Ecobank Group posted a 6% increase in first-half profit before tax to $423 million as revenue rose 15% to $1.3 billion, driven by growth in corporate banking, payments and digital transactions despite inflationary and geopolitical pressures across its African markets.
The lender said non-interest income accounted for more than 41% of revenue, helping offset economic headwinds, while its cost-to-income ratio improved to a record 48.4%.
Digital transaction value climbed 33% to $78.5 billion during the six months ended June 30, while payment revenue rose 10% to $156 million on higher wholesale payment volumes, merchant acquiring and card activity.
Customer deposits increased by $3.1 billion to $27 billion, with low-cost current and savings accounts making up 85% of the total, strengthening the bank’s funding base.
Chief Executive Officer Jeremy Awori said investments in technology, data and artificial intelligence, supported by Ecobank’s partnership with Google, were improving efficiency and customer experience while positioning the lender for future growth.
The bank also completed a $450 million Nature Bond on the London Stock Exchange during the period. The issuance, the first ICMA-designated Nature Bond by a commercial bank, attracted more than $1.36 billion in investor demand to finance sustainable agriculture, natural capital and water infrastructure projects across 24 African markets.
