Ecobank Transnational Incorporated has reported a profit after tax of N187.1bn for the first quarter of 2025, marking a 33 per cent increase compared to N140.9bn in the same period of 2024.

In the bank’s financial statement filed on the Nigerian Exchange Limited on Wednesday, the group’s gross earnings for the quarter rose by 17 per cent, reaching N1.054tn, up from N904.2bn in Q1 2024.

Ecobank’s revenue for the first quarter grew by 19 per cent to N788.7bn, compared to N665.4bn in the corresponding period of 2024. This growth was largely attributed to strong operating income, which increased by 24 per cent to N381.6bn, compared to N307.5bn in the first quarter of 2024. This operating income surge was driven by higher net interest income and a solid performance in non-interest income.

The bank’s profit before tax for Q1 2025 reached N267.3bn, reflecting a 33 per cent increase from N201.5bn recorded in the same period in 2024. This robust performance was propelled by the growth in both revenue and operating income, along with effective cost management.

Ecobank’s earnings per share for the first quarter rose by 39 per cent to 520.4 kobo, compared to 374.7 kobo for Q1 2024. The strong growth in EPS underscores the value delivered to shareholders, with the bank’s earnings significantly outpacing the previous year’s figures.

Total assets for Ecobank stood at N44.5tn, showing a 3 per cent increase from N43.3tn as of December 2024. This reflects the bank’s ability to expand its asset base despite external economic challenges. Loans and advances to customers were stable at N15.3tn, while customer deposits grew by 5 per cent to N33.2tn, further strengthening Ecobank’s balance sheet.

The bank’s equity grew by eight per cent to N3tn, up from N2.78tn at the end of 2024.

Non-interest income, which includes fee and commission income, trading income, and foreign exchange gains, increased by 22 per cent to N337.3bn, compared to N277.1bn in Q1 2024. This growth in non-interest income highlights Ecobank’s success in diversifying its income streams beyond traditional lending.

Interest income for the period grew by 14 per cent to N694.5bn, while net interest income saw a 16 per cent increase, reaching N451.3bn.

Ecobank’s impairment charges for the period decreased by 8 per cent, reflecting the bank’s ability to manage credit risk effectively. This decline in provisions for bad loans further highlights the stability of Ecobank’s loan portfolio and the strength of its risk management practices.

The group’s total comprehensive income for the quarter was N255.8bn, representing a 43 per cent increase from N448.7bn in Q1 2024. The growth in comprehensive income was primarily driven by the higher profit after tax, as well as positive foreign exchange movements that benefitted the group’s overall financial position.

The PUNCH reported that Ecobank Transnational Incorporated has reported a profit after tax of N735.9bn for the 2024 financial year, marking a 179 per cent increase from N263.5bn recorded in the previous year.