Ecobank Group Posts N461 billion Revenue in Nine Months

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By Goddy Egene

Ecobank Group has recorded a revenue of N461.2 billion for the nine months for the period ended September 30, 2020, representing nine per cent increase compared with N422.6 billion posted in the corresponding period of 2019.

In its audited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank also recorded superlative performance in other key financial indices despite the harsh operating environment.

Summary of the report showed that gross earnings increased by 0.4 per cent from N610.8 billion in 2019 to N 613.1 billion in 2020.

However, despite the bank’s good showing in deposits from customers, revenue and gross earnings, profits was impacted by the provisioning of about N60.5 billion for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after goodwill impairment charges of N10 billion while profit before tax and goodwill impairment closed at N 95.1 billion.

The bank said it was optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability for the year end. Total assets nudged up by nine per cent to N 9.430 trillion during the period under review as against the period of last year. Also, deposits from customers increase to N 6.686 trillion representing 13 per cent and total equity went up by three per cent at N 708.6 billion.