Ecobank

-This is on Net Revenues of $393m

-Records significant increase in customers adoption of digital channels

In the first quarter of 2020 (Q1, 2020), Ecobank recorded significant increase in customers adoption of digital channels. It also reported Profit Before Tax of $90 million on net revenues of $393 million

Business Highlights

• Recorded significant increases in customer adoption rates on our digital/online channels across our businesses. Adoption rates are expected to accelerate as COVID-19 induced lockdowns changes consumer behavior.

• The number and value of transactions grew by 8% and 15% to 4m and $6.1bn, respectively, on Ecobank Omni+, Corporate and Investment Bank’s corporate clients’ online banking platform in the first quarter of 2020.

• OmniLite, Commercial Bank’s online banking platform designed specifically to meet the unique financial needs of SMEs increased number of transactions by 40,000 to 126,000, which amounted to $435m.

• Ecobank Pay, our payments platform saw a 61% increase in merchant acquisition numbers to 195,000 merchants.

• Transaction numbers and value on Ecobank Mobile increased 72% and 32% to 9m and $613m, respectively.

• Registered customers increased by 3,000 to 9,000 year-on-year on our Africa RapidTransfer App, which facilitates low-cost money transfer across 33 African countries.

• The number of XpressPoints (our physical agency network) grew by approximately 4,000 agents to 43,700, with the value of transactions reaching $445m.

Three months ended 31 March 2020 – Earnings Results

• PBT of $90m, down 12% on a reported basis, but up 27% in constant currency, driven by positive operating leverage
• Operating income (net revenue) of $393m, up 1% on a reported basis and 14% in constant currency
• Operating expenses of $259m, up 1% on a reported basis and 6% in constant currency
• Pre-impairment profit of $133m, up 2% on a reported basis and 34% in constant currency, on positive operating leverage
• Customer deposits of $16,103m, up 6% on a reported basis and 11% in constant currency
• Loans and advances to customers (net) of $8,788m, up 2% on a reported basis and 7% in constant currency