Cameroon’s Ecobank Reports $496 Million in Revenue in Q1 2024

Ecobank Transnational Incorporated (Ecobank), helmed by Cameroonian banker Alain Nkontchou, had a strong first quarter of 2024, with revenue increasing by 5.02 percent year on year to N665.43 billion ($496 million). This boosts ETI’s position as one of Africa’s largest banking conglomerates.

Following a record-breaking 2023, when net revenue increased for the first time since 2015 to $2.1 billion (an 11% increase), ETI’s Q1 2024 revenue increased by 5.02 percent. At constant currency, the rise was a substantial 205.5 percent.

According to the group’s report, earnings increased from N40.41 billion ($87.60 million) to N140.9 billion ($105.01 million), a significant 249% rise at constant currency. Interest revenue calculated using the effective interest rate grew to N608.32 billion ($453.38 million) from N207.22 billion ($449.26 million).

However, the bank’s interest expense increased to N219.97 billion ($163.94 million) from N84.59 billion ($183.39 million) the previous year due to the high interest rate environment. Despite this, operational income improved to N665.4 billion ($495.95 million) from N217.8 billion ($472.25 million).

Ecobank is the largest independent regional banking organization in West and Central Africa, serving wholesale and retail customers throughout 36 African countries. In terms of the number of nations served, the pan-African banking behemoth ranks among the largest.

Cameroonian banker Alain Nkontchou, Ecobank’s Chairman, owns a 2.18 percent beneficial ownership (equal to 400,916,488 ordinary shares) in the regional banking company.

Under Nkontchou’s leadership, overall comprehensive income increased dramatically, from N7.06 billion ($15.54 million) to N448.72 billion ($123.76 million). This follows a solid 2023 performance, with total comprehensive income increasing from $61.21 million to $226.99 million.

The Togo-based financial services conglomerate’s impressive success is demonstrated by a 33.39 percent increase in total assets to N34.57 trillion ($26.53 billion). Retained earnings also increased 31.45% to N1.41 trillion ($1.02 billion).

Written by PH

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