Ecobank has declared a half-year profit after tax of N31.62 billion, up 16 percent from the N27.52 billion posted same period last year.
Gross earnings rose to N225.261 billion compared to the N199.170 billion the pan-African lender posted in June last year but when compared to its December 2013 results, Ecobank’s half year to June pre-tax profit fell 7.63 percent to N32.67 billion ($201.83 million), from N35.37 billion recorded in December last year.
Ecobank gross earnings also dropped to N199.17 billion compared with N411.18 billion in the same period of last year.
Commenting on the bank’s half year results, Albert Essien, Group CEO, said Ecobank expects more progress in the rest of 2014.
“We are pleased with these strong first half results, which are evidence of the operational improvements we have made across the business. Our focus on efficiency has brought the cost-income ratio down further and driven a 27 per cent increase in profit before tax,” he said in the report presented on the floor of The Nigerian Stock Exchange, NSE, on Thursday.
“All regions have contributed to this robust performance; and from a business perspective, Treasury has been particularly strong.We have also continued our long-term strategic development by starting banking operations in Mozambique, an important addition to our Southern African cluster.
“We are delighted to have secured a banking license in Angola and intend to open there in due course. At our AGM in June, several new members were elected to the Group’s Board of Directors, including our Chairman, Emmanuel Ikazoboh, and we welcome them all. Much has been achieved across several fronts in the second quarter and we look forward to continuing this progress for shareholders in the rest of 2014.”
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