Home Tags Posts tagged with "ECOBANK TRANSNATIONAL INCORPORATED(ETI)"
Tag:

ECOBANK TRANSNATIONAL INCORPORATED(ETI)

AfricaAFRICA NEWSBanking, Finance & InvestmentBusinessGhanaNewsNigeriaSpotlightWestern Africa

Jeremy Awori to succeed Ade Ayeyemi as Ecobank Group CEO

by Radarr Africa
written by Radarr Africa

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced that a new Chief Executive Officer, Jeremy Awori will succeed Ade Ayeyemi upon his retirement at age 60 in line with ETI policy.

A statement issued by the Bank in Accra yesterday said the relevant effective dates would be communicated in due course.

Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO.

He added that, “Ade can be rightly proud of his success in leading the implementation of the Roadmap to Leadership strategy, navigating Ecobank through challenges, seizing opportunities, and positioning Ecobank for sustainable long-term growth. Ade’s deep knowledge, unrivalled vision, commitment and infinite passion made all the difference. It has been a real pleasure working with him. I count on his continuous support to ensure a smooth transition as we onboard Jeremy Awori as the new Group CEO.”

“Jeremy Awori is a highly respected leader in the banking industry with significant achievements in his previous capacities. The Board of Directors strongly believes that his drive and strong focus on results will be vital in steering the Group in its next phase,” Nkontchou stated.

Ade Ayeyemi expressed his deep gratitude for the opportunity to lead the Ecobank Group and stated that“It is a privilege to lead an amazing team of ‘Ecobankers’ in bringing the Ecobank Group back to growth and continuing to realise our commendable pan-African mandate.”

 He also expressed his commitment to a smooth transition and onboarding of his successor.

The incoming Group CEO, Jeremy Awori, responding to the announcement of his appointment said: “It is a great honour to be appointed Ecobank Group’s Chief Executive Officer. I look forward to consolidating the transformation of Ecobank, a truly pan-African institution full of talented people, while innovating to create value for all Ecobank’s stakeholders. I am humbled by the opportunity to contribute to the continent’s economic development and financial integration with Ecobank Group”

ALSO READ: Sterling Homes CEO, Dr. Kunle Adeyemi Wins International Award of Excellence

Jeremy Awori is joining Ecobank Group following a 25-year long career in the banking industry, with almost a decade leading Absa Bank Kenya Plc as the CEO & Managing Director.

Before joining Absa, Jeremy held multiple leadership roles at Standard Chartered Bank across the Middle-East and Africa. He brings a wealth of experience, skills, and industry know-how to the Ecobank Group.

Source: Ghanaian times

0 comment
0 FacebookTwitterPinterestEmail
AfricaBanking, Finance & InvestmentBusinessNewsNigeriaWestern Africa

Ecobank declares $261m pre-tax profit in H1

by Radarr Africa
written by Radarr Africa

Ecobank Transnational Incorporated (ETI) has posted a profit before tax of $261 million for the first half of the year ended June 30, 2022.

This was contained in the group’s half year results released on the Nigerian Exchange (NGX) Limited, on Monday.

The results showed a growth of 24 per cent in its profit before tax to $261 million from $210 million posted in half year 2021.

Also, net profit amounted to $130 million higher than $106 million achieved in 2021, while earnings per share stood at EPS $0.53 cents from $0.43 cents.

The group net revenue went up to $910 million as against $825 million in 2021, an increase of 10 per cent, while pre-provision, pre-tax operating profit also increased from $340 million to $401 million.

Gross loans and advances to customers increased to $10.053 billion in H1, 2022 from $9.454 billion in 2021, while deposits from customers rose to $19.745 billion as against $19.143 billion in 2021.

The group balance sheet also revealed cost of funds to be 2.3 per cent as at June 30, 2022 from 2.1 per cent in 2021, non-performing loans (NPL) ratio at 6.2 per cent lower than 7.4 per cent H1, 2021, while NPL coverage ratio at 113.5 per cent from 86.7 per cent
Speaking on the performance, CEO, Ecobank Group, Ade Ayeyemi, said the results for the first six months of 2022 reflect not only the benefits of the firm’s diversification but also its resilience and capabilities to continue serving its clients and customers in a challenging environment and still generate adequate returns responsibly for its shareholders.

ALSO READ: Access Bank secures $280m financing from DfC to support SMEs

Ayeyemi noted that, “we performed well because of our investments, including in technology, and Ecobankers’ continued dedication to meet customers’ financial needs, despite a challenging operating environment of high inflation, weakening African currencies, worsening government fiscal balances and lowering economic growth.
“In our Consumer Banking business, pre-tax profits increased 43 per cent on higher deposit margins, loans, and debit card spending. In Corporate and Investment Banking, profits rose 33 per cent, as we gained share in the letters of credit market, payment volumes increased by 43 per cent on Omniplus, and FX volumes grew by 25 per cent as client activity rebounded from the pandemic.

“In addition, an increase in SME activity and growth in the payment business lifted profits in Commercial Banking by 15 per cent.”
Ayeyemi added that, “our investments in technology and digital capabilities have contributed to a reduction in our cost-to-serve. Along with revenue growth, the outcome is our record cost-to-income ratio of 56 per cent. In addition, we increased impairment charges to reflect heightened credit risks.
“More importantly, we have proactively built central impairment reserves of $206 million, which we can deploy in a stressed credit environment. At the same time, our balance sheet remains liquid and adequately capitalised, providing us the capacity to serve our customers better.”

Source: Leadership

0 comment
0 FacebookTwitterPinterestEmail