Ecobank TransNational Incorporated has attributed the 24 per cent increase in Profit Before Tax in its half-year operations to the bank’s diversification exercise and massive investment in technology within the period.
“As a result, we delivered a return on tangible equity of 19.5 per cent and increased earnings per share for shareholders by 24 per cent year-on-year. In addition, profit before tax increased by 24 per cent to $261 million and by 53 per cent if you adjust the increase for the significant depreciation of some of our critical African currencies to the US dollar.”
Ayeyemi said FX volumes grew by 25 per cent as client activity rebounded from the pandemic, just as increase in SME activity and growth in the payment business lifted profits in commercial banking by 15 per cent.