The audited report submitted to the Nigeria Stock Exchange NSE by Ecobank has put the Total asset of the bank at N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing a 20 per cent increase.
The report also revealed that the gross earnings was stable at N841.1 billion from N842.5 in 2019 while the operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.
The bank recorded 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.
Within the period under review, 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.
A statement made available to the media yesterday explained that the Group CEO Ade Ayeyemi, Ecobank was satisfied with the performance of the pan African Bank
According to him, “I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve. This is a reflection of the power of our panAfrican diversified one-bank business model”
“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.”
Further analysis of the report indicated that Ecobank Group attained N641.8 billion revenue for the financial year ended December 31, 2020 representing nine per cent growth compared with N586.9b released in the equivalent period of 2019. However, other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.
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