Ecobank P2lc has released its Q1 2022 financial result. The result revealed that the bank made a profit of N38.3 billion during the period under review, representing a 26% increase year on year.
The bank also reported earnings per share of N1.12, a 33% growth from the N0.84 reported in the corresponding period in 2021.
The statement released also showed an increase in the net interest income by about 30% from N95.35 billion in Q1 2021 to N99.37 billion in Q12022.
However, the company’s total asset declined by 3.63% from N11.69 billion in Q1 2021 to about N11.26 billion in Q1 2022.
The bank’s performance in the current quarter reviewed has shown that the bank is on the back of economic recovery as the profit after tax records marginal growth of 55% from N24.69 billion in Q1 2020 to N38.3 billion in Q1 2022.
Keynotes
Ecobank Plc grew its income from fees and commission from by 21.61% to N55.48 billion year-on-year.
The bank’s deposit from customers declined by 2% to N8195.2 billion, while gross earnings increased by 15% to N245.4 billion in Q1 2022.
The company’s revenue went up by 10% to N181.5 billion in Q1 2022. Similarly, Operating income before impairment losses went up by 14% to N76.2 billion.
Ecobank Plc last traded at N11.9 per share, and its number of shares outstanding shares is over N18 billion.
The bank recently declared a final dividend per share of N0.31 per share, to be paid on the 6th July 2022, for the period ended December 31, 2021.
