Ecobank reports N1.01 trillion 9M pre-tax profit as Q3 earnings rise 8.13%

Ecobank Transnational Incorporated (ETI) reported a pre-tax profit of N1.01 trillion for the nine months ended September 30, 2026, representing a marginal decline of 0.41% from N1.015 trillion in the corresponding period of 2025.

The unaudited financial statements filed with the Nigerian Exchange (NGX) on Tuesday, October 27, shows that the group’s nine-month revenue declined by 0.61% to N2.69 trillion from N2.71 trillion.

Despite the weaker revenue performance in naira terms, profit after tax increased by 0.71% to N707.40 billion, while basic earnings per share rose by 2.21% to approximately N20.30 from N19.86.

In its US dollar reporting currency, however, the group recorded revenue growth of 12% to $1.96 billion, while pre-tax profit increased by 12% to $736.94 million.

Ecobank’s nine-month profit after tax increased by 0.71% to N707.40 billion from N702.40 billion, despite a marginal decline in revenue to N2.69 trillion from N2.71 trillion.

The improvement was partly supported by lower funding and operating costs.

Interest expenses declined by 5.47% to N728.26 billion from N770.42 billion, largely driven by lower interest payments on deposits from banks, which fell to N51.46 billion from N81.94 billion, and other borrowed funds, which declined to N186.66 billion from N197.03 billion. However, interest paid on customer deposits increased marginally to N481.04 billion from N479.35 billion.

On the income side, interest income declined by 2.21% to N2.28 trillion from N2.33 trillion, mainly reflecting lower earnings from loans and advances to customers, which fell to N1.13 trillion from N1.16 trillion, and investment securities, which declined to N512.38 billion from N543.44 billion.

Consequently, net interest income declined marginally to N1.55 trillion from N1.56 trillion, as lower funding costs helped cushion the reduction in interest earnings.

Net interest income after impairment charges declined marginally to N1.16 trillion from N1.17 trillion in the corresponding period of 2025.

Meanwhile, impairment charges, which cover potential losses from unpaid loans and other financial assets, remained relatively stable at N393.87 billion, compared with N393.68 billion in 2025.

Although charges on loans declined, higher provisions for other financial assets kept the total impairment cost largely unchanged, limiting the improvement in earnings.

After impairment charges, operating profit stood at N1.01 trillion, down marginally from N1.014 trillion in the previous year.

Non-interest revenue declined marginally by 0.62% to N1.14 trillion from N1.15 trillion in the corresponding period of 2025, contributing 42.4% of total operating income.

The decline was partly driven by lower fee and commission income, which fell by 2.41% to N739.90 billion from N758.16 billion.

On the cost side, operating expenses increased by 12% in US dollar terms to $938.08 million, broadly in line with revenue growth.

On the balance sheet, total assets declined by 3.50% in naira terms to N47.92 trillion from N49.66 trillion in December 2025.

Customer deposits increased marginally by 0.72% to N36.70 trillion from N36.44 trillion in December 2025, accounting for 76.59% of total assets.

Ecobank Transnational Incorporated shares gained 2.99% to N69.00 on Wednesday, October 28, 2026, from N67.00 in the previous trading session, following the release of the group’s nine-month financial results on October 27.

The stock began 2026 at N41.90 per share and has gained approximately 64.68% year to date.

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