Monday, September 8, 2025
27.6 C
Lagos

Ecobank Group: Digital Transactions Hit $59.1bn in 9 Months

Ecobank Group said it recorded transactions valued at $59.1 billion across its digital channels in the first 9 months of 2022.

The company disclosed this in its audited financial report for the 9-month ended September 2022. According to the company, this represents a 44% increase compared with the $40.4 billion it recorded in the same period last year.

A closer look at the various digital channels of the company shows that the Ecobank Omni Plus recorded the largest transaction value within 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 in the 9-month financial result reported a 7% increase in revenue from $1.26 billion in the same period of 2021 to $1.35 billion in the period under review. The bank’s operating profit expanded by 12% to $593 million, up from $528 million filed in the corresponding period of 2021, Profit before tax rose to $401 million, a 14% increase from $352 million achieved in 2021. Profit paid to shareholders grew by 7% from $182 million to $196 million.

CEO’s comment: 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.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Tackling the Hazard of Protein Deficiency

Proteins are macronutrients. They are an indispensable part in...

Stanbic IBTC Partners Afreximbank on N300bn Domestic Bond

    Stanbic IBTC Capital Limited, a subsidiary of the Stanbic...

FG Pledges Stronger Policy, Funding Support for Creative Industry

The Presidency has reaffirmed President Bola Tinubu’s commitment to...

Arsenal, Emirates Make Football History in Sponsorship Deal

Emirates, the world’s largest international airline, and Arsenal Football...

Global Airlines Financial Monitor: August 2016

The latest financial results from Q2 2016 point to...

Bearish Sentiment Persist on Declines in Market Bellwethers… NSE ASI down 0.6%

The bearish sentiment persisted in the local bourse yesterday...

Stanbic IBTC Holdings to Host 7th Edition of its Youth Leadership Series 

Stanbic IBTC Holdings, a leading financial services group committed...
spot_img

Related Articles

Popular Categories

spot_imgspot_img