PROFIT after taxation at Pan-African institution Ecobank stood at ZW$52,8 billion in the period ended June 30 2023, with the management optimistic that the bullish performance will be sustained in the second half.
According to a statement accompanying financial results for the half year ended June 30 2023, Ecobank also recorded inflation adjusted operating profit of ZW$509,6 billion.
In inflation adjusted terms, total operating income grew 253% year-on-year from ZW$171,5 billion to ZW$605 billion.
This was largely driven by growth in non-interest income of ZW$445,1% from ZW$107,7 billion to ZW$479,2 billion.
Growth in interest income was also significant at 206,7% to ZW$165,6 billion, reflecting a deliberate and cautious strategy to asset growth in line with prevailing liquidity and pricing conditions.
In response to the building inflation pressures in the economy, the bank implemented several cost optimisation measures to keep cost growth below revenue growth, according to the financial statements.
Ecobank said costs grew by 182,8% from ZW$52,2 billion, last year, to ZW$95,5 billion during the review period. However, despite the above performance, profit before tax for the period under review was 67% higher from last year, noted Ecobank.
In the outlook, the bank said it continues to introspect and improve on seamless customer experience by promoting flexible customer feedback, addressing pain points and staff training.
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“The team is optimistic that the performance of the bank will be sustained in the second half of 2023,” it said.
The Zimbabwe dollar traded at US$1:ZW$5 739,79 at the end of June.
The Zimbabwe dollar traded at US$1:ZW$5 739,79 at the end of June and US$1:ZW$370,96 at June 30 2022.
