure the full range of our banking services are available via our digital that we can meet the needs of our customers despite the pandemic, platforms. Ecobank Mobile and Ecobank Online are available to our while also ensuring their wellbeing and safety as well as those of our consumer customers, and Ecobank Omni Lite and Ecobank Omni meet the employees. All our countries have successfully activated our business needs of SMEs and large businesses. To further help alleviate the adverse continuity plan in line with the needs of each local environment. impact of the pandemic on our customers, we have waived some of the Through our investment in technology over the years, working from fees on our digital channels and we are closely monitoring events to home has been seamless and indeed a pretext to a possible new anticipate situations that may require our support to customers as normal post COVID-19." circumstances evolve," Ayeyemi added. "As the leading pan-African bank, Ecobank embraced the call to duty "That said, our quarterly performance was resilient, again reflecting the with a sense of urgency. With our knowledge of Africa and its strength of our diversified business model. We delivered $90 million in intricacies in the fight against the spread of COVID-19, we have pre-tax profits, an increase of 27% if adjusted for currency translation contributed about $3 million in the form of cash, healthcare effects, and a return on tangible shareholders’ equity of 17.1%. We are equipment and supplies, in addition to mounting sustained and robust managing impairment losses prudently, and as a result, our cost-of-risk awareness campaigns, while we are also using our digital banking increased to 1.5%, versus 0.5% in the prior-year quarter." platforms to provide money to some of the most vulnerable members in our communities." "Operating conditions will be […]

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