According to a copy of the report obtained by Business Insider Africa, Ecobank Transnational’s gross revenue rose 11% to $589.5 million from $532.8 million in the comparable period of the first quarter of 2021. Likewise, total revenue increased 7% to $436.1 million. .
In terms of earnings, ETI’s pre-tax profit in the last three months of 2022 increased a significant 25% to $125.1 million from $100.3 million in the last three months of 2022. comparable period in 2021. In the same vein, profit after tax reached $92.1 million, indicating an increase of 21% compared to $75.8 million in Q1 2022.
The report also showed that customer deposits in the first three months of 2022 remained unchanged at $19.7 billion. Meanwhile, the banking group’s total assets fell 2% to $27.1 billion.
Meanwhile, ETI’s loans and advances to customers edged down 3% to $9.3 billion from $9.5 billion in the comparable quarter last year.
While giving a more in-depth look at the banking group’s financial performance in the first quarter of 2022, Chief Executive Officer Ade Ayeyemi said:
“We achieved these results in a challenging operating environment characterized by the strengthening US dollar against our operating currencies, high inflation, high interest rates and tight labor markets across Africa as the conflict Russian-Ukrainian war continued to wreak havoc. Despite these challenges, we continued to effectively support our clients, which paid off as our businesses increased their revenues and profits, driven by trading, cash management, FICC and payments, while we also saw modest loan growth thanks to higher interest rates. As a result, pre-tax profits increased by 13%, 26% and 59% respectively in our Corporate and Investment Banking, Consumer Banking and Commercial Banking businesses. »
Ecobank Transnational Incorporated is the parent company of Ecobank Group which is present in more than 30 African countries including Nigeria, Ethiopia, Burkina Faso, Kenya, Togo, etc.