Ecobank Group’s Q1 profit rises to N40.3bn

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Ecobank Transnational Incorporated, on Tuesday, said its profit before tax rose by 22 per cent to N40.3bn in the first quarter of 2021.

It disclosed this in a statement on its unaudited results for the period ended March 31, 2021, titled ‘Ecobank Group declares superlative Q1 result; PBT up 22 per cent to N40.3bn’ on Tuesday.

Ecobank said the report showed a remarkable performance in all the key financial indices.

It said, “The pan-African bank recorded a profit before tax of N40.3bn, representing 22 per cent increase over the N33bn reported at the same time in 2020. Profit after tax closed at N30.5bn.”

The result submitted to the Nigerian Stock Exchange indicated gross earnings of N214.3bn, representing 10 per cent increase against N194.9bn during the same period in 2020.

It said, “Revenue went up by 15 per cent to N164.6bn; operating income before impairment losses up by 37 per cent to N 67.0bn and total assets went up one per cent to N 10.4tn.

“However, loans and advances to customers went down by one per cent to N3.6bn and total equity also reduced by two per cent to N8tn.”

The Chief Executive Officer, Ecobank Group, Ade Ayeyemi, said, “We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our non-performing loan ratio low and exceeding the expectations of our customers to truly be the pan-African bank that Africa trusts.”

He noted that these, together with all its investments and achievements to date, would enable it to collectively grow revenues and generate long-term return of capital to its shareholders, despite the near-term challenges from COVID-19.