Nigeria Ecobank Transnational Incorporated (Eti) has published its business figures for the first half of fiscal 2021. As a result, the bank's revenue increased by 7% to $825 million

Despite a difficult operating environment with the third wave of coronavirus infections threatening economic recovery, revenue grew by 7% to $825 million. “We have seen a continuous and sustained resilience in our performances, which is indicative of the success of our execution dynamic. As a result, we generated a return on tangible equity of 16.1% compared to 15.2% in 2020. In addition, pre-tax profit grew by 23% to $210 million,” said Ade Ayeyemi, CEO of the Ecobank Group. He continues: “I am proud of the hard work of our employees to improve operational efficiency, which translates into an operating coefficient of 58.7% ahead of expectations and making good progress towards our medium-term target of 55%. Furthermore, the quality of the portfolio has remained exceptionally strong. As a result, our bad loans ratio of 7.4% is a substantial improvement compared to 9.8% the previous year.” Deposit growth has been strong, now exceeding $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in one year, thanks to our appropriate business strategy.

Ade Ayeyemi Ayo Adepoju reported that the bank successfully raised $350 million in Tier 2 sustainability bonds in June, the first by a financial institution in sub-Saharan Africa. The transaction was oversubscribed 3.6 times, demonstrating strong confidence in the Ecobank Group and its commitment