Prime Business AfricaIn the first quarter (Q1) of 2025, Ecobank’s gross earnings surged by 17 percent to N1.05 trillion, rising from N904.15 billion recorded in the corresponding period last year.
Ecobank disclosed this in its consolidated unaudited financial statements for the period ended March 31, 2025.
Join our WhatsApp ChannelThe lender also recorded 14 percent quarter-on-quarter growth in its interest income, which rose to N694.51 billion in the period under review, compared to the N608.32 billion generated in the first quarter of 2024.
Interest expense on deposits from banks and customers, as well as borrowed funds, also followed the same path, rising by 11 percent from the N219.96 billion reported in Q1 last year to N243.19 billion in the same quarter this year.
This followed a 5 percent increase in deposits from customers, as it increased from N31.63 trillion as of December 31, 2024, to N33.20 trillion as of March 31, 2025.
Ecobank also reported that its profit before tax (PBT) increased by 33 percent during the review period, up from N201,45 billion in Q1 of 2024, to N267.30 billion in the corresponding period this year.
For its profit in the first quarter of 2025, Ecobank paid N80,19 billion as income tax, which is 32 percent or N19.63 billion more than the N60.55 billion tax reported for last year’s Q1.
As a result, Ecobank posted N187.11 billion profit after tax (PAT), exceeding the N140.89 billion recorded in the corresponding period of 2024 by 33 percent.
Meanwhile, Ecobank reduced its loans and advances to customers by 0.2 percent, from N15.34 trillion as of December 31, 2024, to N15.31 trillion as of March 31, 2025.
However, its total assets jumped marginally by 3 percent from N43.30 trillion at the end of last year to N44.53 trillion at the end of Q1 this year.
