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    Breaking: Iran launches missiles at US bases in the Middle East

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    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

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    FG increases private university application fee from N5m to N25m

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Q1 2021: Ecobank Group Profit after tax rises by 22%

Tuesday, 27 April 2021, 9:47 am
in Business, Companies
0
Ecobank Nigeria secures N50 bn 10-year bilateral subordinated loan
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Ecobank Transnational Incorporated (NGX: ETI) reports increases in both gross earnings and profit after taxation for the first quarter of the year ended 31 March 2021.

The Group reports its earnings in two currencies – the US dollar the Naira as shown in the attached table below.

Gross earnings increased by 10% to N214.3 billion in Q1 2021 from N194.9 billion reported in Q1 2020.

The interest income rose by 12% N139.1 billion from N124.5 billion in Q1 2020. Net interest income rose by 24% to N95.3 billion in Q1 2021 from N76.6 billion due to a 9% drop in interest expense to N43.8 billion in Q1 2021 from N47.9 billion in Q1 2020.

Similarly, the fees and commissions income increased by 19% to N45.6 billion from N38.5 billion in Q1 2020.

Also, the operating expenses increased by 3% to N97.6 billion in Q1 2021 from N94.9 billion in Q1 2020

Operating income before impairment losses was up 37% to N67.0 billion in Q1 2021 from N48.8 billion in Q1 2020. Ecobank Group booked N22.8 billion Impairment charges on financial assets in Q1 2021 a 48% rise from the N15.5 billion it booked in the same last year.

The Net monetary loss arising from hyperinflationary economies rose to N3.9 billion from N285.8 million in Q1 2020.

The Profit before tax was up 22% to N40.3 billion from N33.0 billion in Q1 2020. The group paid N10.4 billion in tax in Q1 2021 (N8.7 billion in Q1 2020).

Profit after tax from continuing operations rose by 23% to N30.0 billion from N24.3 billion recorded in Q1 2020.

  • Read: TRANSCORP share price soar as Nigerian Exchange begin the week with 0.04% gain
  • Transcorp Profit after tax in Q1 2021 increase by 2,426% – Investments yielding fruits

The Group’s total assets were up 1% to N10.4 trillion. Major components of the assets:

  • Loans and advances to customers: N3.64 trillion
  • Investment securities: N2.41 trillion
  • Cash and balances with central banks: N1.55 trillion
  • Loans and advances to banks: N936.75 billion

Total liabilities rose to N9.64 trillion in Q1 2020 from N9.57 trillion as at 31 December 2020.

Major components of the Group’s liabilities

  • Deposits from customers: N7.38 billion
  • Borrowed funds: N954.23 billion
  • Deposits from banks: N788.56 billion

Total equity was down by 2% to N796.8 billion from N811.75 billion as at 31 December 2020.

Equity attributable to owners of the parents is N581.94 billion (Share capital and premium: N353.51 billion and the Retained earnings and reserves: N228.42 billion), while the non-controlling interest is N214.87 billion.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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