Ecobank declares N270bn profit in Q1 2026 

Ecobank Transnational Incorporated Plc on the Nigerian Exchange Limited (NGX) has released its unaudited group financial results for the quarter (Q1) ended March 31, 2026

According to the released results, the Group’s profit before tax grew by 1.1 per cent YoY to N270.3 billion in Q1 2026, compared to N267.3 billion in Q1 2025.

Profit after tax grew faster at 5.6% YOY to N197.5 billion, but earnings per share grew at 0.28% to N5.22

ETI’s Q12026 performance is strong, with growth across major metrics: gross earnings, interest income, non-interest income and profitability

However, there appears to be margin pressure.  Although pre-tax profit grew by 1.1% YoY, the Pan African bank retained 24% of its gross profit compared to 25% retained in Q1 2026.

Overall, profitability was driven by strong gross earnings, which in turn was driven by growth in interest income and non-interest income.

Non-interest income growth was a bit moderate at 1.1%, with the contribution to gross earnings dropping to 30% from 32% in Q1 2026.

Interest income from loans and advances continues to drive the bank’s earnings.  The bank made N376 billion from this asset class; 5% higher than what it made in Q1 2025, contributing over 48% to the interest income

It also earned well from its investment in securities and treasury bills, at N355 billion, up 22per cent and 46per centof total interest income, respectively.

Overall, while the contribution of interest income from loans and advances to customers dropped from 51% in Q1 2025, the contribution of interest income from treasury bills (TBs) and securities to total interest income increased from 42.2% in Q1 2025

On interest expenses, the over 23per cent decline to N54 billion in interest expenses on borrowed funds contributed to the decline in total interest expenses to N237 billion compared to the N243 billion in Q1 2025

Meanwhile, interest expenses on customers’ deposits increased by 8% to N158 billion, but just 0.43per cent of customers’ deposits of N36.81 trillion.

So, while interest income increased, interest expenses declined, which supported the elevated N540 billion (+20per cent) in net interest income.

Strong earnings from non-interest activities, including cash management and related fees of N118 billion, pushed the bank’s total operating income to N882 billion; up 12per cent.

Operating expenses/Impairments 

On the expense side, operating expense, including staff expenses, depreciation and other operating expenses, increased by 6% and consumed over 49per cent of operating revenue

Ecobank recorded substantial writeback on impairment of N86.41 billion (Q1 2025: N24.87 billion) in Q1 2026, which reduced impairment to N179.244 billion.