Ecobank Transnational Inc has published its activity table for the first quarter of fiscal 2022. According to the document signed by Ade Ayeyemi, Chief Executive Officer of Ecobank Group, solid results were recorded in the first quarter of 2022.

Despite the challenging operating environment characterized by the strengthening of the US dollar against operating currencies, high inflation, high interest rates and tight labor markets in Africa as well as the Russian-Ukrainian conflict, the group was able to perform well.

" We delivered strong results in the first quarter of 2022, with pre-tax income up 25% to $EU 125 million, diluted earnings per share up 29% to 0.27 cent $EU and net banking income growth of 7% to $EU 436 million. We recorded a return on tangible equity of 18.9% compared to 15.7% year-on-year," said Ade Ayeyemi, Chief Executive Officer of Ecobank Group.

The group achieved modest loan growth thanks to rising interest rates. As a result, pre-tax profits increased by 13%, 26% and 59% respectively in the corporate banking, personal banking and commercial banking business units.