Ecobank Transnational Incorporated (ETI) has announced N33.9 billion profit before tax in its unaudited first quarter (Q1) result and accounts for period ended March 30, 2018.
The financial institution disclosed its profit before tax grew by 48 per cent from N22.89 billion reported in Q1 2017 in its report to The Nigerian Stock Exchange on Monday.
According to the unaudited results, Profit for the period gained 49 per cent to N27.86 billion in Q1 2018 from N18.68 billion in Q1 2017.
Key drivers include 11 per cent increase in gross earnings to N198.6 billion in Q1 2018 as against N178.4 billion reported in Q1 2017 while Operating profit before impairment losses rose by 18 per cent to N54.7 billion from N46 billion reported in Q1 2017.
The Group CEO, ETI, Mr. Ade Ayeyemi, in a statement said, “The firm generated $111 million in pre-tax profits, the largest quarterly profits since the third quarter of 2015, which was an increase of 48per cent, and 81per cent, from the first quarter and fourth quarter of 2017, respectively. Our return on tangible total shareholders’ equity was a record 23.4per cent.
“We grew deposits by 14per cent year-on-year to $15.5 billion through deeper client engagements and digital financial offerings. Our footprint, a competitive advantage, is an attraction that drives mutually beneficial partnerships.
“Overall, our results show the progress that we have made in the last two years in strengthening the firm’s foundations as part of our ‘roadmap to leadership’ and digitisation strategies – particularly around operating efficiency, credit risk management, and digitisation to reduce our cost-to-serve and advance our vision to bring affordable and convenient financial services solutions to the many unbanked Africans.
“We have now reached a turning point in our 5-year strategy. In the next few years, we will build on this momentum with one major goal – relentless execution. Internally, we will not rest on our laurels while externally, gradual economic growth and client activity continues to be supportive of the firm’s growth.”
The financial statements were approved for issue by the board of directors on 23 April 2018.
The Group CEO and Group CFO who are both signatories to the financial statements of ETI, were granted a waiver by the Financial
However, total assets in three months gained nine per cent to N6.8 trillion as at March 30, 2018 from N6.26 trillion reported in 2017, driven by 14 per cent increase in deposits from customers to N4.72 trillion as at March 30, 2018 from N4.15 trillion in 2017 full year results.
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