Ecobank Group recorded N630bn revenue in 2020

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 Nike Popoola

Ecobank Group has said its revenue rose to N630bn in the 2020 financial year.

This represents seven per cent growth when compared to N586.9bn posted in the corresponding period of 2019.

In a statement titled ‘Ecobank Group posts N630bn revenue in 2020’, it disclosed this in its unaudited report submitted to the Nigerian Stock Exchange on Friday.

The pan-African bank stated that value of its total assets now stood at N10.2tn after a 19 per cent rise.

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Ecobank said it also recorded good performance in other key financial indices despite the harsh operating environment.

Summary of the report showed that deposits from customers went up by 23 per cent to N7.3tn; total equity up 17 per cent to N805.1bn; while loans and advances to customers grew by nine per cent to N3.7tn.

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However, it added, deposits from customers and revenue, profits were impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.

Consequently, it added, the bank ended with profit after tax of N35.9bn, while profit before tax and goodwill impairment closed at N126.4bn.

The Ecobank Group had earlier stated that it was optimistic that with clean books aftermath of the full provisioning for Oceanic Bank, it would improve on its profitability in 2021 and other years ahead.

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