Ecobank posts $90million profit in Q1

Ecobank Nigeria Limited has recorded $90 million Profit Before Tax (PBT) in the first quarter ended March 31,  this year.

Operating income (net revenue) stood at $393 million, up one per cent on a reported basis and 14 per cent in constant currency while operating expenses of $259 million, up one per cent on a reported basis and is per cent in constant currency.

“Pre-impairment profit of $133 million, up two per cent on a reported basis and 34 per cent in constant currency, on positive operating leverage,” it said.

The bank also recorded significant increases in customer adoption rates on our digital/online channels across our businesses. Adoption rates are expected to accelerate as COVID-19 induced lockdowns changes consumer behavior.

The number and value of transactions grew by eight per cent and 15 per cent to four million and $6.1 billion, on Ecobank Omni+, corporate and investment bank’s corporate clients’ online banking platform in the first quarter of the year.

OmniLite, the commercial bank’s online banking platform designed to meet the unique financial needs of SMEs increased number of transactions by 40,000 to 126,000, which amounted to $435 million.

Ecobank’s Group Chief Executive Officer (CEO), Ade Ayeyemi said: ”Quarter 1, 2020 was the beginning of an unprecedented, uncharted and disturbing period for businesses, governments and individuals globally, owing to the rapid spread of the coronavirus pandemic.

For us, as a bank, our focus is on making sure that we can meet the needs of our customers despite the pandemic, while also ensuring their well-being and safety as well as those of our employees.

‘’All our countries have activated our business continuity plan in line with the needs of each local environment. Through our investment in technology over the years, working from home has been seamless and indeed a pretext to a possible new normal post COVID-19.

“As the leading pan-African bank, Ecobank embraced the call to duty with a sense of urgency. With our knowledge of Africa and its intricacies in the fight against the spread of COVID-19, we have contributed about $3 million in the form of cash, healthcare equipment and supplies, in addition to mounting sustained and robust awareness campaigns, while we are also using our digital banking platforms to provide money to some of the most vulnerable members in our communities.”

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