Pan-African bank, Ecobank Transnational Incorporated (ETI), has released its unaudited financial statement for Q1 2022 which shows some very positive financial indicators
According to a copy of the report which was released, Ecobank Transnational’s gross earnings increased by 11% to $589.5 million, compared to $532.8 million during the comparable period in Q1 2021. Similarly, total revenue increased by 7% to $436.1 million.
With regards to profits, ETI’s profit before tax during the past three months of 2022 rose significantly by 25% to $125.1 million, up from $100.3 million during the comparable period in 2021. In the same vein, profit after tax rose to $92.1 million, indicating a 21% increase when compared to $75.8 million in Q1 2022.
The report also showed that deposits from customers during the first three months of 2022 remained unchanged at $19.7 billion. Meanwhile, the banking group’s total assets dropped by 2% to $27.1 billion
Meanwhile, ETI’s loans and advances to customers reduced slightly by 3% to $ $9.3 billion, down from $9.5 billion during the comparable quarter last year.
While giving further insight into 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.”
