REG - Ecobank Transnat'l - 1st Quarter Results

Pan African ResourcesAnnouncement

28/04/2023 18:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230428:nRSb9454Xa&default-theme=true

RNS Number : 9454X  Ecobank Transnational Incorporated  28 April 2023

Ecobank Reports First Quarter 2023 Profit Before Tax of $125 million, Diluted
EPS of 0.26 US cents on Net Revenue of $483 million

 

Strong underlying 1Q results reflect the resilience of Ecobank's diversified
business model, efficiency, and stability.

ROTE: 19.5%, Cost-to-income: 57.3%, Loans-to-deposits: 57%, and CET1 ratio:
9.6%

Pre-provision, pre-tax operating profit up 13% to $207m

Declining NPL ratio: 5.2%; Cost-of-risk: 62 basis points

 

 

 

Jeremy Awori, CEO of Ecobank Group, said:

"Our results for the first quarter of 2023 showed progress despite the
challenging global and regional macroeconomic environment. Once again, we have
demonstrated the resilience of our pan-African diversified business model,
efficiency, balance sheet stability, deep customer relationships and the hard
work of our 14,000+ Ecobankers. Net revenues grew 11%, or 34% if you strip out
the effects of translating the performances of our affiliates in their local
currencies into US dollars, with revenue momentum robust across all our
businesses. As a result, we generated a return on tangible shareholders'
equity of 19.5%. Furthermore, continued efficiency gains catalysed the growth
in pre-provision, pre-tax operating profits by 13%, a key metric for assessing
the Company's earnings power. However, profits before tax at $125 million were
flat due to currency movements but up 31% at constant currency.

 

"Our balance sheet is stable, liquid and resilient. After a strong fourth
quarter, average deposits were up across businesses, albeit modestly, with
about 82% of deposits within more stable current and savings accounts. In
addition, the non-performing loans ratio at 5.2% continues to improve, and our
total capital adequacy ratio of 14.2% should provide stability in the current
challenging macroeconomic environment," Awori added.

 

We are advancing with formulating our strategic roadmap for the future, which
we plan to communicate to all in the second half of the year. At the same
time, we are executing important short-term initiatives to drive growth and
returns as we perfect our strategies for harnessing identified mature
opportunities across our markets. We will continue to drive with earnest
actions, including group-wide expense discipline, continued generation of
low-cost deposits to reduce funding costs further, enhanced alignment of
resource allocation and returns, precision in execution, and continued balance
sheet and returns optimisation. "Awori concluded.

 

 

http://www.rns-pdf.londonstockexchange.com/rns/9454X_1-2023-4-28.pdf (http://www.rns-pdf.londonstockexchange.com/rns/9454X_1-2023-4-28.pdf)

###

 

About Ecobank Transnational Incorporated ('ETI' or 'The Group')

Ecobank Group is the leading private pan-African banking group with unrivalled
African expertise. Present in 35 sub-Saharan African countries, as well as
France, the UK, UAE and China, its unique pan-African platform provides a
single gateway for payments, cash management, trade and investment. The Group
employs over 14,000 people and offers Consumer, Commercial, Corporate and
Investment Banking products, services and solutions across multiple channels,
including digital, to over 32 million customers. For further information,
please visit ecobank.com.

 

Cautionary note regarding forward-looking statements

Certain statements in this document are "forward-looking statements". These
statements are based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ materially
from those included in these statements.

 

Earnings Call Information:

 

Ecobank will not be holding an Earnings Conference Call to discuss the
financial results for the three months ended 31 March 2023. The financial
results, which have been submitted to the NGX, BRVM and GSE, can be accessed,
including the Earnings Press Release, by visiting www.ecobank.com. If you
should have any questions related to these results, please contact Ecobank
Investor Relations via ir@ecobank.com

 

 

Contact information:

 Investor Relations                             Media

 Ato Arku, +228 2221 0303                       Christiane Bossom, +228 2221 0303

 aarku@ecobank.com (mailto:aarku@ecobank.com)   groupcorporatecomms@ecobank.com (mailto:groupcorporatecomms@ecobank.com)

 ir@ecobank.com (mailto:ir@ecobank.com)

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCPPUWCCUPWGAR