Ecobank reveals progress in quest to create strategic roadmap

Bisola David
Bisola David
Ecobank reveals progress in quest to create strategic roadmap

The Ecobank Group’s chief executive, Mr. Jeremy Awori, revealed that the company was making progress in creating its strategic roadmap and attributed this to the financial results in the first half of 2023.

The lender increased its pre-tax profits by 63% to N92.52 billion in the second quarter of this year, while its half-year profit before tax increased by 38% to N150.31 billion from N108.96 billion in the same period last year.

Similarly, interest income increased to N238.67 billion for the quarter from N161.09 billion in the same quarter of 2022, while fees and commissions increased by 25% to N71.01 billion from N56.73 billion.

Customers’ deposits climbed to N14.71 trillion for the six-month period ended June 30, 2023, from N9.60 trillion as of December 31, 2022.

According to Mr. Awori, the group’s profitability over the relevant time was a result of its diversified business model, strong balance sheet, and dedication to providing for its clients, all of which were incorporated into the strategic roadmap.

“Our results for the first half of 2023 show the advantages of our diversified business model, strong financial sheet, and dedication to providing excellent customer service.

“We accomplished these results despite the second quarter’s persistently difficult macroeconomic conditions, which included notable currency weakening in Africa, rising consumer prices, and moderate economic growth.”

Mr. Awori claimed that significant strides had been made in developing a strategic plan, which will provide the blueprint for our Growth, Transformation, and Returns agenda.

“My confidence in our growth potential has been reinforced over the past few months as I have interacted with our customers, coworkers, and other stakeholders, including Ecobankers.

Additionally, he added, “We will move forward with our transformation and growth program for our corporate, commercial, and consumer banking businesses.”

He stated that the careful management of the capital and balance sheet remains a priority. Along with maintaining and attracting talent, he claimed that they will keep investing in the best-in-class technologies and fostering a positive corporate culture.

“Finally, I’d want to say that I’m pleased with Ecobank’s contributions to the communities around Africa where we operate, as well as the outstanding work Ecobankers undertake on a daily basis for our clients,” he concluded.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *