By Taiye Olayemi
Ecobank Nigeria says it recorded a 30 per cent revenue increase, reaching N113.7 billion in the first half of the year, compared to N87.6 billion posted in the same period of 2024.
The bank had said the rise in its ongoing comprehensive transformations aimed at accelerating revenue growth, improving asset quality, and enhancing operational efficiency.
The bank has also ramped up its impairment provisions to support loan write-offs, with gross impairment charges rising over 200 per cent to N32.8 billion in the first half of the year.
Moreso, its profit before tax nearly doubled, reaching N13.5 billion, a 90 per cent increase from N7.1 billion in the prior year.
Ecobank Nigeria has been maintaining a liquidity ratioabove the regulatory minimum of 30 per cent.
A source from the bank on Tuesday, in Lagos, said that a key driver of the performance was the establishment of the asset quality war room, which had intensified efforts in loan collections and recoveries.
“Additionally, improved oil production has positively impacted the bank’s loan recovery, particularly in the oil and gas sector,” the source said.
The bank recovered six million dollars (over nine billion Naira) from a long-standing delinquent borrower, and over N170 billion in stage 2 loans were reclassified to stage 1 following consistent performance.
Ecobank Transnational Incorporated (ETI), the parent company, has been supporting Ecobank Nigeria, having injected over 10 million dollars in 2024 to help meet the Central Bank of Nigeria’s capital requirements.
Further capital injections and strategic measures are underway to restore the bank’s Capital Adequacy Ratio to required levels.
The bank had also confirmed the successful early repayment of 50 per cent of its 300 million dollars eurobond ahead of its February 2026 maturity, demonstrating strong financial resilience.
The bond currently trades near par, reflecting investor confidence.
Ecobank Nigeria continues to comply with regulatory directives, refraining from dividend payouts or management bonuses to preserve capital and ensure long-term stability.
An industry analyst commented, “While challenges remain, the ongoing transformation positions Ecobank Nigeria for sustainable growth.
“The near-par trading of its bond signals a strong market.”
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