Ecobank Group’s quarterly profit rises 23% to N30.5bn

Ecobank Group has posted an increase of 23 percent in its profit after tax for the first quarter of 2021, compared to the same period in 2020.

The pan-African financial institution said its after-tax profit rose to N30.5 billion in Q1 2021 from N24.69 billion (up 12 percent to $75.8 million).

Its profit before tax increased by 22 percent to N40.3 billion (up 11 percent to $100.3 million) as gross earnings were up 10 percent to N214.3 billion (stable at $532.8 million).

Loans and advances to customers fell by one percent to N3.64 trillion (down three percent to $8.9 billion) while deposits from customers rose by one percent to N7.38 trillion (down one percent to $18.1 billion).