The Ecobank Group witnessed a remarkable 59% growth in gross earnings, reaching N1.21tn by the end of September 2023, compared to N761.29bn in the same period of 2022.
The information was disclosed in the Audited Consolidated Financial Statements submitted to the Nigerian Exchange Limited on Thursday.
The delay in filing Q3 financial results was attributed to an external audit, and the Board and Management of Ecobank Transnational Incorporated explained that the decision was made to undergo an audit of the 2023 Third Quarter Financial Results.
While gross earnings increased in Naira value, there was a 15% decrease in US dollar terms to $2.084bn. Operating income rose by 12% to $1.518bn and 55% to N884bn.
The boost in revenue was attributed to higher interest rates, particularly in Anglophone West Africa and Nigeria, growth in interest-earning assets, increased fees from treasury services, and higher cash management fees.
Non-interest revenues rose by 29%, driven by client-driven foreign currency sales, cash management, and payments.
The operating profit before impairment charges increased by 19% to $702m and 64% to N409bn.
In Naira terms, Profit before tax rose by 55% to N262bn, and Profit for the period appreciated by 56% to N182bn.
Total assets rose by 55% to N20.69tn, with loans and advances to customers up by 56% to N7.89tn. Deposits from customers increased by 56% to N14.93tn.
Commenting on the results, the Chief Executive Officer of Ecobank Group, Jeremy Awori, stated, “Ecobank generated profit before tax of $450m for the nine months to September,” highlighting a return on tangible shareholders’ equity of 25.6%.
Despite challenges in the macroeconomic environment, Awori announced the completion of their Growth, Transformation, and Returns strategy.
He emphasized a customer-centric approach, accelerating growth in Consumer and Commercial Banking, diversifying Corporate and Investment Banking revenue streams, and enhancing their Payments, Remittances, and Fintech business.
The group plans to increase investment in technology to provide better services and build their brand for greater market connection and support to growing businesses.
Ecobank operates in 35 African countries, with a subsidiary in France and representative offices in Dubai, London, Beijing, Johannesburg, and Addis Ababa.
