Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a seven per cent growth when compared to N586.9 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 N10.270 trillion from N8.621 trillion, showing a growth of 19 per cent.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment.
The analysis of the bank’s result showed that deposits from customers went up 23 per cent to N7.301 trillion from N5.924 trilliin; Total equity up by 17 per cent to N805.106 billion from N687.742 billion; while Loans and advances to customers grew by nine per cent to N3.7 trillion against N3.383 trillion reported in the corresponding period of last year.
The bank’s gross earnings went down by two per cent to N828.961 billion against N842.490 billion recorded in the preceding year.
However, despite the bank’s good showing in deposits from customers and revenue, profits were impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.883 billion against N99.461 billion, while profit before tax and goodwill impairment closed at N126.4 billion from N146.544 billion recorded the preceding year.
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.
