Home » Cameroonian banker Alain Nkontchou-led Ecobank reports $496 million in revenue in Q1 2024

Cameroonian banker Alain Nkontchou-led Ecobank reports $496 million in revenue in Q1 2024

by Feyisayo Ajayi
Alain Nkontchou

Key Points:

  • Pan-African banking leader Ecobank reports strong Q1 with revenue rising 5% year-on-year to N665.43 billion ($496 million).
  • Bank’s profit jumps 249% at constant currency, with chairman Alain Nkontchou holding a 2.18% stake.
  • Ecobank benefits from higher interest income but faces rising expenses in a high-rate environment.

Ecobank Transnational Incorporated (Ecobank), the leading pan-African banking group, led and partly owned by Cameroonian banker, Alain Nkontchou, delivered a robust first quarter of 2024, with revenue rising 5.02 percent year-on-year to N665.43 billion ($496 million). This strengthens ETI’s position as one of Africa’s top banking conglomerates.

Interest income up, expense rises in high-rate environment

Following a record-breaking 2023, where net revenue rose for the first time since 2015 to $2.1 billion (an 11 percent increase), ETI’s Q1 2024 revenue jumped 5.02 percent. At constant currency, the increase was a significant 205.5 percent.

The group’s report shows profit surging from N40.41 billion ($87.60 million) to N140.9 billion ($105.01 million), representing a substantial 249 percent increase at constant currency. Interest income calculated using the effective interest rate increased to N608.32 billion ($453.38 million) from N207.22 billion ($449.26 million).

However, the bank’s interest expense rose to N219.97 billion ($163.94 million) compared to N84.59 billion ($183.39 million) the prior year due to the high-interest-rate environment. Despite this, operating income remained healthy, standing at N665.4 billion ($495.95 million), from N217.8 billion ($472.25 million).

Leading regional banking group

Ecobank is the leading independent regional banking group in West and Central Africa, serving wholesale and retail customers in 36 African countries. The pan-African banking conglomerate is one of the largest in terms of countries served.

Cameroonian banker Alain Nkontchou, Chairman of Ecobank, maintains a 2.18 percent beneficial stake (equivalent to 400,916,488 ordinary shares) in the regional banking group.

Under Nkontchou’s leadership, total comprehensive income surged significantly, rising from N7.06 billion ($15.54 million) to N448.72 billion ($123.76 million). This follows a strong 2023 performance where total comprehensive income rose from $61.21 million to $226.99 million.

The Togo-based financial services conglomerate’s strong performance is reflected in a 33.39 percent expansion in total assets to N34.57 trillion ($26.53 billion). Retained earnings also surged 31.45 percent to N1.41 trillion ($1.02 billion).

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.