Ecobank Reports USD 247 Million In Net Profits And 26% Growth For The First Semester 2015

ecobank-tanzania

Ecobank Transnational Inc. (NSE:ETI, GSE: ETI, BRVM:ETIT), the parent company of independent pan-African banking group Ecobank reports its unaudited financial results for the six months ended 30th June 2015, showing profit before tax of USD 312 million, up 22% from the previous year.

Net revenue reached USD 1.1 billion, flat from 2014, while profit after tax from continuing operations reached USD 247 million, up 26% from the previous year.

Return on average equity was 18.5% compared to 17.7% in 2014

Basic earnings per share was 0.97 USD cents compared to 0.95 USD cents in 2014.

Customer loans grew 1% in the second quarter (April-June) and customer deposits 3%, following decreases in the first quarter (January-March), reflecting loan growth in Corporate Bank and deeper customer engagements.

Commenting on these results, Albert Essien, Group Chief Executive Officer said: “Our results for the six months ended June 2015 reflected the strength of our balanced business model and pan-African strategy. We increased profit after tax by 26% to USD 244 million and generated a return on average equity of 18.5% for our shareholder. Despite a difficult operating environment, we stayed committed to our customers – households and businesses alike – by focusing on providing them with the financial solutions they need. Our balance sheet remained healthy, as evidenced by a capital adequacy ratio of 22.0%. Ecobank is well positioned to gain from resumption in economic activity in Africa.”

Ecobank Group’s unaudited IFRS financial results for the six months ended 30 June 2015 were submitted to the Nigerian Stock Exchange (NSE), Ghana Stock Exchange (GSE), and Bourse Régionale des Valeurs Mobilières (BRVM).

These results, and the attached earnings release, can be found on Ecobank website at the following link: www.ecobank.com/group/financialreports.aspx

Ecobank will be hosting an earnings conference call for analysts and investors on Friday, 31 July 2015 at 13:00 GMT (14:00 Lagos / London time) during which senior management will present these results. There will be a Q&A session at the end of the call.

The conference call facility can be accessed via online registration using the following link: http://emea.directeventreg.com/registration/95933415

For those who are unable to listen to the live call, an Encore replay facility will be available until 6 August, 2015 16:30 GMT with details made available after the call on request.The 1H’15 earnings presentation will be posted on our website prior to the conference call at www.ecobank.com/group/investorrel.aspx

For further information please contact Ato Arku, Ecobank Group Officer Investor Relations, via ir@ecobank.com

Ecobank is the leading pan-African bank with operations in 36 countries across the continent. It started operations in Tanzania in January 2010 and has since grown to include 9 branches across the country.