Ecobank Transnational Incorporated has reported a profit after tax of N311bn for the first half of the year, marking a 196 per cent increase compared to the N105bn recorded in the same period last year.
This was disclosed in Ecobank Group’s performance report for the first six months of 2024.
During the period under review, the bank’s revenue rose by 186 per cent to N1.36tn from N475.65bn in H1 2023 of the previous year, driven by higher interest income and non-interest revenue.
Operating profit before impairment charges reached N631.5bn, a 215 per cent jump from the N200.77bn reported in the previous year, due to robust growth in both interest and non-interest income.
Income for H1 surged by 175 per cent to N1.23tn from N445.9bn in H1 of the previous year, due to higher yields on loans and advances, as well as investment securities.
Fee and commission income grew by 186 per cent to N384.1bn, compared to N134.38bn in the previous year, supported by increased transaction volumes and enhanced service offerings.
Despite overall strong performance, trading income and foreign exchange gains fell by 20 per cent to N230.31bn, down from N209.45bn in the previous year.
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