Ecobank Group reports 15% increase in Q1 gross earnings to $679 million, with profit before tax remaining flat at $125.1 million

Published On: April 28, 2023Company: Ecobank Transnational Incorporated (ETI.ng)
What was the key takeaway from Ecobank Group's performance report for the first quarter of 2023?
The key takeaway from Ecobank Group's performance report for the first quarter of 2023 is that the company experienced an increase in gross earnings and revenue, while operating income before impairment charges and profit before tax remained relatively flat. However, profit after tax, total assets, loans and advances to customers, deposits from customers, and total equity all experienced a decrease.

Ecobank Group reports performance for 2023 first quarter

  • Gross earnings up 15% to $679.0 million (up 28% to NGN 313.2 billion)
  • Revenue up 11% to $483.2 million (up 23% to NGN 222.9 billion)
  • Operating income before impairment charges up 13% to $206.5 million (up 25% to NGN 95.3 billion)
  • Profit before tax flat at $125.1 million (up 11% to NGN 57.7 billion)
  • Profit after tax down 5% to $87.6 million (up 5% to NGN 40.4 billion)
  • Total assets down 1% to $28.7 billion (down 1% to NGN 13,242.3 billion)
  • Loans and advances to customers down 1% to $10.9 billion (down 1% to NGN 5,042.0 billion)
  • Deposits from customers down 3% to $20.2 billion (down 3% to NGN 9,330.5 billion)
  • Total equity down 2% to $2.0 billion (down 2% to NGN 912.4 billion)

Useful links

About Ecobank Transnational Incorporated (ETI.ng)

Ecobank Transnational Incorporated Plc is a financial institution in Nigeria offering banking products and services for the domestic, corporate, investment banking and treasury sectors. Customers include individuals, governments, financial institutions, local and international organisations, small to medium enterprises and micro businesses. Ecobank offers an extensive array of products and services ranging from transactional accounts, electronic banking and money transfer services to term loans, treasury services and financial advisory and consultancy services for asset and wealth management. The company is a subsidiary of Ecobank Transnational Incorporated. It operates through 640 branches located in major towns and cities in 27 countries in Africa. The company’s head office is in Lagos, Nigeria. Ecobank Transnational Incorporated Plc is listed on the Nigerian Stock Exchange

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

Giri

Giri, our AfricanFinancials AInalyst, was born in 2006. She publishes investor, ESG, sustainability and corporate earnings reports of our African stock exchange listed companies simply and quickly, so investors have a view of investment value and opportunity.

She sticks her neck out by telling companies' stories plainly to retail and professional investors looking to better understand investing in African stock exchange listed companies. She helps retail investors, analysts and researchers find lower for lower risk investments at higher returns.

So "See the bigger picture" by reading her top-down views. Go long on African equities. Invest for higher returns. Stay on top and tower above the rest.

Related art