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Ecobank posts K4.3 billion profit

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Ecobank Malawi has registered a K4.3 billion profit-after-tax for the half year ended June 30 2021 from K4 billion recorded during the same time last year.

This represents eight percent growth.

The bank’s profit-before-tax grew by 11 percent to K5.9 billion year-on-year.

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According to a financial statement issued last week and co-signed by Ecobank Chairperson Leonnard Chikadya and Managing Director Raymond Fordwuo, the bank says its operating income before loans also increased by 30 percent from K9.6 billion to K12.6 billion.

The pan-African bank has attributed the rise in its profitability to the rise in funded income as a result of interest-bearing assets.

The statement further indicates that total assets increased to K304 billion from K278 billion due to deposits from customers, which grew by 36 percent to K145 billion from K107 billion.

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“The sustained growth underscores the resilience of the bank arising from our leadership position in trade finance, the digitisation of our products and services, operational efficiency and better efficiency in delivering our customer-centric services,” the statement reads.

The bank, however, notes that the first half of the year saw the economy facing multiple downsides due to the impact of the Covid pandemic, currency depreciation and increasing government budget deficit.

Nonetheless, the bank expects the effects to be mitigated following the administration of Covid vaccines and better agricultural production.

“We are hopeful that the economy will gradually recover in the second half of 2021, but we are mindful of the potential impact on our business if downside risk levels remain elevated. We remain focused on serving the needs of our customers, shareholders, staff and all other stakeholders,” the statement adds.

In 2021 and beyond, the bank says. It will accelerate the sale of its world class digital solutions targeting every Malawian.

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