Ecobank Declares Impressive Q1 Result, PBT Up 22% to N40.3 billion

Ecobank Declares Impressive Q1 Result, PBT Up 22% to N40.3 billion

Ecobank has released its Q1, unaudited results for the period ended March 31st, 2021 showing impressive results across  key financial indices.

THECONSCIENCEng reports that the Pan African bank recorded a profit Before Tax (PBT) of N40.3 billion, representing a 22% increase over the N33 billion reported at the same time in 2020 while the Profit After Tax (PAT) closed at N30.5 billion

Similarly, 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.

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Revenue also went up 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 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”.

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Ecobank boss added 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.”