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.

Key Highlights

• Gross earnings: N3.50 trillion (Down 1.46% YoY from N3.55 trillion).
• Revenue: N2.69 trillion (Down 0.61% YoY from N2.71 trillion).
• Net interest income: N1.55 trillion (Down 0.60% YoY from N1.56 trillion).
• Non-interest revenue: N1.14 trillion (Down 0.62% YoY from N1.15 trillion).
• Operating profit before impairment: N1.40 trillion (Down 0.23% YoY from N1.41 trillion).
• Pre-tax profit: N1.01 trillion (Down 0.41% YoY from N1.015 trillion).
• Profit after tax: N707.40 billion (Up 0.71% YoY from N702.40 billion).995006
• Earnings per share: N20.30 (Up 2.21% YoY from N19.86).
• Total assets: N47.92 trillion (Down 3.50% from N49.66 trillion).
• Customer deposits: N36.70 trillion (Up 0.72% from N36.44 trillion).
• Loans and advances to customers: N15.95 trillion (Down 5.94% from N16.96 trillion).
• Cash and balances with central banks: N9.39 trillion (Up 10.98% from N8.46 trillion).
• Total equity: N3.90 trillion (Down 5.33% from N4.12 trillion).

Driving the numbers

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.

• This was partly offset by higher income from treasury bills and other eligible bills, which increased to N469.62 billion from N456.32 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.

• This was largely due to weaker interest earnings, as net interest income fell to N1.55 trillion from N1.56 trillion, despite lower funding costs.

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.

• 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.
• While charges on loans declined, higher provisions for other financial assets kept the total largely unchanged.

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

Non-interest income

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.

• Cash management fees declined to N353.78 billion from N362.40 billion, while credit-related fees fell to N198.55 billion from N203.28 billion.
• Similarly, card management fees declined to N115.93 billion from N125.11 billion.
• Trading income and foreign exchange gains also declined by 4.59% to N427.79 billion from N448.39 billion, adding to the pressure on non-interest revenue.

Cost

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

• Consequently, the group’s cost-to-income ratio improved marginally to 47.8%, compared with 48.0% in the corresponding period of 2025.
• Asset quality also improved, with Stage 3 loans declining to 7.5% of gross loans from 9.4% at the end of December 2025.

Balance sheet

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

• The decline reflected lower reported balances in investment securities and customer loans, partly offset by increases in cash and balances with central banks and loans to banks.
• Investment securities declined to N11.01 trillion from N12.72 trillion, while loans and advances to customers fell to N15.95 trillion from N16.96 trillion.
• Conversely, cash and balances with central banks increased to N9.39 trillion from N8.46 trillion, while loans and advances to banks increased to N4.80 trillion from N4.16 trillion.

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.

• Current accounts remained the largest component of deposits, representing 71% of the total, followed by savings deposits at 17% and term deposits at 12%.

Market reaction

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.