Ecobank Plc 3 Months Financial Summary

3 Months Report ECOBANK PLC
	2017 N'000	2016 N'000	change	Year End
Revenue	178,387,709	131,394,217	36%	December
Profit/Loss before taxation	22,894,662	20,629,792	11%
Profit/Loss for the period	18,681,786	16,206,308	15%
Issued Shares (Units)	18,349,551,215	18,349,551,215
Basic Earnings Per Shares (Kobo)	61.00	59.00	3%
Last total dividend paid (Kobo)	0.00	0.00

The summary of the result in the MD's words:

Ade Ayeyemi, Group CEO, commenting on the financial results: “Our performance in the first quarter was encouraging despite continued macroeconomic headwinds. All of our businesses made meaningful progress in executing our strategy by continuing to focus on cost discipline, stringent credit risk practices, and digitisation of processes to enhance the customer experience

He went further to say “Our first quarter revenues of $425 million, increased 3% in constant dollars, while operating expenses were flat, year-on-year. Preimpairment income increased 10% in constant dollars, reflecting positive operating leverage. The cost-to-income ratio of 64.5% was an improvement on the 66.1% for 2016, reflecting strong efficiency gains. However, pre-tax profits decreased 17% in constant dollars, mainly because impairments remain elevated as we forecast, for which we continue to aggressively address in our ongoing overhaul of credit risk management. We delivered a return on tangible equity of 16%.

He concluded that “Our diversified business model and pan-African footprint is a competitive advantage for us. It allows us to meet the trade finance, cash management, and online and mobile financial needs of our clients across Middle Africa with unique financial products and services. Together with the more than 17,000 Ecobankers, I am proud of what Ecobank continues to do for its customers.”

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