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2020 Fiscal Year: Ecobank Group Reports 7% Growth In Revenue

-by our correspondent.

The Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019. This is contained In the Bank’s unaudited report submitted to the Nigeria Stock Exchange (NSE) over the weekend.

According to a statement, the pan-African bank also recorded impressive performance in other key financial indices despite the harsh operating environment as the value of its total assets now stands at N10.2 trillion following a 19% appreciation from the previous year.

A summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.

The statement, however, noted that despite the bank’s good showing in revenue and deposits from customers, the profits were impacted by the provisioning made for goodwill with regards to 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 is optimistic that with clean book after the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and years ahead.

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