Ecobank Makes Progress in Formulating Strategic Roadmap

By Aduragbemi Omiyale

The chief executive of Ecobank Group, Mr Jeremy Awori, has disclosed that the organisation was making progress in formulating its strategic roadmap, attributing this to the financial performance in the first six months of 2023.

In the second quarter of this year, the lender improved its pre-tax profits by 63 per cent to N92.52 billion, as its half-year profit before tax jumped by 38 per cent to N150.31 billion from N108.96 billion in the same period last year.

Similarly, interest income for the quarter was N238.67 billion compared to N161.09 billion in the corresponding quarter of 2022, while fees and commission income gained 25 per cent to N71.01 billion from N56.73 billion.

Deposits from customers for the half year ended June 30, 2023, increased to N14.71 trillion from the N9.60 trillion recorded as of December 31, 2022.

Mr Awori said the group’s profitability in the period under consideration was the dividend of its diversified business model, resilient balance sheet and commitment to serving its customers, all embedded in the strategic roadmap.

“Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet and our commitment to serving our customers.

“We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices and tepid economic growth.

“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation and Returns agenda.

“Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed.

“In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses,” he said.

Commenting further, he said, “The prudent management of our balance sheet and capital remains a priority. We will also continue investing in our best-in-class technology, retaining and attracting talent while reinforcing the right culture.

“Finally, I am proud of Ecobank’s contributions across the African communities in which we operate, and equally proud of the good work Ecobankers do for our customers daily.”