ETI PLC, the parent company of Ecobank said its net profit for the third quarter of the year fell by 15% to NGN51 billion year on year.
Group CEO Ade Ayeyemi said: “Our financial performance for the period was adversely impacted by the current tough market conditions in most of Middle Africa. Despite that, we continue to benefit from the power of our diversified business model and delivered revenues of $1.4 billion, flat against the prior year in constant currency, while profit before tax of $281 million fell on an increase in impairments.
He said that “We are making extraordinary efforts to deliver on our strategy by continuing to invest in our people, innovation, technology, and risk and controls. We recently launched the ‘Xpress Account’, an exciting new product that provides customers with a convenient and easy way to open a digital current account and conduct financial transactions, simply with a smart mobile phone. This and other exciting products and services, which we are working on, underpin our strategic ambition to use technology to expand our reach and improve the value of our network for customers.
Mr. Ayeyemi concluded: “I am confident in the prospects of Africa, the competitive strength of our business model, and proud of the hard work Ecobankers put in daily to build sustainable customer relationships.