Ecobank Group reports 19.2% decrease in profit after tax for Q1 2020

Ecobank Group has released its condensed unaudited consolidated financial statements for first quarter 2020. The financial statements demonstrate slightly positive figures across most financial indicators with a reduction in profit. The breakdown of the report is shown below:

Gross Earnings: The group generated N194.8 billion in gross earnings as at March 2020, compared to N199.4 billion recorded at the end of the first quarter of 2019. This represents a reduction in gross earnings of 2.3%.

Revenue: At the end of the first quarter of March 2020, Ecobank generated N143.6 billion in revenue, up from N140.4 billion recorded as at Q1 2019, representing a 2.3% increase in revenue.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N33 billion as profit before tax, down from N37 billion recorded at the end of Q1 2019. This represents a decrease of 10.9%.

Profit After Tax: The bank recorded a profit of N24.6 billion for the first quarter of 2020, compared to N30.5 billion recorded at the end of March 2019, representing a 19.2% decrease in profit after tax.

Earnings Per Share: The group recorded an Earnings Per Share of N71.97 kobo for Q1 2020 as against N91.82 recorded as at the end of March 2019.