Ayeyemi: Ecobank’s N10.4trn Asset Reflects Strength of Pan-African Model
The Ecobank Group’s total asset nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing a 20 percent increase.”
Ecobank submitted its audited full-year 2020 report to the Nigerian Stock Exchange (NSE) on Tuesday, March 23, 2021. In a tough year for the economy, The Group recorded a 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.
Other results of the bank show profit before goodwill impairment went down by 12 percent to N129.1 billion as against N146.5 billion recorded in the corresponding period of 2019.
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The bank, which operates in 36 countries across Africa, managed to increase its revenue to N641.8 billion, representing a nine percent increase over the N586.9 billion recorded in the corresponding period of 2019. The fall in profit despite the increase in revenue is owed to the weaker performance of assets due to the harsh business environment brought about by the novel coronavirus pandemic.
Summary of the report showed that gross earnings was stable at N841.1 billion from N842.5 in 2019. Meanwhile, the operating income before impairment losses increased by 20 percent, from N198.6 billion to N239.1 billion during the year under review.
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Also, the total asset of the bank nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing a 20 percent increase. “This is a reflection of the power of our pan-African diversified one-bank business model,” says Ade Ayeyemi, Ecobank Group CEO.
“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,” the chief executive said. “I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”