Nigerian banking Giants, Ecobank Group has recorded a revenue of over ₦630 billion for the year ended December 31, 2020.
This represents a 7% growth when compared to ₦586.9 posted in the corresponding period of 2019.
In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that the value of its total assets now stands at N10.2 trillion after a 19% rise.
The bank also recorded superlative performance in other key financial indices despite the harsh operating environment.
Read Also: Ecobank Launches Virtual Card For Online Payments
Summary of the report showed that Deposits from customers went up 23% to ₦7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to ₦3.7 trillion.
However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.
Consequently, the bank ended with a profit after tax of ₦35.9 billion, while profit before tax and goodwill impairment closed at ₦126.4 billion.
The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
AFRICA DAILY NEWS, NEW YORK
