Ecobank Profit Jumps 23.5% In Q1 2021
Ecobank Group’s Profit jumped by 23.5 per cent in the first quarter (Q1) of 2021 to hit N30.493 billion year on year from N24. 694 billion it posted in March 2020.
Ecobank in its Condensed Unaudited Consolidated Financial Statements for the period ended 31 March 2021 released on Monday, the Group also surged in its profit before taxation (PBT) by 22.15 per cent to N40.342 billion from N33. 026 billion in March 31, 2020.
The Tier -1 financial institution also grew its revenue base by 14.58 percent to stand at N164.6 billion up from N143.7 billion year on year.
The Q1 financial report also shows the lender’Gross earning climbing by 9.96 percent to close the First quarter at N214.282 billion up from N194.860 billion.
According to the Q1 Unaudited statement, the bank’s operating profit before impairment charges stands at N67.009 billion from N48.79 billion in the first quarter of 2020, representing a 37.32 per cent appreciation.
Although its Loans and advances to customers declined by 1.47 per cent from N3. 699 trillion in 2020 to N3.644 trillion under the quarter in review. However, Total asset rose to N10.433 trillion from N10.384 trillion, indicating a marginal leapt of 0.47 per cent.
Ecobank also dipped in its Total equity base, falling from N811.754 billion to N796. 800 billion in the first three months of 2021. a 1.84 per cent drop year on year.
The huge surge in profit and other parameters also saw the bank’s Deposit from customers soared by 0.73 percent to stand at N7.378 trillion from N7.324 trillion.
Earnings per share from continuing operations attributable to owners of the parent during the period moved up to 84.08 Kobo from 71. 13 kobo, an 18. 3 per cent rise.
Ecobank expenses on Taxation gulped N10.379 billion in March 2021 from N8. 713 billion the previous year, representing 19.1 increase. Its Net interest income also jumped by 24.47 per cent to close at N95. 347 billion from N76.601 billion.
ETI had recorded a revenue of N641.8 billion for the year ended December 31, 2020, representing 9 per cent increase compared with N586.9 posted in the corresponding period of 2019.
“This is a reflection of the power of our pan-African diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.
Ayeyemi further said: “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”
Other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019. The bank recorded Profit before tax of N66.6 billion as against N146.5 billion reported in 2019. While Profit after tax closed at N33.7 billion during the year under review.
