Ecobank's pre-tax profit rose 12% in dollars but fell 0.41% in naira, and Nigeria made just $7.34m of it

Ecobank made $736.94m before tax in the 9 months to September, up 12.24% from $656.59m, according to its unaudited financial statements. Translated into naira, the same result came to ₦1.0107trn, down 0.41% from ₦1.0148trn.

Both figures describe the same earnings. The difference is translation. Ecobank converts income and expenses at average exchange rates for the period, and the naira was stronger on average this year. Dividing the naira profit by the dollar profit gives an implied translation ratio of about ₦1,371 per dollar for 2026, against about ₦1,546 for 2025 (STATART calculations). These are ratios derived from the income statement, not market exchange rates, but they show each dollar of profit converting into roughly 11% fewer naira.

The group in dollars

Revenue rose 12% to $1.96bn from $1.75bn, and net interest income climbed 12% to $1.13bn from $1.01bn (STATART calculations from the financial statements). The cost-to-income ratio was 47.8%, slightly better than 48.0% a year earlier.

Customer deposits reached $27.54bn, up 9% since December. Current accounts made up about 71% of deposits and savings accounts about 17%, on the rounded split in the financial statements. Stage 3 loans, the impaired part of the book, were 7.5% of gross loans, down from 9.4% in December.

Nigeria is the weak spot

The regional figures tell a sharper story. Central, Eastern and Southern Africa made $392.20m before tax, up 20.24%. Anglophone West Africa made $336.80m, up 9.86%. Francophone West Africa, the UEMOA zone, made $266.06m, down 2.54%.

Nigeria made $7.34m, down 45.03%. Its revenue rose 11% to $125.7m, but impairment charges on financial assets climbed nearly 60% to $37.4m, equal to about 30% of revenue (STATART calculation). On these numbers, the Nigerian unit produced about 1% of group pre-tax profit (STATART calculation; regional figures don't add up exactly to the group total because of consolidation adjustments).

That's a separate point from the naira translation. The group's naira figures cover every market Ecobank operates in, converted into naira; Nigeria's own result is a small slice of the total.

For investors on the Nigerian Exchange, the naira figures show what the group's earnings look like in the currency of their portfolio, while the dollar and regional figures show where the business is growing. Share price, dividends and valuation matter as much as either. Nigeria's credit quality, impairment charges and earnings performance will be important indicators to monitor in the final quarter.

Source: Ecobank Transnational Incorporated, unaudited financial statements for the 9 months to 30 September 2026, filed with the Nigerian Exchange. All figures are unaudited.