Ecobank Transnational Incorporated (ETI) has released its first quarter financial results for the period ended March 31st, 2021 showing remarkable performance in all the key financial indices.
The Pan African bank recorded a profit Before Tax (PBT) of N40.3 billion, representing 22 per cent 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 indicated a Gross earnings of N214.3 billion representing 10 per cent increase against N194.9 billion during the same period in 2020. Similarly, Revenue 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 the improvement in the Bank’s financials despite global economic challenges to its digital platform and innovative products and services. Ecobank Group Chief Executive Officer, 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.”