Ecobank Transnational Incorporated, ETI, has posted a 21.4% growth in Profit After Tax (PAT), which saw its profit shoot from N31 billion to N37.7 billion in Q2’17, results released to the Nigerian Stock Exchange (NSE) show.
The bank’s gross earnings surged by 41%, from N273.4 billion to N386.9 billion within the period while operating profit before impairment losses also went up 47% to N109.8 billion.
ETI’s total assets also recorded an uptick of 3% to N6,458.0 billion, while loans and advances to customers went up by 3% to N2,899.7 billion.
Ade Ayeyemi, Group CEO said, “our audited half year results demonstrated the benefits of our diversified business model.
“Despite a fragile macroeconomic backdrop in most of our markets, we still generated a 15.6% return on tangible equity and further improved our cost-to income ratio to 60.6%, driven by our continued cost reduction initiatives across the network .
“Our revenues increased 5% in constant currency, and highlighted encouraging growth in our Trade and FICC businesses, thanks to encouraging client activity and improving foreign-exchange markets.”