AGS NEWS – The Ecobank Group reported a 249% increase in profit after tax, reaching N140.9 billion in the first quarter of 2024.

This was detailed in its unaudited consolidated results for the quarter ending March 31, 2024, released on Tuesday.

The bank’s profit before tax also rose by 249% to N201.5 billion.

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Revenue surged by 205% to N665.4 billion, driven by a 195% increase in interest income to N608.32 billion and a 217% rise in fees and commission earnings to N388.36 billion during this period.

In dollar terms, gross earnings increased slightly by 1% to $673.84 million in Q1 2024. Operating expenses grew by 181% to N357.97 billion, primarily due to a 178% rise in staff remuneration and other expenses.

Ecobank’s total assets increased by 33% to N34.57 billion but decreased by 3% to $26.5 billion in dollar terms.

Loans and advances to customers grew by 27% to N12.721 billion but dropped by 7% to $9.8 billion when converted to dollars.

Customer deposits rose by 32% to N25.02 trillion but fell by 4% to $19.2 billion in dollar terms. Total equity increased by 27% to N2.09 billion.

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Previously, Ecobank Transnational Incorporated reported an 11% year-on-year growth in profit after tax to $407 million in 2023.

In March, the bank announced a $250 million loan facility to enhance its liquidity buffers.