The Ecobank Group grew its profit after tax by 249 per cent to N140.9 bn in the first quarter of 2024.

This was disclosed in its consolidated unaudited results for the first quarter of the year ended March 31, 2024, which was released on Tuesday.

It also revealed that the profit before tax grew by 249 per cent to N201.5bn.

The bank revenue improved by 205 per cent to N665.4bn, on the back of interest income that was up by 195 per cent to N608.32bn and fees and commission earning that jumped by 217 per cent to N388.36bn during this period.

However, in dollar terms, the pan-African lender’s gross earning was up marginally by one per cent to $673.84m in Q1 2024.

Operating expenses ballooned by 181 per cent to N357.97bn, underpinned by staff remuneration that rose by 178 per cent and other expenses that increased by 181 per cent during the period under review.

The bank’s total assets grew by 33 per cent to N34.57bn but decreased by three per cent to $26.5bn in dollar terms.

Loans and advances to customers rose by 27 per cent to N12.721bn but were down by seven per cent to $9.8bn when valued in dollars.

Deposits from customers were up by 32 per cent to N25.02tn but dipped by four per cent in dollar terms to $19.2bn

Also, total equity saw a 27 per cent increase, landing at N2.09bn.

it was reported that Ecobank Transnational Incorporated grew its profit after tax by 11 per cent year-on-year to $407m in 2023 from $367m in the previous year.

In March, Ecobank Transnational Incorporated announced that it had obtained a $250m loan facility to boost its liquidity buffers.


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