January 26, 2022

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Ecobank Group posts N641.8b turnover

Ecobank Transnational Incorporated (Ecobank Group) Plc recorded gross earnings of N641.8 billion in 2020, representing nine per cent increase on N586.9 billion in 2019.

Key extracts of the audited report and accounts for the year ended December 31, 2020 released at the Nigerian Stock Exchange (NSE) showed that the pan-African bank recorded modest performance across key financial indices despite the harsh operating environment during the period.

Gross earnings was stable at N841.1 billion from N842.5 in 2019. Operating income before impairment losses increased by 20 per cent from N198.6 billion to N239.1 billion in 2020. Total assets of the group nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase.

Group Chief Executive Officer, Ecobank Group, Ade Ayeyemi said the 2020 report was a reflection of the power of the group’s pan-African diversified one-bank business model.

He noted that 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,” Ayeyemi said.

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. 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.

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