The Ecobank Group experienced a substantial 59% growth in gross earnings, reaching N1.21 trillion by the end of September 2023, compared to N761.29 billion for the same period in 2022. This information is disclosed in the Audited Consolidated Financial Statements filed with the Nigerian Exchange Limited on Thursday.

The filing was delayed due to the external audit of the results for the specified period. The Board and Management of Ecobank Transnational Incorporated noted in the notice of the delay filed with the NGX that they opted for an audit of the 2023 Third Quarter Financial Results of the Ecobank Group.

In the Q3 results, reported in both Nigerian Naira and United States dollars, the financial institution highlighted a growth in gross earnings in Naira value but a 15% decrease in US dollar terms to $2.084 billion. Despite this, revenue (operating income) increased by 12% to $1.518 billion and surged by 55% to N884 billion.

The financial institution attributed the surge in revenue to the cumulative impact of elevated interest rates, particularly in Anglophone West Africa and Nigeria, an expansion in the volume of interest-earning assets, notably increased fees from treasury services and solutions, and a rise in cash management fees.

Non-interest revenues experienced a noteworthy 29% uptick, primarily fueled by client-initiated foreign currency sales, cash management, and payments. Additionally, a one-time non-cash adjustment of $20 million on loans previously sold to Nigeria's Asset Management Corporation of Nigeria (AMCON) contributed to the bolstering of non-interest revenues.

The operating profit before impairment charges witnessed a positive trajectory in both currencies, escalating by 19% to $702 million and surging by 64% to N409 billion.

In terms of Naira, Profit before tax saw a notable 55% increase, reaching N262 billion, while Profit for the period appreciated by 56%, reaching N182 billion.

Ecobank's total assets also experienced a robust 55% growth to N20.69 trillion during the period, with loans and advances to customers increasing by 56% to N7.89 trillion from N5.07 trillion as of September 2022. Similarly, customer deposits showed a significant uptick, rising by 56% to N14.93 trillion.

Commenting on the Q3 results, Jeremy Awori, the Chief Executive Officer of Ecobank Group, stated, "Ecobank generated a profit before tax of $450 million for the nine months to September. Furthermore, we delivered profits attributable to ETI shareholders of $224 million, resulting in a return on tangible shareholders’ equity of 25.6%. This was achieved on the back of strong revenue growth of 34% in constant currency and an improved cost-to-income ratio of 53.7%."

Awori stated that the group's results were attained despite the challenging macroeconomic environment.

"I am pleased to announce the successful completion of our Growth, Transformation, and Returns (GTR) strategy. True customer orientation forms the heart of our GTR strategy, emphasizing our commitment to channeling our efforts and resources into delivering exceptional products and services. As part of our comprehensive strategic priorities, we are expediting the expansion of our Consumer and Commercial Banking segments to capitalize on substantial revenue opportunities, diversifying and expanding revenue streams in Corporate and Investment Banking, and leveraging our accomplishments, expertise, and market recognition to amplify our presence in Payments, Remittances, and Fintech. Furthermore, we aim to solidify our leadership positions in markets where we rank among the top three banks, address undersized markets, and provide steadfast support to our Nigerian team as they navigate the turnaround and further cultivate their business," he explained.

Awori disclosed the group's intention to boost investments in technology, stating, "We will enhance our technology investments across various platforms to deliver superior, expedited, and user-friendly services to our customers. Additionally, we are directing investments towards strengthening our brand to foster deeper connections and support the expansion of our businesses. Ultimately, the key to success lies in the unwavering commitment and passion of Ecobankers to consistently meet the needs of clients and customers, irrespective of the environment, united by our shared cultural and ethical values. As a result, we have prioritized investments in creating an enabling environment and allocating resources to inspire creativity, innovation, and disciplined execution."

Ecobank operates across 35 African countries, with a subsidiary in France and representative offices in Dubai-United Arab Emirates, London-UK, Beijing-China, Johannesburg, South Africa, and Addis Ababa, Ethiopia.