TIDM15BX
RNS Number : 9454X
Ecobank Transnational Incorporated
28 April 2023
Ecobank Reports First Quarter 2023 Profit Before Tax of $125
million, Diluted EPS of 0.26 US cents on Net Revenue of $483
million
Strong underlying 1Q results reflect the resilience of Ecobank's
diversified business model, efficiency, and stability.
ROTE: 19.5%, Cost-to-income: 57.3%, Loans-to-deposits: 57%, and
CET1 ratio: 9.6%
Pre-provision, pre-tax operating profit up 13% to $207m
Declining NPL ratio: 5.2%; Cost-of-risk: 62 basis points
Jeremy Awori, CEO of Ecobank Group, said:
"Our results for the first quarter of 2023 showed progress
despite the challenging global and regional macroeconomic
environment. Once again, we have demonstrated the resilience of our
pan-African diversified business model, efficiency, balance sheet
stability, deep customer relationships and the hard work of our
14,000+ Ecobankers. Net revenues grew 11%, or 34% if you strip out
the effects of translating the performances of our affiliates in
their local currencies into US dollars, with revenue momentum
robust across all our businesses. As a result, we generated a
return on tangible shareholders' equity of 19.5%. Furthermore,
continued efficiency gains catalysed the growth in pre-provision,
pre-tax operating profits by 13%, a key metric for assessing the
Company's earnings power. However, profits before tax at $125
million were flat due to currency movements but up 31% at constant
currency.
"Our balance sheet is stable, liquid and resilient. After a
strong fourth quarter, average deposits were up across businesses,
albeit modestly, with about 82% of deposits within more stable
current and savings accounts. In addition, the non-performing loans
ratio at 5.2% continues to improve, and our total capital adequacy
ratio of 14.2% should provide stability in the current challenging
macroeconomic environment," Awori added.
We are advancing with formulating our strategic roadmap for the
future, which we plan to communicate to all in the second half of
the year. At the same time, we are executing important short-term
initiatives to drive growth and returns as we perfect our
strategies for harnessing identified mature opportunities across
our markets. We will continue to drive with earnest actions,
including group-wide expense discipline, continued generation of
low-cost deposits to reduce funding costs further, enhanced
alignment of resource allocation and returns, precision in
execution, and continued balance sheet and returns optimisation.
"Awori concluded.
http://www.rns-pdf.londonstockexchange.com/rns/9454X_1-2023-4-28.pdf
###
About Ecobank Transnational Incorporated ('ETI' or 'The
Group')
Ecobank Group is the leading private pan-African banking group
with unrivalled African expertise. Present in 35 sub-Saharan
African countries, as well as France, the UK, UAE and China, its
unique pan-African platform provides a single gateway for payments,
cash management, trade and investment. The Group employs over
14,000 people and offers Consumer, Commercial, Corporate and
Investment Banking products, services and solutions across multiple
channels, including digital, to over 32 million customers. For
further information, please visit ecobank.com.
Cautionary note regarding forward-looking statements
Certain statements in this document are "forward-looking
statements". These statements are based on management's current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements.
Earnings Call Information:
Ecobank will not be holding an Earnings Conference Call to
discuss the financial results for the three months ended 31 March
2023. The financial results, which have been submitted to the NGX,
BRVM and GSE, can be accessed, including the Earnings Press
Release, by visiting www.ecobank.com. If you should have any
questions related to these results, please contact Ecobank Investor
Relations via ir@ecobank.com
Contact information:
Investor Relations Media
Ato Arku, +228 2221 Christiane Bossom, +228
0303 2221 0303
aarku@ecobank.com groupcorporatecomms@ecobank.com
ir@ecobank.com
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END
DOCPPUWCCUPWGAR
(END) Dow Jones Newswires
April 28, 2023 11:47 ET (15:47 GMT)
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