DETAILED BREAKDOWN OF ECOBANK TRANSNATIONAL INCORPORATED’s FINANCIAL PERFORMANCE FOR THE FIRST HALF OF 2024:
1. Profit After Tax: Ecobank reported a significant profit after tax of NGN 311 billion for the first half of 2024. This represents a remarkable 196% increase compared to NGN 105 billion in the same period last year.
2. Revenue: The bank's revenue surged by 186% to NGN 1.36 trillion, up from NGN 475.65 billion in H1 2023. This growth was primarily driven by increased interest income and non-interest revenue.
3. Operating Profit: Operating profit before impairment charges reached NGN 631.5 billion, marking a 215% increase from NGN 200.77 billion in the previous year. This growth was attributed to robust gains in both interest and non-interest income.
4. Income: Total income for H1 increased by 175% to NGN 1.23 trillion from NGN 445.9 billion in H1 2023, due to higher yields on loans and advances and investment securities.
5. Fee and Commission Income: This category saw a 186% rise to NGN 384.1 billion, compared to NGN 134.38 billion in the previous year, driven by increased transaction volumes and improved service offerings.
6. Trading Income and Foreign Exchange Gains: These increased by 9.9% to NGN 230.31 billion from NGN 209.45 billion in the previous year.
7. Net Investment Income: The bank recorded a net investment income loss of NGN 941.51 million, a shift from a gain of NGN 2.27 billion in H1 2023.
8. Operating Expenses: Operating expenses increased by 165% to NGN 728.73 billion, up from NGN 274.88 billion, due to higher staff costs and depreciation.
9. Impairment Charges: These charges rose by 273% to NGN 188 billion from NGN 50.46 billion, reflecting increased credit risk and cautious provisioning.
10. Tax Expenses: Tax expenses increased by 194% to NGN 132.49 billion compared to NGN 45.09 billion in the previous year, in line with the higher profit before tax.
11. Total Assets: The bank’s total assets grew by 49% to NGN 38.6 trillion as of June 2024, up from NGN 25.92 trillion in December 2023.
12. Deposits from Customers: Deposits grew by 49% to NGN 28.26 trillion, compared to NGN 19.01 trillion at the end of the previous year.
13. Total Equity: The bank’s total equity decreased by 13% to NGN 2.25 trillion from NGN 1.65 trillion in December 2023, due to exchange rate fluctuations affecting retained earnings and reserves.
14. Earnings Per Share: Earnings per share increased by 175% to 878 kobo, up from 319 kobo in H1 2023.
15. 2023 Annual Profit: For the full year 2023, Ecobank’s profit after tax grew by 11% year-on-year to $407 million from $367 million in 2022.
1. Profit After Tax: Ecobank reported a significant profit after tax of NGN 311 billion for the first half of 2024. This represents a remarkable 196% increase compared to NGN 105 billion in the same period last year.
2. Revenue: The bank's revenue surged by 186% to NGN 1.36 trillion, up from NGN 475.65 billion in H1 2023. This growth was primarily driven by increased interest income and non-interest revenue.
3. Operating Profit: Operating profit before impairment charges reached NGN 631.5 billion, marking a 215% increase from NGN 200.77 billion in the previous year. This growth was attributed to robust gains in both interest and non-interest income.
4. Income: Total income for H1 increased by 175% to NGN 1.23 trillion from NGN 445.9 billion in H1 2023, due to higher yields on loans and advances and investment securities.
5. Fee and Commission Income: This category saw a 186% rise to NGN 384.1 billion, compared to NGN 134.38 billion in the previous year, driven by increased transaction volumes and improved service offerings.
6. Trading Income and Foreign Exchange Gains: These increased by 9.9% to NGN 230.31 billion from NGN 209.45 billion in the previous year.
7. Net Investment Income: The bank recorded a net investment income loss of NGN 941.51 million, a shift from a gain of NGN 2.27 billion in H1 2023.
8. Operating Expenses: Operating expenses increased by 165% to NGN 728.73 billion, up from NGN 274.88 billion, due to higher staff costs and depreciation.
9. Impairment Charges: These charges rose by 273% to NGN 188 billion from NGN 50.46 billion, reflecting increased credit risk and cautious provisioning.
10. Tax Expenses: Tax expenses increased by 194% to NGN 132.49 billion compared to NGN 45.09 billion in the previous year, in line with the higher profit before tax.
11. Total Assets: The bank’s total assets grew by 49% to NGN 38.6 trillion as of June 2024, up from NGN 25.92 trillion in December 2023.
12. Deposits from Customers: Deposits grew by 49% to NGN 28.26 trillion, compared to NGN 19.01 trillion at the end of the previous year.
13. Total Equity: The bank’s total equity decreased by 13% to NGN 2.25 trillion from NGN 1.65 trillion in December 2023, due to exchange rate fluctuations affecting retained earnings and reserves.
14. Earnings Per Share: Earnings per share increased by 175% to 878 kobo, up from 319 kobo in H1 2023.
15. 2023 Annual Profit: For the full year 2023, Ecobank’s profit after tax grew by 11% year-on-year to $407 million from $367 million in 2022.
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