Ecobank Assets Drop 4% To N11.2trn In First Three Months– Report

The assets of Ecobank Transcorporational Incorporated have shed N423.8bn or four per cent of value to N11.26trn ($27.07bn) as of the end of the first quarter of 2022, according to the bank’s first quarter report.

The report released on Monday showed that Ecobank’s total assets which grew to N11.7trn ($27.56bn) by the end of December 2021 lost four per cent of the gains recorded last year.

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Although its assets grew in the Nigerian market and Central, Eastern and Southern Africa(CESA), that of the Francophone West Africa (UEMOA), Anglophone West Africa (AWA) fell in the first quarter of 2022.

For instance, in Francophone West Africa, the assets dipped from N4.27trn in December 2021 to N3.81trn in the first quarter of 2022.

The assets in the Anglophone West Africa region fell from N2.041trn in December 2021 to N1.89trn by the end of March 2022.

In Nigeria, Ecobank recorded a growth from N2.54trn by the end of 2021 to N2.65trn in March, while in the Central, Eastern and Southern Africa, the assets rose marginally to N2.85trn, up from N2.83trn recorded in December 2021.

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Although, the company had a discouraging asset performance, it posted a 15 per cent gross earnings growth of N245.41bn. This is when compared to the N214.28bn gross earnings recorded in March 2021.

Ecobank also revealed that N38.32bn profit was recorded during the first quarter of 2022, up by 26 per cent when matched with the N75.2bn recorded last year in March.

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