Ecobank Group's profit before tax jumps to $324m in half-year 2024
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.
Our weekly newsletters provide news updates and insights on the African economy and markets.
Sign up now to get them in your inbox.