Ecobank Transnational Incorporated (ETI), reported a 17 per cent increase in profit before tax (PBT) to $175 million for the first quarter (Q1) of 2025.
The contributing factors to the increase were an expansion in net interest spreads, which benefited from lower funding costs, higher net fees and commission income, efficiency gains from the ongoing cost programs under their GTR strategy, and lower net impairment charges on loans.
The Group in its Q1 results released on the Nigerian Exchange revealed that profit after tax increased by 17 per cent to $123 million from $105 million in Q1 2024.
Net revenues up by four per cent to $516 million from $496 million in Q1 2024. Group net interest income rose by two per cent to $295 million in Q1 2025, while Group non-interest revenues (NIR) increased by seven per cent to $221 million. Group gross loans and advances up by two per cent to $10.5 billion in Q1, while Group customer deposits increased by 12 per cent year-on-year to $21.5 billion.
CEO of Ecobank Group, Jeremy Awori stated, “in the first quarter, we continued to build momentum in implementing our Growth, Transformation, and Returns (GTR) strategy, based on the strong foundations established in 2024.”
He added that “we achieved a return on tangible shareholders’ equity (ROTE) of 30.5 per cent. Our profit after tax attributable to shareholders of $84 million increased by 22 per cent or 39 per cent in constant currency. “
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