Ecobank Group CEO, Jeremy Awori, Attributes Q2 2023 Profit Surge to Strategic Roadmap and Diversified Business Model

In the latest news, Ecobank Group’s CEO, Jeremy Awori, has attributed the impressive profitability of the group in the second quarter of 2023 to the successful implementation of their strategic roadmap. Awori emphasized that the strategic roadmap highlighted the advantages of their diversified business model, a resilient balance sheet, and unwavering dedication to customer service.

During the announcement of the group’s second-quarter performance, it was revealed that pre-tax profits surged to N92.52 billion, marking an impressive 63 percent increase. This remarkable growth in profits also contributed to a 38 percent rise in half-year profit before tax, reaching N150.31 billion, compared to N108.96 billion recorded in the same period last year.

The financial statement further showed significant growth in interest income for the quarter, reaching N238.67 billion, compared to N161.09 billion in the corresponding quarter of 2022. Additionally, fees and commission income experienced a notable increase of 25 percent, rising to N71.01 billion from N56.73 billion recorded in the same period last year.

Ecobank Group’s customer deposits also saw substantial growth, increasing to N14.71 trillion for the half-year ended 30th June 2023, compared to N9.60 trillion recorded as of 31st December 2022.

In his comments on the half-year financial statement, CEO Jeremy Awori expressed satisfaction with the results achieved during the first six months of 2023. He highlighted that the success was a testament to the benefits of their diversified business model, the strength of their balance sheet, and their unyielding commitment to providing exceptional service to their valued 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.

“Furthermore, 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,” Awori concluded.

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