Ecobank Transnational Incorporated 1st Quarter Results (9454X)

TIDM15BX

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

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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    Christiane Bossom, +228 
  0303                   2221 0303 
  aarku@ecobank.com      groupcorporatecomms@ecobank.com 
  ir@ecobank.com

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April 28, 2023 11:47 ET (15:47 GMT)

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