Ecobank Grows Profit by 49% to N28b in Three Months

By Modupe Gbadeyanka

The board of Ecobank Transnational Incorporated (Ecobank) Plc has released the unaudited financial statements of the lender for the period ended March 31, 2018.

The lender, in the period, grew its gross earnings by 11.3 percent to N198.6 billion from N178.4 billion in the corresponding period of last year, while the interest income went up by 9.4 percent to N126.6 billion from N115.7 billion.

In the financial statements, Ecobank said its profit before tax increased by 48.1 percent to N33.9 billion from N22.9 billion as at March 31, 2017.

Also, the profit made by the lender after the tax deductions appreciated by 49.2 percent in Q1 2018 to N27.9 billion against N18.7 billion in Q1 2017.

The bank further disclosed that its operating income during the period under review increased by 9.1 percent to N142.2 billion from N130.3 billion, while the net interest income moved up by 5.9 percent to N75.9 billion from N71.6 billion in the first three months of last year.

Furthermore, fee and commission income gulped N38.1 billion in Q1 2018 in contrast to N33.6 billion in Q1 2017.

It was also revealed in the bank’s earnings that the total assets as at March 31, 2018 stood at N6.8 trillion against N6.3 trillion as at March 31, 2017, while the total liabilities were N6.3 trillion versus N5.7 trillion as at this time last year.

Earnings per Share (EPS) grew during the period under review by 52.4 percent to 96 kobo from 63 kobo in Q1 2017.