Ecobank Group's profit before tax jumps to $324m in half-year 2024

Daba Finance/Ecobank reports profit before tax of $324m in half-year 2024

BREAKING NEWSAugust 5, 2024 at 12:25 PM UTC

TLDR

Ecobank Transnational Incorporated (ETIT) saw a 5% growth in profit before tax, reaching $324 million in the first half of the year.
The after-tax profit of ETIT reached a nine-year high of $227 million, showcasing strong financial performance despite macroeconomic challenges.
The return on tangible shareholder’s equity (ROTE) for ETIT increased to 34.7%, a significant rise from the previous year's 27%.

Despite facing macroeconomic challenges in some of its operating markets, pan-African banking group Ecobank Transnational Incorporated (ETIT) increased its net revenues to $994 million and its profit before tax by 5% to $324 million in the six months ending June.

That's according to the Togo-headquartered bank’s latest financial statement, which also shows that its after-tax profit rose to a nine-year high of $227 million in H1 from $216 million in the same period in 2023.

Excluding the impact of foreign currency translation due to US dollar strength, the profit before tax increased by 23%. The return on tangible shareholder’s equity, ROTE, was 34.7%, compared to 27% in the previous year.

Key Takeaways

Ecobank Transnational Inc. (ETI) is currently the seventh most valuable stock on the BRVM with a market capitalization of XOF 307 billion, accounting for about 3.42% of the equity market. Ecobank started the year with a share price of 19 XOF but has since seen a decline of 10.5% in its price valuation, ranking it 36th on the BRVM in terms of year-to-date performance. However, shareholders may find some reassurance in the 6% increase in ETI's share price since July 5th, making it the 11th best performer on the BRVM during this period.

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