Ecobank's consolidated net profit is up 31% at the end of June 2018

In the first half of 2018, the pan-African banking group Ecobank performed very well. According to the data published by the Bank in Lome this week, during this period it achieved a consolidated net profit of 94.672 billion CFA francs or $ 160.942 million.

This performance is highly commended by company leaders, especially since, compared to the same period last year, where the consolidated net profit amounted to 72,076 billion CFA francs, there is an increase of 31%. "These results show the considerable achievements we have already made in the execution phase of our strategy" welcomed Ade Ayeyemi, the group's managing director. According to the Top Management, the Bank has been encouraged by the level of customer activity in most branches and particularly in the deposit business.
This profit-rated performance is seen in other companies.

In particular, as regards the balance sheet total of the bank, it stood at the end of June 2018 at 12,170.8 billion CFA francs against 12,134.9 billion CFA francs recorded at 30 June 2017. Trend confirmed for the operating result of the Bank which has increased by 35.05% to 119.479 billion CFA francs against 88.469 billion CFA francs in the first half of 2017.

Slight decline in net banking income

Contrary to the increase in profit , the net banking income knows a slight decline of 4% over this period compared to the same one last year. While it was noted at 532.3 billion CFA francs at the end of June 2017, as at 30 June 2018, the Bank recorded it at 511.6 billion CFA francs. Same trend for bank group equity which also record a significant drop of 9%. These are down over the same period, standing at CFAF 1,132.3 billion in 2017 against CFAF 1,081.7 billion in 2018.

As for the group's bank expenses, they were better The first six months of this year, amounting to 316.6 billion CFA francs compared to the same period last year when they amounted to 322.7 billion CFA francs. Similarly, the cost of risk was significantly reduced over the period taken into account. It went from CFAF 121.2 billion to CFAF 75.5 billion.