Ecobank’s turnover hits N1.21tn, grows profit by 55.79% in Q3 2023

Date:

December 1, 2023.

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Azonuchechi Chukwu.

Ecobank Transnational Incorporated on Thursday published its Third Quarter report for the period ended 30 September 2023.

The financial institution reported Gross Earnings of N1.21 trillion for the nine months period, up by 59.01% from N761.298 billion.

Profit after tax grew year on year by 55.79% to N182.92 billion from N117.41 billion reported the previous year.

Earnings per share of the Company stands at N7.44

At the share price of N17, the P/E ratio of Ecobank stands at 2.29x with earnings yield of 43.75%.

Jeremy Awori, CEO of Ecobank Group, stated thus:

“Ecobank generated profit before tax of $450m for the nine months to September, an increase of 55% in constant currency from the prior year. Moreover, we delivered profits attributable to ETI shareholders of $224m, which translated to a return on tangible shareholders’ equity of 25.6% on the back of a strong revenue growth of 34% in constant currency and an improved cost-to-income ratio of 53.7%. We achieved these results despite the challenging macroeconomic environment, which demonstrates the resilience of our diversified business model.

“I am pleased to announce that we have completed our Growth, Transformation and Returns (GTR) strategy. True customer orientation is the core of our GTR strategy, meaning we will always focus our energies and resources on delivering great products and services. As part of our broad strategic focus areas, we are accelerating the growth of our Consumer and Commercial Banking businesses given the significant revenue opportunities, diversifying and growing our Corporate and Investment Banking revenue streams, and consolidating our achievements, experience and market recognition to scale our Payments, Remittances and Fintech business. Additionally, we will entrench our leadership positions in markets where we are a top three bank, address subscale markets, and provide unwavering support to our Nigerian team as they turn around and further grow their business.”

“We will invest further in technology, in all its forms, to provide better, faster, and easier services to our customers. Furthermore, we are investing in building our brand to create greater connection and support our growth businesses.”

“Ultimately, the foundation for success rests on the passion and dedication of Ecobankers to consistently deliver for clients and customers no matter the environment, unified by our shared cultural and ethical values. Accordingly, we have made it our priority to invest in providing the enabling environment and resources to inspire creativity, innovation and discipline in execution”.

“Our board and management are committed, and Ecobank is positioned for greater success, impact and shareholder returns.”(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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