“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

ECOBANK announces a 12.92% profit increase in the first half of 2020

 The pan-African banking group Ecobank has made public its performance for the first half of 2020. The group recorded an increase of 12.92% at the end of the first half of 2020, compared to the same period of 2019. The profit thus rose to 95.660 billion of FCFA as of June 30, 2019 to FCFA 106.020 billion as of June 30, 2020. This is equivalent to an increase of FCFA 10.360 billion in absolute value.

ECOBANK announces a 12.92% profit increase in the first half of 2020

Net banking income, meanwhile, is up slightly by 1.95%, standing at 459.216 billion FCFA against 450.397 billion FCFA in 2019.

The banking group collected from its customers 9,786.705 billion FCFA against 9,327.603 billion FCFA as of June 30, 2019, during the period under review. In addition, it held loans and receivables of CFAF 5,049.988 billion for the same clientele, compared to CFAF 5,039.047 billion as of June 30, 2019.

Operating expenses fell from 299.071 billion FCFA as of June 30, 2019 to 294.320 billion FCFA a year later (-1.58%). With a cost of risk which increased by 2.59% to 34.113 billion FCFA against 33.250 billion FCFA in the first half of 2019.

As for the operating result, it increased by 10.76% to 130.693 billion FCFA against 118.076 billion FCFA a year earlier. 

Regarding equity, they rose from CFAF 1,041.607 billion as of June 30, 2019 to CFAF 1,124.964 billion a year later, an increase of CFAF 83.357 billion. Borrowing, reduced by 103.786 billion FCFA, fell from 1297.786 billion FCFA in the first half of 2019 to 1194.030 billion FCFA still during the period under review.

Ecobank Transnational Incorporated (ETI), a public limited company, was created in 1985 as a banking holding company on the initiative of the Federation of West African Chambers of Commerce with the support of the Economic Community of African States of the 'West (ECOWAS). In the early 1980s, the West African banking industry was dominated by state and foreign banks.