Ecobank Group has reported a substantial 59% increase in its gross earnings, reaching N1.21 trillion by the end of September 2023, compared to N761.29 billion during the same period in 2022.

The Audited Consolidated Financial Statements, filed with the Nigerian Exchange Limited on Thursday, disclosed this significant growth.

The delay in filing the Q3 financial results was attributed to the external audit of the results for the period.

The Board and Management of Ecobank Transnational Incorporated stated that the decision to undergo an audit of the 2023 Third Quarter Financial Results of the Ecobank Group led to the delay.

ALSO READ: UBA partners with AfCFTA in $6 billion deal to boost SME funding

In the Q3 results presented in both Nigerian Naira and United States dollars, Ecobank noted that while gross earnings increased in Naira, it saw a 15% decrease in US dollar terms, totaling $2.084 billion.

Operating income rose by 12% to $1.518 billion and a notable 55% to N884 billion.

The surge in revenue was attributed to higher interest rates, particularly in Anglophone West Africa and Nigeria, increased volume of interest-earning assets, higher fees from treasury services, and a rise in cash management fees.

Non-interest revenues also saw a 29% increase, primarily driven by client-driven foreign currency sales, cash management, and payments.

A $20 million one-off non-cash adjustment on loans previously sold to Nigeria’s Asset Management Corporation of Nigeria contributed to boosting non-interest revenues.

Operating profit before impairment charges showed an upward trend in both currencies, increasing by 19% to $702 million and an impressive 64% to N409 billion.

In Naira terms, Profit before tax rose by 55% to N262 billion, and Profit for the period appreciated by 56% to N182 billion.

Ecobank’s total assets surged by 55% to N20.69 trillion, with loans and advances to customers increasing by 56% to N7.89 trillion from N5.07 trillion as of September 2022.

Deposits from customers also witnessed a substantial rise, increasing by 56% to N14.93 trillion.

Commenting on the Q3 results, Jeremy Awori, the Chief Executive Officer of Ecobank Group, expressed satisfaction with the company’s performance despite a challenging macroeconomic environment.

ALSO READ: Economist intelligence unit doubt CBN’s ability to clear $6 billion forex backlog

He highlighted the completion of their Growth, Transformation, and Returns strategy, focusing on customer orientation and growth in Consumer and Commercial Banking businesses.

Awori emphasized increased investment in technology to enhance services and brand building to support growth businesses.

Ecobank operates in 35 African countries, has a subsidiary in France, and maintains representative offices in various global locations.