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Tuesday, March 28, 2023

Ecobank Group Posts N630 billion Revenue in 2020

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Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.
This represents a 7 percent growth when compared to N586.9 billion posted in the corresponding period of 2019.
In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19 percent rise.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment. Summary of the report showed that Deposits from customers went up 23 percent to N7.3 trillion; Total equity up 17 percent to N805.1 billion; while Loans and advances to customers grew by 9 percent to N3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.
Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion. The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
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