Ecobank Transna tional Incorporated (ETI) has reported 32 per cent increase in Profit Before Tax to N146.5billion in 2019 from N110 billion reported in 2018. The pan-African financial institution in its report to The Nigerian Stock Exchange (NSE) on Monday said profit after tax also grew by 32 per cent to N99.5 billion in 2019 from N77.46billion reported in 2018.
ETI’s gross earnings for the period increased hy nine per cent to N842.49billlion from N772.56billion in 2018.
The group reported five per cent increase in total assets to N8.6trillion in 2019 from N8.2 trillion reported in 2018, driven by increase in loans & advances to customers and deposits from customers.
For the period, ETI’s loans & advances to customers gained two per cent to N3.38trillion in 2019 from N3.31trillion in 2018 while deposits from customers rose by two per cent to N5.93trillion in 2019 as against N5.8trillion reported in 2018.
The Group CEO, ETI, Ade Ayeyemi said, “Our 2019 results reflect the resilience of our diversified business model. The Group increased profit before tax by 39 per cent in constant currency, after adjustment, and delivered a return on tangible equity of 16.5per cent.
“The implementation of our aggressive recovery strategy on non-performing loans is also yielding positive results, as it achieved significantly higher recoveries in 2019.
“These were despite the continued, though improving, headwinds in our Nigerian business. The modernisation of our technology continued, as we completed the migration of all our 34 banking subsidiaries onto a more robust core banking application. This was done in record time. Our investment in technology ensures platform stability, allows third-party access for open platform and improves the customer journey, thereby achieving our desired results. We delivered greater functionality and connectivity for all our customer segments with the upgrade of Omni for our Corporate and Investment Bank clients, Omni Lite for clients of
“Commercial Bank and version 4.0 of the Ecobank Mobile App for our Consumer Bank clients. Our solutions are providing a host of worldclass offerings across board, while also driving financial inclusion for millions of Africans.
“With our infrastructure modernisation behind us, we recognised that to win sustainably in this fast-moving world, it is essential that we have the right culture and behaviours and that we focus on delivering customer satisfaction.
“Therefore, management and the entire workforce reassessed the firm’s culture and, as a result, we are now taking the steps that will ensure the agreed transformation.
“We are also putting in place the right processes that will transform and improve our customer experience, as this will ensure that our customers are our best ambassadors.
“In conclusion, we had made plans for 2020, however, the year has become extraordinarily troubling. The Coronavirus pandemic is currently having significantly detrimental social, economic and financial impacts on all people, businesses and economies globally.
“All of us at Ecobank express our most sincere condolences to the relatives and friends of all those who have so tragically lost their lives, while wishing those who are infected a most speedy recovery.
“Several countries in which we operate have recorded cases of the virus and we are taking all the steps within our control to ensure the wellbeing of our employees, customers and communities, as we seek to help reduce the spread of the virus. As the pan-African Bank, our commitment to
“The continent remains unwavering and we will continue to provide support to our communities. Let us all keep well and safe at this time.”