Ecobank Group has reported a strong financial performance for the first quarter of 2026, recording a profit after tax of $142.5 million. The results were driven by improved revenue generation across its core markets, even as the institution recorded only modest growth in its balance sheet.
The banking group’s gross earnings rose by 20 percent to $825.5 million, equivalent to ₦1.14 trillion, while revenue advanced by 23 percent to $636.2 million (₦881.6 billion). This growth was supported by stronger performance across key business segments and improved operational efficiency.
Brandspur Banking News Desk reports that operating income before impairment charges surged by 30 percent to $324.4 million (₦449.5 billion), reflecting tighter cost control and enhanced productivity within the Group’s operations during the period under review.
Profit before tax increased by 11 percent to $195 million (₦270.2 billion), while profit after tax grew by 16 percent to $142.5 million (₦197.5 billion). Earnings per share also improved slightly to 0.377 US cents, with kobo earnings remaining relatively stable at 521.85 kobo.
On the balance sheet, total assets rose by 2 percent to $35.2 billion, though they declined by 2 percent in naira terms to ₦48.83 trillion due to currency fluctuations. Loans and advances to customers fell by 2 percent in dollar terms and 6 percent in naira terms to $11.5 billion (₦15.96 trillion), indicating a cautious lending approach amid macroeconomic uncertainties.
Customer deposits, however, increased by 5 percent to $26.5 billion (₦36.81 trillion), strengthening the Group’s liquidity position. Total equity remained stable at $2.9 billion but declined by 4 percent in naira terms to ₦3.97 trillion.
Ecobank’s performance reflects a combination of strong income growth and restrained balance sheet expansion, influenced by foreign exchange pressures and strategic adjustments in lending activities. The financial statements were approved by the Board on April 24, 2026, and signed by Group CEO Jeremy Awori and Group CFO Ayo Adepoju.
