The pan-African banking group Ecobank Transnational Incorporated (ETIT) increased its net revenues to $994 million and its profit before tax by 5% to $324 million in the six months ending June.
That’s according to the Togo-headquartered bank’s latest financial statement, which also shows that its after-tax profit rose to a nine-year high of $227 million in H1 from $216 million in the same period in 2023.
Excluding the impact of foreign currency translation due to US dollar strength, the profit before tax increased by 23%.
The return on tangible shareholder’s equity, ROTE, was 34.7%, compared to 27% in the previous year.
Seventh Most Valuable Stock
Ecobank Transnational Inc. (ETI) is currently the seventh most valuable stock on the BRVM with a market capitalization of XOF 307 billion, accounting for about 3.42% of the equity market.
Also Read:Â Jeremy Awory appointed Ecobank CEO days after quitting Absa Bank
The West African CFA franc (XOF) is the shared currency of eight independent states in West Africa. The XOF uses both coins and banknotes.
Ecobank started the year with a share price of 19 XOF but has since seen a decline of 10.5% in its price valuation, ranking it 36th on the BRVM in terms of year-to-date performance.
However, shareholders may find some reassurance in the 6% increase in ETI’s share price since July 5, making it the 11th best performer on the BRVM during this period.
Bourse Régionale des Valeurs Mobilières SA, (BRVM), is a regional stock exchange serving the following West African countries: Benin Burkina Faso Côte d’Ivoire Guinea Bissau Mali Niger Senegal Togo. The exchange is located in Abidjan, Cote d’Ivoire.
