News Release |
Lomé 28 April 2026
Investors: Ato Arku:ir@ecobank.com Media: Christiane Mbimbe Bossom:groupcorporatecomms@ecobank.com
Ecobank Reports First Quarter 2026 Profit Before Tax of $195m, ROTE of 19.5%, and EPS of $0.0038Strong 1Q26 Performance Driven by Revenue Growth In Both CIB and CCB, Cost Efficiency, Diversification Benefits, And Focused Execution Of Our GTR Strategy
- Profit before tax (PBT) was $195m, up 12% year-on-year (YoY).
- Attributable profit to the shareholders of ETI of $93m, up 11%, with EPS at $0.0038 (0.38 US cents).
Tangible book value per share (TBVPS) of $0.077 (7.73 US cents), increased 65% YoY.
Return on average assets (ROA) of 1.6%; Return on average tangible equity (ROTE) of 19.5%.
- Net revenue of $636m, up 23%, with 38.7% of revenues generated from stable, recurring non-interest revenues.
-
Payment revenue up 18% to $78m (12% of net revenues), driven by an 18% increase in disbursements (wholesale payments) to $38m, 7% growth in card-related fees to $23m, and a 64% increase in merchant solutions fees to
$6.9m.
The value of digital transactions increased by 54%, to $25.7bn, while volumes grew 2% to approximately 57m during the quarter.
- Cost-to-income (CIR) of 49.0%, down from 51.6% in 1Q25.
Capital position remains sound, with estimated Group Common Equity Tier 1 (CET1) and Total Capital Adequacy Ratio (CAR) ratios of 13.4% and 16.8% as of 31 March 2026. These figures are approximately 486 and 429 basis points (bps) above the regulatory minimums.
Table 1: Group-wide Financial Summary ( $m except ratios and per-share metrics)
1Q26 Regions & Business Unit Segments Highlights ($m)
% Chg % chg in
1Q26 vs constant
Income Statement 1Q26 1Q25 1Q25 currency
Regions Revenue PBT ROE
Net revenues (operating income) 636 516 23% 8%
UEMOA
177 71 18.7%
Pre-provision, pre-tax operating profit 324 250 30% 13%
NIGERIA
50 4 3.7%
Profit before tax 195 175 12% (5)%
AWA
185 111 29.1%
Profit after tax attributable to shareholders of ETI 93 84 11% (10)%
CESA
231 127 33.8%
Earnings per Share, EPS ($ cents) 0.38 0.34 11% 14%
INTERNATIONAL
20 8 14.7%
Balance Sheet
Business Units Revenue PBT CIR
Gross loans and advances to customers (EOP) 12,502 10,549 19% 9%
Corporate & Investment Banking
347 163 36.1%
Deposits from customers (EOP) 26,502 21,540 23% 12%
Consumer & Commercial Banking
296 92 57.6%
Basel II/III Total CET1 CAR1 13.4% 11.4% 18% -
Consumer Banking 141 40 63.8%
Tangible book value per share ($ cents) TBVPS
7.73
4.67
65%
- Commercial Banking
155 52
52.0%
Profitability Metrics
NB : Revenue and PBT for Regions & Business will not sum up to
reported totals
Return on shareholders' equity (ROE)
19.1%
29.4%
-
- because of Group consolidation adjustments
Return on tangible shareholders' equity (ROTE)2
19.5%
30.5%
-
-
For notes refer to page 13
Jeremy Awori, CEO of Ecobank Group, stated that "Ecobank's first-quarter results were strong, showcasing significant growth in deposits, an increase in net interest margin, efficiency improvements from transformation initiatives, and robust business momentum. The deepening of client relationships and enhanced digital engagement led to a $5.0 billion year-on-year increase in customer deposits, resulting in an 11% rise in earnings per share to 0.34 US cents. A 49 basis points decrease in the cost of funding to 2.3% contributed to a 30 basis points expansion in the net interest margin. Additionally, over the past three consecutive quarters, we have generated positive operating leverage and achieved a cost-to-income ratio of 49.0% in the quarter, an improvement from 51.6% in the prior year quarter.
Despite a challenging operating environment characterised by the war in the Middle East and turmoil in energy and global financial markets, we successfully navigated these challenges by prioritising our customers' financial needs. These results reflect the resilience of Ecobankers, our diversified pan-African business model, growth across our business lines, and our disciplined execution of the Growth, Transformation, and Returns (GTR) strategy.
We continue to invest in our people, products, processes, digital capabilities, and partnerships to remain competitive and relevant for our customers. In Corporate and Investment Banking (CIB), we focused on client excellence and growth by expanding our
wealth and asset management services and enhancing our international operations. In Consumer and Commercial Banking (CCB),
we continued to invest in broadening our range of products and solutions, which led to successfully onboarding more customers digitally, driving primary banking relationships (the primary customer base grew 13%), boosting the value of digital transactions by 54% to $25.7 billion during the quarter, and increasing new card issuances by 5%. We remain confident in our strategy and the opportunities to differentiate our capabilities and provide exceptional service to our clients," concluded Awori.
Other Key Highlights.
- Customer Deposits increased $5.0bn year-on-year to $26.5bn, with Current Account and Saving Account (CASA) deposits up $5.0bn to $23.4bn. CASA deposits constitute 88.3% (1Q25:85.6%) of total customer deposits.
- Gross loans and advances to customers increased by $2.0bn YoY to $12.5bn.
- Non-performing loans (NPLs) of $1.2bn, representing 9.5% of total gross loans, were up 71% YoY, mainly due to an increase in NPLs in Nigeria as part of prudent measures to exit the Central Bank of Nigeria's (CBN) forbearance regime in 4Q25.
- Ample liquidity buffers with a loan-to-deposit ratio of 47.2% (1Q25:49.0%) and a loan-to-asset ratio of 35.6% (1Q25:36.5%), reflecting Ecobank's capacity to support credit origination for our clients.
- Reserves for expected credit losses (ECL) of $1.0bn, increased 64% YoY, and were 8.1% (1Q25:5.9%) of total loans, positioning the balance sheet for emerging risks. These reserves include approximately $649m of accumulated ECLs.
Constant Currency - Ecobank Group prepares its financial results in US dollars, while its subsidiaries report in local currencies. When converting these results to USD, Ecobank uses current exchange rates, which change frequently. The "constant currency" method helps eliminate the effects of foreign exchange rate changes when comparing financial results over time. This method provides a clearer view of how the business is performing, without the confusion caused by currency changes. The percentage change in constant currency shows how the business would have performed if exchange rates had remained unchanged. To calculate constant currency, we convert the 1Q 2025 local-currency financials using the average and spot FX rates for 1Q 2026, as needed.
SUMMARY FINANCIAL REVIEW OF THE ECOBANK GROUP
Table 2: Selected Income Statement Highlights | ||||
For the period ended 31 March (in millions of US dollars except per share data) | 2026 | 2025 | % Chg 1Q26 vs 1Q25 | % Chg in C. Currency |
Net interest income | 390 | 295 | 32% | 14% |
Non-interest revenue | 246 | 221 | 12% | (0)% |
Net revenues (operating income)1 | 636 | 516 | 23% 8% |
Corporate & Investment Banking (CIB) | 347 | 262 | 32% |
Consumer & Commercial Banking (CCB) | 296 | 270 | 10% |
Operating expenses | (312) | (266) | 17% | 3% |
Pre-provision, pre-tax operating profit | 324 | 250 | 30% | 13% |
Impairment charges on financial assets | (129) | (75) | 73% | 61% |
Profit before tax | 195 | 175 | 12% | (5)% |
Profit after tax | 143 | 122 | 17% | (3)% |
Profit after tax attributable to Shareholders of ETI | 93 | 84 | 11% | (10)% |
Ratios | ||||
Net interest margin (NIM) | 5.9% | 5.6% | - | - |
Average rate paid on funds | 2.3% | 2.8% | - | - |
Non-interest revenue (NIR) ratio | 38.7% | 42.8% | - | - |
Net fee and commission income as a % of net revenue | 24.1% | 25.2% | - | - |
Cost-to-income (CIR) | 49.0% | 51.6% | - | - |
Effective tax rate (ETR) | 26.9% | 30.0% | - | - |
Return on tangible shareholder's equity (ROTE) | 19.5% | 30.5% | - | - |
Per Share Data (US cents) | ||||
Basic EPS | 0.38 | 0.34 | 11% | (10)% |
Diluted EPS | 0.38 | 0.34 | 11% | (10)% |
Note: Selected income statement lines only and totals may not sum up. (1) The sum total of Revenues for CIB and CCB will not sum to Group totals because | ||||
they are unadjusted for consolidation differences n.m. = not meaningful | ||||
Discussion of Ecobank Group's financial results: percentage comparisons noted in the commentary throughout this earnings release are calculated for the period ended 31 March 2026 versus 31 March 2025, unless otherwise specified.
Profit after tax attributable to shareholders of ETI increased $9 million, or 11% (down 10% in constant currency), to $93 million during the first quarter of 2026, compared with the prior year period, reflecting an increase in impairment charges, partially offset by revenue growth in each of our business lines and cost efficiency gains. Profit before tax increased by $20 million, or 12% (a decrease of 5% in constant currency), to $195 million during the first quarter of 2026, compared with the prior year period. In the Corporate and Investment Banking (CIB) business, profit before tax rose by $21 million to $163 million (not adjusted for consolidation), primarily driven by effective balance sheet management and higher trading fees within Global Markets. In Consumer and Commercial Banking (CCB), profit before tax was flat at $92 million (not adjusted for consolidation) during the first quarter of 2026, compared with the prior-year period, primarily due to lower client-driven foreign-currency sales in the UEMOA region, driven by regulatory-driven foreign exchange (FX) liquidity constraints. Under CCB, the Consumer segment's profit before tax increased by $2 million, while the Commercial segment's profit before tax declined by $ 2 million. Net revenue (the sum of the net interest income (NII) and non-interest revenue (NIR)) increased by $120 million, or 23% (+8% in constant currency), to $636 million during the first quarter of 2026, compared to the prior year period. CIB net revenues rose by $85 million to $347 million, strongly driven by treasury management and trade. In CCB, net revenues increased by $27 million to $296 million, with the Consumer banking segment revenues growing by $15 million to $141 million, supported by deepening customer engagements, increased lending activity, and higher deposit-related fees from an increase in deposits, and the Commercial banking segment growing by $12 million to $155 million, underpinned by strong customer deposit growth, trading activity, payments, and lending to Small and Medium-Enterprises (SME).Net interest income, NII (the difference between interest income earned on interest-earning assets and interest expense incurred on interest-bearing liabilities), increased by $95 million, or 32% (+14% in constant currency), to $390 million during the first quarter of 2026, compared to the prior year period. The increase was driven by a $106 million increase in interest income, partially offset by a $12 million increase in interest expense. Compared to the first quarter of 2025, net interest margin (NIM) increased by 30 basis points to 5.9%. These increases were driven by modest loan growth and higher balances in treasury securities. The relatively modest increase in interest expense reflects a successful strategy of shifting the deposit mix towards low-cost CASA deposits, which led to a 49 basis-point decrease in the average interest rate paid on interest-bearing liabilities to 2.3% during the first quarter of 2026, compared to 2.8% in the prior-year period. CASA deposits as a percentage of total customer deposits rose to 88.3% in the first quarter of 2026 from 85.6% in the prior year period.
Non-interest revenues, NIR, increased by $26 million, or 12% (flat in constant currency), to $246 million during the first quarter of 2026. Net fees and commissions income increased by $24 million to $153 million, supported by cash management and credit-related fees. Additionally, fees derived from net trading income and foreign exchange gains increased by $4 million to $87 million, driven by treasury management actions, but were significantly offset by lower fees generated from client-driven foreign currency sales due to regulatory-driven FX liquidity constraints in the UEMOA region. Other income also decreased by $2 million to $6 million. Operating expenses increased by $45 million, or 17% (3% in constant currency), reaching a total of $312 million in the first quarter of 2026 compared to the same period last year. Staff costs rose by $17 million to$133 million, primarily due to higher employee compensation and benefits. Additionally, other operating expenses climbed by $26 million to $160 million, driven by statutory tax-related and legal expense accruals. The cost-to-income ratio, which indicates the efficiency of the company's operations, improved to 49.0%, down from 51.6% in the same period last year. This improvement was driven by higher revenue growth than operating expenses.
Pre-provision, pre-tax operating profit (PPOP), which is net revenues minus operating expenses, a key metric for assessing the bank's earnings power, increased by $75 million, or 30% (+13% in constant currency), to $324 million, reflecting solid revenue momentum and prudent cost management. Income taxes were $52 million for the first quarter of 2026, largely unchanged from the prior year period. The effective tax rate (ETR) was 26.9% versus 30.0% in the prior year period.Table 3: Group-wide impairments charges | ||||
For the period ended 31 March (in millions of US dollars) | 2026 | 2025 | % Chg 1Q26 vs 1Q25 | % Chg in C. Currency |
Gross impairment charges on loans and advances | (174) | (63) | 175% | 151% |
Less: recoveries and impairment charge releases | 62 | 16 | 283% | 232% |
Net impairment charges on loans and advances | (112) | (47) | 138% | 121% |
Impairment charges on other financial assets | (18) | (28) | (37)% | (41)% |
Impairment charges on financial assets | (129) | (75) | 73% | 61% |
Cost-of-risk | 3.54% | 1.78% | ||
$62 million during the first quarter of 2026, compared with $16 million in the prior-year period, reflecting continued aggressive loan remediation and recovery efforts. Conversely, impairment charges on other assets, excluding loans and advances, were $18 million, compared with $28 million in the prior year period.
Table 4: Selected Balance Sheet Information | ||||||
As at: (in millions of US dollars, except per share amounts) | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 | % Chg 1Q26 vs 1Q25 | YTD % | % Chg in C. Currency |
Gross loans and advances to customers (EOP) | 12,502 | 12,777 | 10,549 | 19% | (2)% | 9% |
Corporate & Investment Banking (CIB) gross loans | 8,576 | 8,749 | 7,418 | 16% | (2)% | - |
Consumer & Commercial Banking (CCB) gross loans | 3,926 | 4,028 | 3,121 | 26% | (3)% | - |
Less allowance for impairments (Expected Credit Losses) | (1,015) | (1,002) | (618) | 64% | 1% | 50% |
Net loans and advances to customers (EOP) | 11,488 | 11,775 | 9,931 | 16% | (2)% | 6% |
Net loans and advances to customers (AVERAGE)1 | 11,488 | 11,014 | 9,797 | 17% | 4% | - |
Deposits from customers (EOP) | 26,502 | 25,305 | 21,540 | 23% | 5% | 12% |
Corporate & Investment Banking (CIB) deposits | 11,240 | 10,228 | 9,295 | 21% | 10% | - |
Consumer & Commercial Banking (CCB) deposits | 15,261 | 15,077 | 12,068 | 26% | 1% | - |
Deposits from customers (AVERAGE)1 | 24,946 | 23,706 | 20,155 | 24% | 5% | - |
Total assets | 35,157 | 34,487 | 28,890 | 22% | 2% | 10% |
End-of-period ordinary shares outstanding (millions of shares) | 24,730 | 24,730 | 24,730 | - | - | - |
Per Share Data (in US Cents) | ||||||
Book value per ordinary share, BVPS2 | 7.86 | 7.81 | 4.85 | 62% | 1% | - |
Tangible book value per ordinary share, TBVPS3 | 7.73 | 7.65 | 4.67 | 65% | 1% | - |
Share price (EOP) | 3.32 | 2.88 | 1.92 | 73% | 15% | - |
(1) The year-on-year growth of the sum of the average last four quarters (EOP) of loans and customer deposits for the period. Showing averages help to smooth out any one-off spikes within the year. (2) ETI shareholders' equity divided by end-of-period ordinary shares outstanding (3) Tangible ETI shareholders' equity divided by end-of-period ordinary shares outstanding. Tangible ETI shareholders' equity is ETI shareholders' equity less goodwill and intangible assets. EOP = End -of-period. Average deposits and loans is on a quarterly basis
Loans and advances to customers (gross) increased by $2.0 billion year-on-year, or 19% (+9% in constant currency), to $12.5 billion as of 31 March 2026. In the UEMOA region, gross loans increased $293 million (down $13 million in constant currency), driven by a decrease in corporate and trade loans. In Nigeria, loans decreased by $61 million (or $239 million in constant currency), reflecting management's strategic decision to reduce lending while addressing legacy asset quality issues and pursuing its regulatory-compliant capitalrestoration plan. In the AWA region, loans increased by $635 million ($320 million in constant currency), driven by growth in Guinea and Ghana. Finally, the CESA region recorded gross loan growth of $827 million ($696 million in constant currency), mainly from commercial lending. In CIB, loans grew by $1.1 billion to $8.6 billion, driven by trade loans, while in CCB, loans were up $805 million to $3.9 billion, driven by loans to women-led businesses (Ellevate Programme) and digitally enabled loans.
Customer deposits increased by $5.0 billion ($2.8 billion in constant currency) to $26.5 billion as of 31 March 2026. In CIB, deposits increased by $1.9 billion to $11.2 billion, driven by deepening client relationships and ongoing success with customer accounts planning. CCB deposits rose by $3.2 billion to$15.3 billion, driven by growing primary banking relationships, particularly in CESA and AWA. Overall, customer deposits are stable and diversified, with the proportion of 'sticky' and low-cost CASA deposits as a percentage of total customer deposits rising to 88.3% in the first quarter of 2026 from 85.6% in the prior year period. This improvement reflects management's continued efforts to optimise the deposit mix and reduce reliance on higher-cost funding sources. As a result, it helped to reduce the cost of funding to 2.3% during the first quarter of 2026 from 2.8% in the prior year period.
Table 5: Asset Quality
As at: (in millions of US dollars)
31 Mar
2026
31 Dec
2025
31 Mar
2025
% Chg 1Q26
vs 1Q25 YTD*
% Chg in
C. Currency
Gross loans and advances to customers | 12,502 | 12,777 | 10,549 | 19% | (2)% | 9% |
Of which Stage 1 | 10,126 | 10,393 | 8,241 | 23% | (3)% | 13% |
Of which Stage 2 | 1,191 | 1,180 | 1,616 | (26)% | 1% | (33)% |
Of which Stage 3 (Non-Performing Loans) | 1,186 | 1,204 | 693 | 71% | (1)% | 51% |
Less allowance for impairments (accumulated expected credit losses, ECLs) | 1,015 | 1,002 | 618 | 64% | 1% | 50% |
Of which Stage 1: 12-month ECL | 74 | 75 | 53 | 40% | (1)% | 20% |
Of which Stage 2: Life-time ECL | 181 | 179 | 116 | 57% | 1% | 45% |
Of which Stage 3: Life-time ECL | 759 | 748 | 450 | 69% | 1% | 56% |
Net loans and advances to customers | 11,488 | 11,775 | 9,931 | 16% | (2)% | 6% |
NPL ratio | 9.5% | 9.4% | 6.6% | - | - | |
Accumulated ECL as a % of gross loans and advances | 8.1% | 7.8% | 5.9% | - | - | |
NPL coverage ratio | 85.6% | 83.3% | 89.2% | - | - | |
Stage 3 coverage ratio | 64.0% | 62.2% | 64.9% | - | - |
Table 6: Selected Capital and Liquidity Information | |||||||
As at: (in millions of US dollars) | 31 Mar 2026 | 31 Dec 2025 | 31 Dec 2024 | % Chg 1Q26 vs 1Q25 | YTD % C. | % Chg in Currency | |
Capital: | |||||||
Total equity to all owners | 2,859 | 2,864 | 1,795 | 59% | (0)% | 27% | |
Equity attributable to owners of ETI | 1,943 | 1,931 | 1,079 | 80% | 1% | - | |
CET1 ratio1 | 13.4% | 13.2% | 11.4% | - | - | ||
Tier 1 capital adequacy ratio1 | 14.0% | 13.9% | 12.1% | - | - | ||
Total capital adequacy ratio (CAR)1 | 16.8% | 16.8% | 15.8% | - | - | ||
Risk-weighted assets (RWA) | 17,126 | 17,075 | 13,560 | 26% | 0% | - | |
RWA densitiy | 48.7% | 49.5% | 48.5% | ||||
Liquidity: | |||||||
Loan-to-deposit ratio | 47.2% | 50.5% | 51.4% | - | - | ||
Basel II/III CET1, Tier 1 and Total CAR ratios of 13.4%, 14.0% and 16.8% are estimates as of 31 March 2026 and subject to change.
We report regulatory capital ratios semi-annually (submission deadline of 30 April for CAR for 31 December and submission deadline of 31 October for CAR for 30 June) to the regulator, the Central Bank of West African States (BCEAO). 30 June 2026 CAR numbers will be finalised ahead of a 31 October 2026 deadline for submission to BCEAO
As of 31 March 2026, the Group's equity attributable to ETI shareholders was $1.94 billion, a 62% year-on-year increase, driven by profit attributable to ETI shareholders of $93 million for the quarter and favourable foreign currency translation gains over the period due to US dollar weakness versus key African currencies.
As of 31 December 2025, the Group's capital adequacy ratios indicate that the CET1 ratio is 13.2%, Tier 1 Capital is 13.9%, and the Total CAR is 16.8%. As of 31 March 2026, those estimates improved to a Group CET 1 ratio of 13.4%, Tier 1 capital of 14.0% and total CAR of 16.8%. The strong CAR position is primarily attributed to profit growth and a positive net impact from foreign currency translation reserves (FCTR). The surplus above the regulatory minimum for 31 March 2026 CAR ratios is approximately 486 basis points for CET1, 448 basis points for Tier 1 CAR, and 429 basis points for Total CAR.
REGIONAL PERFORMANCE
Income statement highlights
Net interest income
134
35
118
130
8
(35)
390
Non-interest revenue
43
15
67
102
12
8
246
Operating income (net revenue)
177
50
185
231
20
(28)
636
Total operating expenses
92
28
68
99
10
16
312
Pre-provision, pre-tax operating profit
85
22
117
133
10
(43)
324
Impairment charges on financial assets
14
18
6
6
(0)
85
129
Operating profit after impairment losses
71
4
111
127
10
(128)
195
We categorise the Group's pan-African operations into four geographical regions. These reportable regions are Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), and Central, Eastern and Southern Africa (CESA). Accordingly, the financial results of the constituent affiliates of Ecobank Development Corporation (EDC), the Group's Investment Banking (IB) and Securities, Wealth, and Asset Management (SWAM) businesses across our geographic footprint are reported within their country of domicile and therefore in the applicable regions of UEMOA, Nigeria, AWA, and CESA. In addition, the Group categorises its Paris banking subsidiary and representative offices in Beijing, London, and Dubai as International.
Ecobank Geographical Regions
Summary financials for the period ended 31 March 2026
(In thousands of US Dollars)
UEMOA
NIGERIA
AWA
CESA
INTERNATIONAL
ETI &
Others (1)
ECOBANK GROUP
Profit before tax
71
4
111
127
10
(128) 195
Profit after tax
63
3
77
101
8
(109)
143
Balance sheet highlights
Total Assets
12,480
3,797
8,771
9,668
1,531
(1,090)
35,157
Gross loans and advances to customers
5,139
1,561
2,173
2,660
770
200
12,502
Of which stage 1
4,806
280
1,761
2,513
766
-
10,126
Of which stage 2
250
599
249
93
-
-
1,191
Of which stage 3 (NPLs)
83
682
163
53
4
200
1,186
Less: accumulated impairments
(86)
(79)
(104)
(93)
(4)
(649)
(1,015)
Of which stage 1
(15)
(3)
(34)
(22)
(0)
(0)
(74)
Of which stage 2
(42)
(21)
(22)
(14)
-
(82)
(181)
Of which stage 3 (NPLs)
(28)
(55)
(49)
(57)
(3)
(567)
(759)
Net loans and advances to customers
5,053
1,482
2,069
2,566
766
(449)
11,488
Non-performing loans
83
682
163
53
4
200
1,186
Deposits from customers
10,163
2,600
6,621
6,947
171
0
26,502
Total equity
1,310
367
1,039
1,250
206
(1,313)
2,859
Ratios
ROE (2)
18.7%
3.7%
29.1%
33.8%
14.7%
19.1%
ROA
2.0%
0.3%
3.6%
4.2%
1.9%
1.6%
Cost-to-income
52.0%
56.0%
36.5%
42.6%
49.1%
49.0%
Loan-to-deposit ratio
50.6%
60.0%
32.8%
38.3%
450.1%
47.2%
NPL Ratio
1.6%
43.7%
7.5%
2.0%
0.5%
9.5%
NPL Coverage
102.9%
11.6%
63.7%
174.4%
95.9%
85.6%
ETI and Others comprise the financial results of ETI (parent company), eProcess (the Group's shared services technology company), EBISA (Paris subsidiary), other ETI-affiliates and structured entities, and the net impact of eliminations from the Group's accounting consolidation. Also included here is the resolution vehicle (RV)
ROE for the Regions are computed using profit after tax divided by the average end-of-period (EOP) total equity. However, the ROE for the Group, is computed using profit available to ETI divided by average EOP shareholders' equity.
Comparisons noted in the commentary on our regions are calculated for the period ended 31 March 2026 versus 31 March 2025, unless otherwise specified.
Francophone West Africa (UEMOA) | ||||
Period ended: (in millions of US dollars) | 31 Mar 2026 | 31 Mar 2025 | % Chg 1Q26 vs 1Q25 | % Chg in C. Currency |
Net interest income | 134 | 107 | 26% | 13% |
Non-interest revenue | 43 59 (28)% (35)% | |||
Net revenues | 177 | 166 | 7% | (4)% |
Operating expenses | (92) (81) 14% 3% | |||
Pre-provision, pre-tax operating profit | 85 | 85 | (0)% | (10)% |
Impairment charges on financial assets | (14) | (8) | 63% | 47% |
Profit before tax | 71 | 77 | (7)% | (17)% |
Taxation | (8) | (9) | (7)% | |
Profit after tax | 63 | 68 | (7)% | (17)% |
Ratios: | ||||
Net interest margin (NIM) | 5.0% | 4.5% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 25.9% 24.2% | 23.5% 35.8% | - - | - - |
Cost-to-income ratio (CIR) | 52.0% | 48.6% | - | - |
Return on equity (ROE) | 18.7% | 24.5% | - | - |
Francophone West Africa (UEMOA)
UEMOA's profit before tax for the first quarter of 2026 decreased by $6 million, or 7% (or down 17% in constant currency), to $71 million compared to the prior year period. Annualised ROE was 18.7% for the quarter.Net revenues increased by $11 million, or 7% (or down 4% in constant currency), to $177 million, compared to the prior year period. Net interest income increased by $28 million ($16 million in constant currency) to
$134 million, supported by a significant increase in government securities balances, modest loan growth, and margin expansion. Non-interest revenues decreased by $16 million (or $23 million in constant currency) to
$43 million, with an 18% increase in fees and commission income offset by a 123% decrease in fees from foreign-currency sales, largely driven by the adverse impact of regulatory-driven foreign-exchange liquidity constraints.
Operating expenses increased by $12 million, or 14% (+3% in constant currency), to $92 million, reflecting higher staff and incentive compensation expenses, other tax-related costs, card and SWIFT internet costs, and business promotion costs. The cost-to-income ratio was 52.0%, compared to 48.6% in the prior year period.
Impairment charges on financial assets were $14 million, an increase of $5 million from the prior year period, reflecting higher impairment charges in CCB.
NIGERIA | ||||
Period ended: (in millions of US dollars) | 31 Mar 2026 | 31 Mar 2025 | % Chg 1Q26 vs 1Q25 | % Chg in C. Currency |
Net interest income | 35 | 24 | 45% | 32% |
Non-interest revenue | 15 10 47% 33% | |||
Net revenues | 50 | 35 | 46% | 32% |
Operating expenses | (28) (26) 9% (1)% | |||
Pre-provision, pre-tax operating profit | 22 | 9 | 152% | 129% |
Impairment charges on financial assets | (18) | (5) | 290% | 253% |
Profit before tax | 4 | 4 | (0)% | (9)% |
Taxation | (1) | (1) | 76% | - |
Profit after tax | 3 | 4 | (13)% | (21)% |
Ratios: | ||||
Net interest margin (NIM) | 5.6% | 4.7% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 13.0% 30.1% | 14.1% 29.9% | - - | - - |
Cost-to-income ratio (CIR) | 56.0% | 74.6% | - | - |
Return on equity (ROE) | 3.7% | 6.1% | - | - |
Nigeria
Nigeria reported a profit before tax of $4 million for the first quarter of 2026, flat year-on-year but down 9% in constant currency compared to the prior-year period. The decrease was predominantly due to an increase in impairment charges on loans in the current quarter. Annualised ROE was 3.7% compared to 6.1% in the prior year period.Net revenues increased by $16 million, or 46% (+32% in constant currency), to $50 million. The increase was primarily driven by a $11 million ($9 million in constant currency) rise in net interest income to $35 million and a $5 million ($4 million in constant currency) increase in non-interest revenue to $15 million. Treasury management solutions largely drove growth in net interest income, while non-interest revenues rose due to higher cash management income.
Operating expenses increased by $2 million, or 9% (down 1% in constant currency), largely due to stringent cost management. The cost-to-income ratio improved significantly to 56.0% in the first quarter, down from 74.6% in the prior year period, as revenue growth outpaced expense growth.
Impairment charges on financial assets increased by $13 million, or 290% (+253% in constant currency), to
$18 million. This sharp rise was due to higher ESL reserve build within CIB's credit portfolio.
Anglophone West Africa (AWA) | ||||
Period ended: (in millions of US dollars) | 31 Mar 2026 | 31 Mar 2025 | % Chg '25 vs '24 | % Chg in C. Currency |
Net interest income | 118 | 97 | 22% | (2)% |
Non-interest revenue | 67 | 52 | 29% | 11% |
Net revenues | 185 | 149 | 24% | 2% |
Operating expenses | (68) (63) 7% (14)% | |||
Pre-provision, pre-tax operating profit | 117 | 85 | 37% | 15% |
Impairment charges on financial assets | (6) | (10) | (39)% | (52)% |
Profit before tax | 111 | 75 | 48% | 25% |
Taxation | (35) | (23) | 51% | - |
Profit after tax | 77 | 52 | 47% | 25% |
Ratios: | ||||
Net interest margin (NIM) | 7.8% | 9.1% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 19.6% 36.3% | 20.2% 35.0% | - - | - - |
Cost-to-income ratio (CIR) | 36.5% | 42.6% | - | - |
Return on equity (ROE) | 29.1% | 30.9% | - | - |
Anglophone West Africa (AWA)
AWA reported a profit before tax of $111 million in the first quarter of 2026, an increase of $36 million, or 48% (+25% in constant currency). Annualised ROE for the quarter was 29.1% compared with 30.9% in the prior year period.
Net revenues grew by $36 million, or 24% (+2% in constant currency), to $185 million. Net interest income rose by $21 million (down $2 million in constant currency) to $118 million, with underlying growth adversely impacted by net interest margin compression from a lower interest rate environment. Non-interest revenues increased by $15 million ($7 million in constant currency) to $67 million, primarily from higher client-driven foreign currency trading, partially offset by a regulatory-driven reduction in card fees in Ghana.
Operating expenses increased by $4 million, or 7% (down 14% in constant currency), to $68 million, largely due to enhanced cost discipline, partially offset by increased staff costs, incentive compensation and accruals for legal-related expenses. Consequently, the cost-to-income ratio improved to 36.5%, down from 42.6% in the prior year period, as revenue growth outpaced expense growth.
Impairment charges on loans and financial assets decreased by $4 million, or 39% (down 52% in constant currency), to $6 million in the first quarter. This decline resulted from a $12 million increase in loan recoveries, which offset an $8 million increase in gross impairment charges.
Central, Eastern and Southern Africa (CESA) | ||||
Period ended: (in millions of US dollars) | 31 Mar 2026 | 31 Mar 2025 | % Chg '25 vs '24 | % Chg in C. Currency |
Net interest income | 130 | 98 | 33% | 23% |
Non-interest revenue | 102 83 22% 12% | |||
Net revenues | 231 | 181 | 28% | 18% |
Operating expenses | (99) (80) 23% 13% | |||
Pre-provision, pre-tax operating profit | 133 | 101 | 32% | 22% |
Impairment charges on financial assets | (6) | (8) | (19)% | (28)% |
Profit before tax | 127 | 93 | 36% | 26% |
Taxation | (26) | (24) | 9% | - |
Profit after tax | 101 | 69 | 45% | 34% |
Ratios: | ||||
Net interest margin (NIM) | 7.1% | 7.0% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 27.2% 43.9% | 29.5% 46.1% | - - | - - |
Cost-to-income ratio (CIR) | 42.6% | 44.4% | - | - |
Return on equity (ROE) | 33.8% | 30.8% | - | - |
Central, Eastern and Southern African Region (CESA)
CESA, our best performing region, reported a profit before tax of $127 million, an increase of $34 million, or 36% (+26% in constant currency). Annualised ROE improved to 33.8%, an improvement from 30.8% in the prior year period.
Net revenues increased by $50 million, or 28% (+18% in constant currency), to $231 million. Net interest income increased by $32 million, or 33% (+23% in constant currency), to $130 million, driven by growth in lending across business lines and higher trade loans in the commercial sector. Non-interest revenues increased by $18 million, or 22% (+12% in constant currency), to $102 million, primarily due to increased fees from client-driven foreign currency sales in Commercial banking, higher card and deposit-related fees from an increase in transaction volumes in the Consumer business.
Operating expenses increased by $18 million, or 23% (+13% in constant currency), to $99 million, driven mainly by staff-related compensation accruals and tax expenses. The cost-to-income ratio improved to 42.6% in first quarter of 2026, down from 44.4% in the prior year period, reflecting positive operating leverage.
Impairment charges on financial assets decreased by $1 million, or 19% (down 28% in constant currency), to
$6 million.
The CET1 Capital Adequacy Ratios (CAR) for Basel II/III as of 31 March 2026 and 31 March 2025 are estimates only. We report our regulatory capital ratios twice a year, on 31 December and 30 June. The submission deadlines for these reports to the regulator, the Central Bank of West African States (BCEAO), are 30 April and 31 October, respectively.
ROTE is profit available (attributable) to ETI shareholders divided by the average end-of-period (EOP) tangible shareholders'
equity
##END##
About Ecobank Transnational Incorporated ('ETI' or 'The Group')
Ecobank Group is the leading private pan-African financial services group with unrivalled African expertise. Present in 34 sub-Saharan African countries, France, the UK, UAE, and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs about 14,000 people and offers over 32 million customers, Consumer, Commercial, Corporate and Investment Banking as well as Payment's products, services and solutions across multiple channels, including digital. For further information, please visit ecobank.com.
Cautionary note regarding forward-looking statements
Certain statements in this document are "forward-looking statements". These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements.
Constant Currency - Ecobank Group prepares its financial results in US dollars, while its subsidiaries report in local currencies. When converting these results to USD, Ecobank uses current exchange rates, which change frequently. The "constant currency" method helps eliminate the effects of foreign exchange rate changes when comparing financial results over time. This method provides a clearer view of how the business is performing, without the confusion caused by currency changes. The percentage change in constant currency shows how the business would have performed if exchange rates had remained unchanged. To calculate constant currency, we convert the 1Q 2025 local-currency financials using the average and spot FX rates for 1Q 2026, as needed.
Earnings Call Information:
Ecobank will not hold an earnings conference call to discuss the unaudited financial results for the three months ended 31 March 2026.
The 1Q 2026 financial results, submitted to the NGX, BRVM and GSE, can be accessed, including the Earnings Press Release, by visiting https://www.ecobank.com. If you should have any questions related to these results, please contact Ecobank Investor Relations via ir@ecobank.com
Contact information:
Investors may contact:
Ato Arku Ecobank Group
Phone: +228 2221 0303
ir@ecobank.com
Media may contact: Christiane Mbimbe Bossom Ecobank Group
Phone: +228 2221 0303
groupcorporatecomms@ecobank.com
APPENDIX
Table 1: Francophone West Africa (UEMOA) | |||||
BALANCE SHEET HIGHLIGHTS | 31 Mar | 31 Dec | 31 Mar | % Chg | % Chg in |
As at: (in millions of US dollars) | 2026 | 2025 | 2025 | '25 vs '24 | C. Currency |
Loans & advances to customers (gross) | 5,139 | 5,583 | 4,846 | 6% | (0)% |
Of which Stage 1 | 4,806 | 5,257 | 4,529 | 6% | (0)% |
Of which Stage 2 | 250 | 237 | 223 | 12% | 5% |
Of which Stage 3 (non-performing loans) | 83 | 90 | 94 | (11)% | (17)% |
Less allowance for impairments (Expected Credit Loss) | 86 | 90 | 127 | (32)% | (36)% |
Of which Stage 1: 12-month ECL(1) | 15 | 17 | 15 | 2% | (4)% |
Of which Stage 2: Life-time ECL | 42 | 41 | 60 | (29)% | (33)% |
Of which Stage 3: Life-time ECL | 28 | 32 | 52 | (46)% | (50)% |
Loans & advances to customers (net) | 5,053 | 5,494 | 4,719 | 7% | 1% |
Total assets | 12,480 | 13,090 | 11,232 | 11% | 5% |
Deposits from customers | 10,163 | 9,808 | 8,648 | 18% | 11% |
Total equity | 1,310 | 1,397 | 1,153 | 14% | 7% |
Loan-to-deposit ratio | 50.6% | 56.9% | 56.0% | - | - |
NPL ratio | 1.6% | 1.6% | 1.9% | - | - |
NPL coverage ratio | 102.9% | 100.0% | 134.9% | - | - |
Stage 3 coverage ratio | 33.6% | 35.8% | 55.5% | - | - |
Table 2: NIGERIA | |||||
BALANCE SHEET HIGHLIGHTS | 31 Mar | 31 Dec | 31 Mar | % Chg | % Chg in |
As at: (in millions of US dollars) | 2026 | 2025 | 2025 | 1Q26 vs 1Q25 | C. Currency |
Loans & advances to customers (gross) | 1,561 | 1,584 | 1,621 | (4)% | (13)% |
Of which Stage 1 | 280 | 304 | 358 | (22)% | (29)% |
Of which Stage 2 | 599 | 613 | 1,111 | (46)% | (51)% |
Of which Stage 3 (non-performing loans) | 682 | 667 | 153 | 347% | 303% |
Less: allowance for impairments (Expected Credit Loss) | 79 | 112 | 55 | 43% | 29% |
Of which Stage 1: 12-month ECL(1) | 3 | 1 | 4 | (29)% | (36)% |
Of which Stage 2: Life-time ECL | 21 | 17 | 28 | (25)% | (32)% |
Of which Stage 3: Life-time ECL | 55 | 94 | 23 | 142% | 118% |
Loans & advances to customers (net) | 1,482 | 1,472 | 1,566 | (5)% | (15)% |
Total assets | 3,797 | 3,525 | 3,543 | 7% | 39% |
Deposits from customers | 2,600 | 2,534 | 2,457 | 6% | (5)% |
Total equity | 367 | 299 | 231 | 59% | 43% |
Loan-to-deposit ratio | 60.0% | 62.5% | 66.0% | - | - |
NPL ratio | 43.7% | 42.1% | 9.4% | - | - |
NPL coverage ratio | 11.6% | 16.8% | 36.2% | - | - |
Stage 3 coverage ratio | 8.0% | 14.1% | 14.8% | - | - |
Table 3: Anglophone West Africa (AWA) | |||||
BALANCE SHEET HIGHLIGHTS | 31 Mar | 31 Dec | 31 Mar | % Chg | % Chg in |
As at: (in millions of US dollars) | 2026 | 2025 | 2025 | '25 vs '24 | C. Currency |
Loans & advances to customers (gross) | 2,173 | 2,181 | 1,538 | 41% | 17% |
Of which Stage 1 | 1,761 | 1,748 | 1,216 | 45% | 21% |
Of which Stage 2 | 249 | 248 | 147 | 69% | 53% |
Of which Stage 3 (non-performing loans) | 163 | 185 | 175 | (7)% | (32)% |
Less allowance for impairments (Expected Credit Loss) | 104 | 122 | 113 | (8)% | (31)% |
Of which Stage 1: 12-month ECL(1) | 34 | 32 | 20 | 64% | 25% |
Of which Stage 2: Life-time ECL | 22 | 22 | 7 | 218% | 152% |
Of which Stage 3: Life-time ECL | 49 | 68 | 86 | (43)% | (58)% |
Loans & advances to customers (net) | 2,069 | 2,060 | 1,425 | 45% | 22% |
Total assets | 8,771 | 8,097 | 5,985 | 47% | 21% |
Deposits from customers | 6,621 | 5,835 | 4,460 | 48% | 23% |
Total equity | 1,039 | 1,062 | 667 | 56% | 26% |
Loan-to-deposit ratio | 32.8% | 37.4% | 34.5% | - | - |
NPL ratio | 7.5% | 8.5% | 11.4% | - | - |
NPL coverage ratio | 63.7% | 65.7% | 64.6% | - | - |
Stage 3 coverage ratio | 29.9% | 36.5% | 49.0% | - | - |
Central, Eastern and Southern Africa (CESA) | |||||
BALANCE SHEET HIGHLIGHTS | 31 Mar | 31 Dec | 31 Mar | % Chg | % Chg in |
As at: (in millions of US dollars) | 2026 | 2025 | 2025 | '25 vs '24 | C. Currency |
Loans & advances to customers (gross) | 2,660 | 2,566 | 1,832 | 45% | 35% |
Of which Stage 1 | 2,513 | 2,424 | 1,640 | 53% | 43% |
Of which Stage 2 | 93 | 83 | 126 | (26)% | (31)% |
Of which Stage 3 (non-performing loans) | 53 | 58 | 67 | (20)% | (25)% |
Less: allowance for impairments (Expected Credit Loss) | 93 | 99 | 115 | (19)% | (21)% |
Of which Stage 1: 12-month ECL(1) | 22 | 24 | 13 | 72% | 62% |
Of which Stage 2: Life-time ECL | 14 | 18 | 21 | (32)% | (35)% |
Of which Stage 3: Life-time ECL | 57 | 57 | 81 | (29)% | (31)% |
Loans & advances to customers (net) | 2,566 | 2,467 | 1,718 | 49% | 39% |
Total assets | 9,668 | 9,373 | 7,706 | 25% | 19% |
Deposits from customers | 6,947 | 6,923 | 5,823 | 19% | 13% |
Total equity | 1,250 | 1,136 | 954 | 31% | 24% |
Loan-to-deposit ratio | 38.3% | 37.1% | 31.5% | - | - |
NPL ratio | 2.0% | 2.3% | 3.6% | - | - |
NPL coverage ratio | 174.4% | 169.3% | 171.4% | - | - |
Stage 3 coverage ratio | 107.5% | 97.5% | 121.6% | - | - |
Consolidated statement of comprehensive Income - USD
3 month period ended 31 March 2026 | 3 month period ended 31 March 2025 | |
US$'000 | US$'000 | |
Interest income | 561,080 | 454,631 |
Interest income calculated using the effective interest method | 558,138 | 452,700 |
Other interest income | 2,942 | 1,931 |
Interest expense | (171,115) | (159,192) |
Net Interest income | 389,965 | 295,439 |
Fee and commission income | 171,603 | 144,500 |
Fee and commission expense | (18,180) | (14,580) |
Trading income and foreign exchange gains | 86,897 | 82,657 |
Net investment income | 1,878 | 143 |
Other operating income | 4,060 | 8,105 |
Non-interest revenue | 246,258 | 220,825 |
Operating income | 636,223 | 516,264 |
Staff expenses | (132,639) | (115,242) |
Depreciation and amortisation | (19,323) | (17,527) |
Other operating expenses | (159,898) | (133,687) |
Operating expenses | (311,860) | (266,456) |
Operating profit before impairment charges and taxation | 324,363 | 249,808 |
Impairment charges on financial assets | (129,350) | (74,831) |
Profit before tax | 195,013 | 174,977 |
Taxation | (52,468) | (52,493) |
Profit after tax | 142,545 | 122,484 |
Attributable to: | ||
Ordinary shareholders | 92,613 | 83,776 |
Other equity instrument holder | 3,656 | 3,656 |
Non-controlling interests | 46,276 | 35,052 |
142,545 | 122,484 | |
Earnings per share attributable to ordinary shareholders during the period (expressed in United States cents per share): | ||
Basic (cents ) | 0.377 | 0.341 |
Diluted (cents ) | 0.377 | 0.341 |
Consolidated unaudited statement of other comprehensive income | ||
Profit after tax | 142,545 | 122,484 |
Other comprehensive income | ||
Items that may be reclassified to profit or loss: | ||
Exchange difference on translation of foreign operations | (60,493) | 57,461 |
Fair value loss on debt instruments at FVOCI | (66,457) | (4,074) |
Items that will not be reclassified to profit or loss: | ||
Net change in fair value on property and equipment | - | (1,174) |
Other comprehensive (loss ) / income for the period, net of taxation | (126,950) | 52,213 |
Total comprehensive income for the period | 15,595 | 174,697 |
Total comprehensive income attributable to: | ||
Ordinary shareholders | 11,812 | 119,569 |
Other equity instrument holder | 3,656 | 3,656 |
Non-controlling interests | 127 | 51,472 |
15,595 | 174,697 | |
The above consolidated unaudited statement of comprehensive income should be read in conjunction with the accompanying notes. "n/m" : not meaningful
Consolidated statement of financial position - USD
As at 31 March 2026 | As at 31 December 2025 | |||
ASSETS | US$'000 | US$'000 | ||
Cash and balances with central banks | 6,752,683 | 5,878,747 | ||
Trading financial assets | 308,845 | 219,430 | ||
Derivative financial instruments | 65,690 | 55,371 | ||
Loans and advances to banks | 3,269,509 | 2,887,458 | ||
Loans and advances to customers | 11,487,561 | 11,774,883 | ||
Treasury bills and other eligible bills | 2,478,503 | 2,279,240 | ||
Investment securities | 8,237,014 | 8,834,624 | ||
Pledged assets | 62,325 | 93,314 | ||
Other assets | 1,409,293 | 1,392,165 | ||
Investment in associates | 520 | 726 | ||
Intangible assets | 31,543 | 39,882 | ||
Investment properties | 17,500 | 21,358 | ||
Property and equipment | 690,223 | 668,535 | ||
Deferred income tax assets | 342,364 | 338,544 | ||
35,153,573 | 34,484,277 | |||
Assets held for sale | 2,934 | 2,934 | ||
Total assets | 35,156,507 | 34,487,211 | ||
LIABILITIES | ||||
Deposits from banks | 1,786,803 | 2,613,965 | ||
Deposits from customers | 26,501,710 | 25,304,908 | ||
Derivative financial instruments | 17,238 | 8,239 | ||
Borrowed funds | 1,899,745 | 1,797,507 | ||
Other liabilities | 1,825,493 | 1,610,757 | ||
Provisions | 92,171 | 80,828 | ||
Current income tax liabilities | 99,716 | 123,300 | ||
Deferred income tax liabilities | 39,671 | 46,389 | ||
Retirement benefit obligations | 35,281 | 37,795 | ||
Total liabilities | 32,297,828 | 31,623,688 | ||
EQUITY | ||||
Share capital and premium | 2,113,961 | 2,113,961 | ||
Retained earnings and reserves | (170,873) | (182,685) | ||
Equity attributable to ordinary shareholders | 1,943,088 | 1,931,276 | ||
Other equity instrument holder | 74,088 | 74,088 | ||
Non-controlling interests | 841,503 | 858,159 | ||
Total equity | 2,858,679 | 2,863,523 | ||
Total liabilities and equity | 35,156,507 | 34,487,211 |
The above consolidated unaudited statement of financial position should be read in conjunction with the accompanying notes
Consolidated statement of changes in equity - USD
Amounts in US$'000
Share Capital | Retained Earnings | Other Reserves | Total equity and | Other equity | Non-Controlling | Total Equity | ||||
reserves attributable | instrument | Interest | ||||||||
At 1 January 2025 | 2,113,961 | 1,040,494 | (2,075,415) | 1,079,040 | 74,088 | 641,674 | 1,794,802 | |||
Foreign currency translation differences | - | - | 42,958 | 42,958 | - | 14,503 | 57,461 | |||
Net loss in debt instruments,net of taxes | - | - | (5,991) | (5,991) | - | 1,917 | (4,074) | |||
Net gain on revaluation of property | - | - | (1,174) | (1,174) | - | - | (1,174) | |||
Profit for the period | - | 83,776 | - | 83,776 | 3,656 | 35,052 | 122,484 | |||
Total comprehensive income for the period | - | 83,776 | 35,793 | 119,569 | 3,656 | 51,472 | 174,697 | |||
Coupon paid to other equity instrument holder | - | - | - | - | (3,656) | - | (3,656) | |||
Dividend relating to 2024 | - | - | - | - | - | (15,628) | (15,628) | |||
Other reserves | - | - | - | - | - | (4,282) | (4,282) | |||
At 31 March 2025 | 2,113,961 | 1,124,270 | (2,039,622) | 1,198,609 | 74,088 | 673,236 | 1,945,933 | |||
At 1 January 2025 | 2,113,961 | 1,040,494 | (2,075,415) | 1,079,040 | 74,088 | 641,674 | 1,794,802 | |||
Foreign currency translation differences | - | - | 347,923 | 347,923 | - | 117,366 | 465,289 | |||
Net changes in debt instruments,net of taxes | - | - | 86,950 | 86,950 | - | 18,990 | 105,940 | |||
Net gain on revaluation of property | - | - | 8,293 | 8,293 | - | 250 | 8,543 | |||
Remeasurements of post-employment benefit obligations | - | - | 1,929 | 1,929 | - | (218) | 1,711 | |||
Profit for the year | - | 407,141 | - | 407,141 | 7,313 | 179,668 | 594,122 | |||
Total comprehensive income for the year | - | 407,141 | 445,095 | 852,236 | 7,313 | 316,056 | 1,175,605 | |||
Coupon paid to other equity instrument holder | - | - | - | - | (7,313) | - | (7,313) | |||
Transfer from general reserve | - | (10,825) | 10,825 | - | - | - | - | |||
Transfer from statutory reserve | - | (79,647) | 79,647 | - | - | - | - | |||
Dividend relating to 2024 | - | - | - | - | - | (80,737) | (80,737) | |||
Other reseves | - | - | - | - | - | (4,748) | (4,748) | |||
Change of ownership | - | - | - | - | - | (14,086) | (14,086) | |||
At 31 December 2025 /January 2026 | 2,113,961 | 1,357,163 | (1,539,848) | 1,931,276 | 74,088 | 858,159 | 2,863,523 | |||
Foreign currency translation differences | - | - | (35,493) | (35,493) | - | (25,000) | (60,493) | |||
Net changes in debt instruments,net of taxes | - | - | (45,308) | (45,308) | - | (21,149) | (66,457) | |||
Net gain on revaluation of property | - | - | - | - | - | - | - | |||
Profit for the period | - | 92,613 | - | 92,613 | 3,656 | 46,276 | 142,545 | |||
Total comprehensive income for the period | - | 92,613 | (80,801) | 11,812 | 3,656 | 127 | 15,595 | |||
Coupon paid to other equity instrument holder | - | - | - | - | (3,656) | - | (3,656) | |||
Dividend relating to 2025 | - | - | - | - | - | (7,858) | (7,858) | |||
Other reserves | - | - | - | - | - | (10,036) | (10,036) | |||
Change of ownership | - | - | - | - | - | 1,111 | 1,111 | |||
At 31 March 2026 | 2,113,961 | 1,449,776 | (1,620,649) | 1,943,088 | 74,088 | 841,503 | 2,858,679 |
The above consolidated unaudited statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated statement of cash flows - USD
3 Month period ended | 3 Month period ended | |||
31 March 2026 | 31 March 2025 | |||
US$'000 | US$'000 | |||
Cash flows from operating activities | ||||
Profit before tax | 195,013 | 174,977 | ||
Adjusted for: | ||||
Foreign exchange income / (loss) | (26,111) | 15,170 | ||
Net investment securities gains | (1,878) | (143) | ||
Impairment charges on loans and advances | 111,764 | 46,963 | ||
Impairment charges on other financial assets | 17,586 | 27,868 | ||
Depreciation of property and equipment | 16,911 | 13,268 | ||
Amortisation of software and other intangibles | 2,412 | 4,259 | ||
Profit on sale of property and equipment | (129) | (446) | ||
Income taxes paid | (99,530) | (100,162) | ||
Changes in operating assets and liabilities | ||||
Trading financial assets | (96,208) | (44,033) | ||
Derivative financial instruments | (11,317) | 10,193 | ||
Treasury bills and other eligible bills | 134,413 | (115,952) | ||
Loans and advances to banks | (258,089) | (439,852) | ||
Loans and advances to customers | 98,461 | 146,747 | ||
Pledged assets | 34,418 | (12,057) | ||
Other assets | (25,591) | (56,327) | ||
Mandatory reserve deposits with central banks | (141,314) | 14,518 | ||
Deposits from customers | 1,572,017 | 878,658 | ||
Other deposits from banks | (570,094) | (542,865) | ||
Derivative liabilities | 9,068 | 7,853 | ||
Other liabilities | 196,943 | 184,217 | ||
Provisions | 14,801 | 7,550 | ||
Net cashflow from operating activities | 1,173,546 | 220,404 | ||
Cash flows from investing activities | ||||
Purchase of software | (353) | (113) | ||
Purchase of property and equipment | (10,908) | (8,892) | ||
Proceeds from sale of property and equipment | 42 | 75 | ||
Purchase of investment securities | (315,457) | (306,940) | ||
Proceeds from sale and redemption of investment securities | 493,597 | 89,399 | ||
Net cashflow from / (used in) investing activities | 166,921 | (226,471) | ||
Cash flows from financing activities | ||||
Repayment of borrowed funds | (148,915) | (45,228) | ||
Proceeds from borrowed funds | 29,217 | 16,480 | ||
Coupon paid to other equity instrument holder | (3,656) | (3,656) | ||
Dividends paid to non-controlling shareholders | (7,858) | (15,628) | ||
Net cashflow used in financing activities | (131,212) | (48,032) | ||
Net increase / (decrease) in cash and cash equivalents | 1,209,255 | (54,099) | ||
Cash and cash equivalents at beginning of period | 5,336,373 | 4,941,836 | ||
Effects of exchange differences on cash and cash equivalents | 196,133 | (24,561) | ||
Cash and cash equivalents at end of the period | 6,741,761 | 4,863,176 |
The above consolidated unaudited statement of cash flows should be read in conjunction with the accompanying notes.