Ecobank Group reported pre-tax profit of $75 million on revenue of $425 million for the period ended 31 March 2017.
The Group delivered a return on tangible equity of 16%, supported by continued cost efficiency gains.
And despite macroeconomic headwinds:
- The first quarter revenue of $425 million, increased by 3% in constant dollars, whilst operating expenses remained flat.
- Pre-impairment income increased 10% in constant dollars, reflecting positive operating leverage.
- A cost-to-income ratio of 64.5% was an improvement on the 66.1% registered in first quarter of 2016, driven by efficiency gains.
- Pre-tax profits, however, decreased 17% in constant dollars, mainly because, impairments remain at an elevated level.
- A return on tangible equity of 16% for the period was made, providing unique, tailored financial products and services to meet the needs of customers, including treasury solutions, credit, cash management, and trade finance, through the increasing utilisation of digital channels.
Did you find this article informative? Kindly like, comment and share!