Ecobank Group Records 22% Rise In Profit For First Quarter 2021
– Plans Webinar On Inflation
Ecobank Transnational Incorporated, ETI, has announced profit before tax of N40.3 Billion for the first quarter of 2021.
In its unaudited accounts for the period ended March 31, 2021, just released, the bank showed a remarkable performance in all the key financial indices, with the profit before tax showing 22% increase over the N33 billion recorded for the same period in 2020. Profit after tax closed at N30.5 Billion.
The result submitted to the Nigerian Stock Exchange on Monday indicated gross earnings of N214.3 billion representing 10% increase, against N194.9 billion during the same period in 2020. Similarly, revenue went up by 15% to N164.6 billion while operating income before impairment losses are up by 37% to N67.0 billion. Similarly, total assets went up one per cent to N10.4 Trillion. However, loans and advances to customers went down by one per cent to N3.6 trillion and total equity was also down by 2% to N8 Trillion.
Analysts linked this remarkable improvement in the bank’s financials despite global economic challenges to its digital platform and innovative products and services.
Ecobank Group CEO, Ade Ayeyemi, in his comments, said that the bank was focusing on achieving execution momentum in its payment business, the sustained reliability of all its platforms, driving increased adoption of its products and services, bringing NPL ratio low and exceeding the expectations of customers to truly be the pan-African Bank that Africa trusts.
He noted: “These, together with all our investments and achievements to date, will enable us collectively grow revenues and generate long-term return of capital to our shareholders, despite the near-term challenges from COVID-19.”
Meanwhile, Ecobank Nigeria has concluded plans to host a digital conference as part of its commemoration of this year’s Workers’ Day. The webinar, with the theme, “Inflation and Your Money – Our Role As Your Bank”, is scheduled for Thursday, 29th April and is targeted at educating members of the public on how to manage limited resources at their disposal.
Ecobank Nigeria’s Head of Consumer Banking, Mrs. Korede Demola-Adeniyi said that the webinar will also provide tips on savings, borrowing, investments and how the bank can be useful to the participants and the general public, in the midst of rising inflation.
She explained that although Nigeria made an early exit from recession in the fourth quarter of last year, the effects of the COVID-19 pandemic have continued to impact negatively on the revenues of many corporate entities, businesses and income of individuals, noting that this development has been further compounded by inflation. In her words, “Inflation rate has continued its upward trend to settle at about 18.1% in March with prices of goods rising significantly in the last six months. This, in turn has significantly reduced the disposable income and cash available to consumers. Consequently, as a bank set up to contribute to economic development, we thought it important to facilitate a discussion during this period of Worker’s Day, that will provide some guidance to our customers and the general public on how they can manage their cash and resources through rising inflation.”
She disclosed that the webinar which will be hosted on the Microsoft Teams’ platform will bring together several important stakeholders who will discuss the realities of the economy of the country and also proffer solutions on how to stay afloat financially and better manage resources.
Some of the speakers expected are Jimi Ogbobine, Head, Agusto Consulting Ltd; Fela Popoola, Managing Director, EDC Nigeria Limited and Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria.
Mrs. Demola-Adeniyi invited members of the public to join the discussion on that day, maintaining that, “The webinar is bound to provide financial education and financial planning tips to our customers and every other participant. Participants will be informed about relevant investment opportunities to create wealth and most importantly, how the bank can be useful to them at this time. It is important to make an informed decision regarding how to manage your money”.
The Ecobank Digital Series is a virtual programme organised by Ecobank to educate and enlighten the public on crucial issues of public interest, especially as such issues relate to their financial freedom.
The link to register for the webinar is https://bit.ly/3elcr5F.