ETI posts a 29% increase in profit to N62.55bn in H1

Ecobank Transnational Incorporated (ETI) Plc has reported a 29 per cent increase in profit to N62.55billion in the unaudited results and accounts for half year (H1) ended June 30, 2021 from N48.53billion reported in H1 2020.

ETI in its unaudited result and accounts submitted to the Nigerian Exchange Limited (NGX) also reported profit before tax that gained 33 per cent to N85.32billion in H1 2021 from N64.13billion reported in H1 2020.

The management cut in impairment charges on financial assets and increased gross earnings impacted on profits in the period under review.

From the profit & loss figures, ETI’s gross earnings were up by 13per cent to N442.9 billion from N392billion reported in H1 2020.

In addition, impairment charges on financial assets, thus, dropped by one per cent to N20.77billion in H1 2021 from N21.03billion reported in H1 2020.

The financial institution crossed N11trillion in total assets to N11.02trillion as at half-year ended June 30, 2020, unaudited result and accounts.

The pan-African bank total assets gained eight per cent from N10.38trillion reported in full-year ended December 31, 2020.

ETI in its unaudited result and accounts submitted on Monday to Nigerian Exchange Limited (NGX) also reported a seven per cent decline in deposits from customers to N7.86trillion as at June 30, 2021, from N7.3trillion reported in full-year ended December 31, 2020 while loans and advances to customers dropped by two per cent to N3.63trillion as June 30, 2021, from N3.7trillion, reported in 2020.

The Group CEO, Ecobank Group, Ade Ayeyemi in a statement said, “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive.

“As a result, we generated a return on tangible equity of 16.1per cent versus 15.2 per cent a year ago and increased diluted EPS and tangible book value per share by 19 per cent and 6 per cent, respectively.“In addition, profit before tax increased 23 per cent to $210 million.”

“Group revenues rose seven per cent to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery”, he said.