Ecobank Group Releases 2020 Audited Results, Posts N641.8b Revenue

Ecobank Group has posted a revenue of N641.8 billion for the year ended December 31, 2020, showing a nine per cent increase compared with N586.9 posted in the corresponding period of 2019.

Brandnewsday gathers that the Pan-African Bank‘s audited report submitted to the Nigeria Stock Exchange (NSE), Tuesday, Ecobank also recorded superlative performance in other key financial indices despite the harsh operating environment during the period.

Summary of the report showed that the bank gross earnings were stable at N841.1 billion from N842.5 in 2019. The operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.

Ecobank Group Releases 2020 Audited Results, Posts N641.8b Revenue

Moving on, the total asset of the bank nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing a 20 per cent increase.

Commenting on the development, Ade Ayeyemi, Ecobank Group CEO  said: “This is a reflection of the power of our pan-African diversified one-bank business model”.

READ: Stanbic IBTC Reports N83bn Profit; Declares highest dividend since 1989

Ayeyemi further said: “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve”.

Other results of the bank show profit before goodwill impairment went down by 12 per cent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.

Correspondingly, the Nigerian bank recorded a profit before tax of N66.6 billion as against N146.5 billion reported in 2019. While Profit after tax closed at N33.7 billion during the year under review.

READ: Fitch Grants Ecobank Nigeria’s USD300M Senior Unsecured Notes ‘B-‘