Ecobank Group Report N40.3Bn Profit In Q1, 2021

Yemisi Izuora

Ecobank Transnational Incorporated (ETI) has released its Q1, unaudited results for the period ended March 31st, 2021.

The financial report indicated remarkable performance in all the key financial indices, showing a profit Before Tax (PBT) of N40.3 billion, representing 22% increase over the N33 billion reported at the same time in 2020. Profit After Tax (PAT) closed at N30.5 billion

 

The result submitted to the Nigerian Stock Exchange on Monday indicated a Gross earnings of N214.3 billion representing 10% increase against N194.9 billion during the same period in 2020.

Equally, revenue soared by 15 per cent to N 164.6 billion; Operating income before impairment losses up by 37 per cent to N 67.0 billion and Total assets went up 1 per cent to N 10.4 trillion. However, Loans and advances to customers went down by 1 per cent to N 3.6 trillion and Total equity also reduced by 2 per cent to N8 trillion.

 

Analysts linked this remarkable improvement in the Bank’s financials despite global economic challenges to its digital platform and innovative products and services. Ecobank Group CEO, Ade Ayeyemi had 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 NPL 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 our investments and achievements to date, will enable us collectively grow revenues and generate long-term return of capital to our shareholders, despite the near- term challenges from COVID-19.”

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