Ecobank Group reported $59.1 billion in transactions through its digital channels in the first nine months of 2022.
This was disclosed in the company’s audited financial report for the nine-month period ending September 2022.
This represents a 44% increase over the $40.4 billion recorded in the same period last year, according to the company.
A closer look at the company’s various digital channels reveals that the Ecobank Omni Plus recorded the highest transaction value during the period, at $37.8 billion.
- Through its mobile app and Unstructured Supplementary Service Data (USSD), Ecobank recorded $4.2 billion within the period.
- Its Omni Lite channel recorded transactions valued at $4.1 billion, while Ecobank Online and Xpress Points (Agency Network) recorded $755 million and $3.7 billion transactions, respectively.
- The company also posted transactions valued at $8.1 billion through other indirect digital channels.
The company’s result
Ecobank reported a 7% increase in revenue from $1.26 billion in 2021 to $1.35 billion in the nine-month period under review.
According to Investors King, the bank’s operating profit increased by 12% to $593 million, up from $528 million reported in the same period in 2021. Profit before tax increased by 14% to $401 million, up from $352 million in 2021. The profit distributed to shareholders increased by 7%, from $182 million to $196 million.
Ecobank Group’s CEO, Ade Ayeyemi, while commenting on the result, said:
We continued to deliver on our strategic priorities and are on track to meet full-year targets despite the complex operating environment. Group-wide return on tangible equity reached a record 21%, and profit before tax increased by 14%, or 48% at constant currency (i.e., excluding currency movements). These results reflect the resilience, strong brand and diversification of our pan-African franchise.
We saw decent client activity in consumer and wholesale payments, trade finance and foreign currency markets. Additionally, despite inflationary pressures, we maintained a tight lid on costs, thereby improving our cost-to-income ratio to 56.3% from 58.3% in the previous year. The dampened economic outlook necessitated maintaining a sound balance sheet with adequate levels of liquidity and capital. As a result, our total capital adequacy ratio at 14.4% is well above our internal and minimum regulatory limits, he said.
