Ecobank Grows Profit by 249% in Q1-2024
Ecobank Transnational Incorporation (ETI) Plc profit surged by 249% year on year in the first quarter of 2024, details from its latest unaudited financial statement revealed.
Details from Ecobank group financial scorecard for the first three months in 2024 showed that profit settled at N140.889 billion from N40.406 billion in the comparable period in 2023.
The group’s healthy bottom line growth was driven by 217% year on year growth in net interest income in the period. Interest income came stronger, up by 194% year on year to N608.321 billion in the first quarter of 2024 from N207.221 billion 12 months earlier.
The significant surge was propelled by a higher interest rate environment across its pan African markets. The impact on higher interest yield was dragged by a similar growth in payments to funds providers.
Despite this, net interest income came stronger, supporting a sizeable earnings performance growth in the period. In addition, non-interest revenue also climbed by 191% year on year due to improved service delivery – supported by a 3771% increase in other income lines which settled at N6.828 billion in Q1 from less than N177 million in the comparable period in 2023.
These positive trends boosted the group pretax profit, up by 249% year on year from N57.698 billion in the first quarter of 2023 to N201.459 billion at the end of Q1-2024.
A review of the Pan African lender numbers showed that its balance sheet size shrank to N26.526 trillion in the first three months of operation in 2024. This was as a result of reduction in retained earnings, out which dividend payment was made. #Ecobank Grows Profit by 249% in Q1-2024. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM – in Abidjan.
The Group is owned by more than 600,000 local and international institutional and individual shareholders. It employs 14,297 people in 39 different countries in 660 branches and offices.
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