Ecobank Group report N461bn revenue in 9 months

ECOBANK Group made N461.2 billion revenue in nine months for the period ended 30th September 2020, representing a nine percent increase against the corresponding period of last year.

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.

The summary of the report showed that gross earnings increased by 0.4 percent to N 613.1 billion; total assets nudged up by nine  percent to N 9.430 trillion during the period under review as against the period of last year. Also, deposits from customers increased to N 6.686 trillion, representing 13 percent and total equity went up by three percent at N 708.6 billion.

However, despite the bank’s good showing in deposits from customers, revenue, and gross earnings, profits were impacted by the provisioning of about N60.5 billion for goodwill for the acquisition of Oceanic Bank in 2011.

The bank said it was optimistic that with the clean book aftermath of the full provisioning for Oceanic Bank, it would improve on its profitability for the year-end. Profit before tax and goodwill impairment close at N 95.1 billion.

– Dec. 4, 2020 @ 16:45 GMT |

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