On Wednesday, Ecobank Group announced impressive results for the first half of 2022, with unaudited Profit before Tax (PBT) rising by 24% to US$261 million.
In addition, the Group reported a record return on tangible equity of 19.5% and a year-over-year rise in profits per share for shareholders of 24%. The Group's net revenues climbed by 10% to $910 million despite the difficult operating environment of rising inflation, falling African currencies, and weaker economic development.
These outcomes show that, thanks to our "Execution Momentum" strategy, our revenue expansion objectives have been consistently successful.
They also demonstrate the success of the Bank's diverse operating model, which benefits our customers and clients as a result of our strategy focus on "Manufacturing centrally, Distributing locally." Ecobank's corporate and investment banking business lines (CIB),Consumer banking (CSB) and commercial banking (CMB) both had increases in PBT of 33%, 43%, and 15%, respectively.
The success of every one of our territories also serves as evidence of the Ecobank Group's strong, varied pan-African footprint. Nigeria, French-Speaking West Africa (UEMOA), Central, East, Southern Africa (CESA), and Anglophone West Africa (AWA) markets all had increases in PBT of 74%, 42%, 37%, and 8%, respectively.
Clients' economic activities maintained their post-pandemic recovery trajectories during the first half of this year. Our income grew as a result of bigger spreads on customers' currency purchases and sales as well as higher payment volumes. Payments revenue increased by 23%, or $22 million, to $119 million (13 percent of Group revenues). the expansion of businesses and the rise in consumer use of our cards as a result of sales and marketing campaigns were the growth engine.
Customers also continue to believe in us and use our digital platforms (Omni Plus, Omni Lite, Ecobank Online, and Xpress Points) in all aspects of our companies. As a consequence, the value of digital transactions climbed by $10.5 billion to $39.1 billion, resulting in a 3 percent year-over-year growth in client deposits.
Commenting on this strong half-year performance, Group Chief Executive Officer Ade Ayeyemi said: "Our results for the first six months of 2022 demonstrate the benefits of our broad business and geographic operations. Additionally, it demonstrates our ability to persevere and execute in the face of adversity while providing clients and consumers with acceptable returns for our shareholders.
The rest of Ayeyemi's statement went like this: "Our investments in technology and digital capabilities are scalable and have lowered our cost-to-serve. Our cost-to-income ratio of 56.0 percent set a record, and revenue growth also helped. In order to reflect elevated credit risks, we raised impairment charges. Moreover, we have proactively accumulated $206 million in central impairment reserves, which we can use in the event of a credit crunch. The ability to better service our clients is made possible by the fact that our balance sheet is still liquid and sufficiently capitalised.
Over the course of the first half of this year, the Ecobank Group received close to 20 Awards from reputable companies and industry media. These are a reflection of the positive effect our services have on our clients and communities, and are rooted in our mission to the expansion and financial integration of Africa. Indeed, during its 2022 awards presentation, Euromoney recognised Ecobank as Africa's Best Bank, Africa's Best Digital Bank, and Africa's Best Bank for SMEs.
These honours "are a tribute to our dedication for providing clients and customers with the best possible service as well as our ongoing investments in technology, processes, and people. I want to express my admiration and gratitude for my fellow Ecobankers for their hard work and dedication. As usual, we are working to achieve our goals and maintain our status as the bank that Africa and its allies can rely on. Finally, Ayeyemi said.
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