Ecobank Grows Profit by 23 Percent to N30.5 Billion in Q1 2021

Ecobank Transnational Incorporated reported a 23 percent increase in profit after tax to N30.5 billion in the first quarter (Q1) of 2021.

In the bank’s unaudited financial statement released on Monday, total assets rose by 1 percent to N10.44 trillion in the first quarter of 2021.

Customers’ deposits rose by 1 percent to N7.4 trillion while gross earnings expanded by 10 percent to N214.3 billion in the period under review.

Similarly, revenue inched higher by 15 percent to N164.6 billion in Q1 2020 when compared to Q1 2020.

The lender grew profit before tax by 22 percent to N40.3 billion.

Ecobank Group Financial Highlights Q1 2021

Ecobank Group reports performance for 2021 first quarter
– Gross earnings stable at $532.8 million (up 10% to NGN 214.3 billion)
– Revenue up 4% to $409.4 million (up 15% to NGN 164.6 billion)
– Operating income before impairment losses up 25% to $166.6 million (up 37% to NGN 67.0 billion)
– Profit before tax up 11% to $100.3 million (up 22% to NGN 40.3 billion)
– Profit after tax up 12% to $75.8 million (up 23% to NGN 30.5 billion)
– Total assets down 1% to $25.6 billion (up 1% to NGN 10,442.3 billion)
– Loans and advances to customers down 3% to $8.9 billion (down 1% to NGN 3,644.3 billion)
– Deposits from customers down 1% to $18.1 billion (up 1% to NGN 7,378.9 billion)
– Total equity down 4% to $2.0 billion (down 2% to NGN 796.8 billion)