Post by Proshare (@Proshare)

Ecobank's H1 2026 results read very differently depending on your currency. In Dollars, profit before tax up 6.22%, NPL ratio down to 7.60%, cost-to-income improved to 48.41%. In Naira, profit before tax down 5.84%, EPS down 9.45% to N11.11. The gap traces entirely to an 11.3% stronger naira, a translation effect on an otherwise operationally improving business.

But the result's most critical number is Nigeria: a 45.0% NPL ratio, just 20.2% segment coverage, and a $503m central Group reserve described as covering "specific risks associated with Nigeria." That reserve, not Nigeria's own provisioning, is doing the heavy lifting. Whether it holds is the key watch for H2 2026.

Read the full commentary:
https://proshare.co/articles/ecobank-group-h1-2026-results-a-firmer-naira-erases-dollar-growth-as-nigeria-bares-the-groups-asset-quality-risk?menu=Market&classification=Read&category=Stock

Ecobank's H1 2026 results read very differently depending on your currency. In Dollars, profit befor...

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