Ecobank Group Posts N630bn Revenue in 2020
Ecobank Group recorded a revenue of over N630 billion in the year ended December 31, 2020.
This, represented a growth of seven per cent when compared to the N586.9 posted in 2019. In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that net interest income rose 27 per cent to N345.295 billion in 2020, from N271.227 billion, while operating income stood at N630.348 billion up from N587 billion in 2019.
Also, value of its total assets stood at N10.2 trillion after a 19 per cent rise above the N8.591 trillion, it was the previous year.
The bank also recorded improved performance in other key financial indices despite the harsh operating environment with deposits from customers went up 23 per cent to N7.3 trillion from N5.9 trillion; loans and advances to customers grew by nine per cent to N3.7 trillion, from N3.4 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, its profit was impacted by the provisioning for goodwill of about N60 billion for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit before tax and goodwill impairment closed at N126.4 billion, while profit after tax stood at N35.9 billion.
The Ecobank Group had stated that it was optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it would improve on its profitability in 2021 and other years ahead.