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Ecobank reports ₦187 billion profit in Q1 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
May 5, 2025
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Ecobank partners with Afreximbank to streamline cross-border trade in Africa

Ecobank partners with Afreximbank to streamline cross-border trade in Africa

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For the first quarter of 2025, Ecobank Transnational Incorporated reported a profit after tax of ₦187.1 billion, a 33 percent increase over the ₦140.9 billion it reported for the same period in 2024.

The group’s gross earnings for the quarter increased by 17 percent to ₦1.054 trillion from ₦904.2 billion in Q1 2024, according to the bank’s financial statement that was posted on the Nigerian Exchange Limited on Wednesday.

Ecobank’s Q1 revenue increased by 19 percent to ₦788.7 billion

Ecobank’s first-quarter revenue increased by 19 percent to ₦788.7 billion, up from ₦665.4 billion during the same period in 2024. Strong operating income, which rose 24 percent to ₦381.6 billion from ₦307.5 billion in the first quarter of 2024, was primarily responsible for this growth.

Higher net interest income and strong non-interest income performance were the main drivers of this operating income spike.

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Ecobank’s Q1 profit before taxes increases by 33% to ₦267.3 billion

The bank’s first-quarter 2025 profit before taxes was ₦267.3 billion, up 33 percent from ₦201.5 billion in the same period in 2024. Growth in operating income and revenue, as well as efficient cost control, drove this strong performance.

Ecobank’s first-quarter earnings per share increased by 39 percent to 520.4 kobo from Q1 2024’s earnings of 374.7 kobo. The value provided to shareholders is highlighted by the robust growth in EPS, as the bank’s earnings greatly exceeded those of the prior year.

Ecobank’s total assets increased by 3% to ₦44.5 trillion

As of December 2024, Ecobank’s total assets were ₦44.5 trillion, a 3 per percent increase from ₦43.3 trillion. This achievement illustrates the bank’s capacity to grow its asset base in spite of outside economic difficulties.

Ecobank’s balance sheet was further strengthened by a 5 percent increase in customer deposits to ₦33.2 trillion, while loans and advances to customers remained steady at ₦15.3 trillion. The bank’s equity increased from ₦2.78 trillion at the end of 2024 to ₦3 trillion, an 8 percent increase.

Non-interest income, which comprises foreign exchange gains, trading income, and fee and commission income, rose 22 percent to ₦337.3 billion from ₦277.1 billion in the first quarter of 2024. This increase in non-interest revenue demonstrates Ecobank’s ability to diversify its revenue sources outside of traditional lending.

During the period, net interest income increased by 16 percent to ₦451.3 billion, while interest income increased by 14 percent to ₦694.5 billion.

Ecobank’s ability to effectively manage credit risk is demonstrated by the 8 percent decrease in impairment charges over the period. The stability of Ecobank’s loan portfolio and the effectiveness of its risk management procedures are further demonstrated by this drop in provisions for bad loans.

Ecobank’s overall income increases by 43%

The group’s overall comprehensive income for the quarter was ₦255.8 billion, up 43 percent from ₦448.7 billion in the first quarter of 2024. The increase in profit after taxes and favourable foreign exchange movements, which improved the group’s overall financial standing, was the main driver of the growth in comprehensive income.

Ecobank Transnational Incorporated reported a profit after tax of ₦735.9 billion for the fiscal year 2024, which is 179 percent higher than the ₦263.5 billion reported the year before.

Tags: Ecobankprofits
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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