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Ecobank financial report Ecobank revenue down by 6% in Q1

However, in cedi term, revenue went up by 4% from GHC1, 861,855 in the first quarter of 2015 to GHC1, 932,364 in 2016.  This is largely due the poor performance of the cedi against the dollar.

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Ecobank Transnational Incorporated recorded a six percent slump in revenue in dollar terms from $533,898 in 2015 to $502,339 in the first quarter of 2016  .

However, in cedi terms, revenue went up by 4% from GHC1, 861,855 in the first quarter of 2015 to GHC1, 932,364 in 2016. This was largely due to the poor performance of the cedi against the dollar.

READ MORE:Ecobank announces change in Ghana leadership

First Quarter highlights

  • Revenue down by 6% to $502.3 million (up 4% to GHC1.9 bilion

  • Operating profits before impairment losses down 14% to $170.3 million (down 6% GHC655.1 million)

  • Profit before tax down by 33% to 103.7 million (down 26% to GHC398.8 million)

  • Total assets up 2 percent to 23.2 billion (up 5% to GHC 89.0 billion)

  • Total equity up 1% to $2.5 billion (up 3% to GHC9.8 billion)

 

Ecobank Chief Executive Officer, Ade Ayeyemi said the result was a reasonable performance “in light of the very difficult and tough operating market conditions.

He said despite the challenges, the bank has a revised strategy and a simplified operating model to serve its customers and ensure efficient running of the bank.

READ MORE:Ecobank Ghana adjudged bank of the year

“Cost discipline remains a priority, especially in this revenue challenged environment, Ayeyemi said. "And despite a slight deterioration in our costincome ratio to 66.1%, we remain focused on reducing cost, while simultaneously investing in people, processes and systems, for the future."

Mr Ayeyemi concluded: “we remain vigilant as we continue to navigate the company through these challenging period. And are confident in our strategic aimed at ensuring we generate sustainable long-term performance.”

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