April 26, (THEWILL) – Pan-African bank, Ecobank Transnational Incorporated (ETI), has released its unaudited financial statement for Q1 2022, which revealed impressive performance in key financial fundamentals.
According to a report published on its website, ETI’s profit after tax (PAT) rose by 21 percent to $92.1 million from $75.8 million in 2021, while revenue for the period increased by 7 percent to $436.1 million.
Gross earnings increased by 11% to $589.5 million, compared to $532.8 million during the comparable period in Q1 2021.
Similarly, ETI’s profit before tax during the period rose significantly by 25% to $125.1 million, up from $100.3 million recorded in the corresponding period of 2021.
The report also showed that deposits from customers during the first three months of 2022, remained unchanged at $19.7 billion.
The banking group’s total assets, however, dropped by 2% to $27.1 billion, as loans and advances to customers reduced slightly by 3% to $ $9.3 billion, down from $9.5 billion during the comparable quarter last year.
Commenting on the banking group’s Q1 2022 financial performance, Chief Executive Officer, Ade Ayeyemi, said:
“We achieved these results in a difficult operating environment characterised by the strengthening of the US dollar against our operating currencies, high inflation, high interest rates and tight labour markets across Africa as the Russia-Ukraine conflict continued to take its toll.
“Despite these challenges, we continued to support our customers effectively, which paid off as our businesses grew their revenues and profits.
“These were driven by trade, cash management, FICC and payments, while we also achieved modest loan growth with support from higher interest rates.
“As a result, pre-tax profits increased by 13%, 26% and 59% in our Corporate and Investment Banking, Consumer Banking and Commercial Banking businesses respectively.”
Ecobank Transnational Incorporated is the parent company of Ecobank Group, which is present in more than 30 African countries including Nigeria, Ethiopia, Burkina Faso, Kenya, Togo, among others.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
