Ecobank closes H1 2019 with $164.75 mln net result, 2% down YoY

Banking
Tuesday, 03 September 2019 16:00
Ecobank closes H1 2019 with $164.75 mln net result, 2% down YoY

(Togo First) - Ecobank Transnational Incorporated (ETI), the Lomé-based pan-African banking group closes the first half this year with a net result of $164.75 million. Compared to the same period last year when the net result was $168.54 million, this makes a 2% decline.

However, with regard to the fluctuations of the US dollar to XOF rate, this makes a slight increase to XOF95.66 billion from XOF94.67 billion at the end of June 2018. Although Ecobank managed to cut risk costs (-57% YoY) and operating expenses (-9% YoY), this was not enough to make up the decline in its net banking income (which fell by 14.8%) and fee and commission income (-7%) compared to the end of June 2018.

According to the group’s CEO, Ade Ayeyemi, the poor performances are the result of a tough economic environment. The bank’s top management, which has chosen not to pay dividends in the last two years, stressed the “challenges to be met in terms of regulation, activity and the macroeconomic environment.”

Also, things are not getting better for this banking giant present in 36 African countries. The group suffered recent shocks on the regional markets, particularly in Accra and Lagos. And in this scenario, the International Finance Corporation transferred the share it held in the bank to investment and development company Arise BV.

Ayi Renaud Dossavi

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