Ecobank Group records N630bn revenue for 2020

The Ecobank Group said it recorded revenue of over N630 billion for the year ended December 31, 2020.

This represents a 7% growth when compared to N586.9 billion posted in the corresponding period of 2019. The company disclosed this in its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, adding that its total assets rose by 19% to N10.2 trillion in 2020.

The report further showed that  Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.

However, despite the bank’s good showing in deposits from customers and revenue, profit was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 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.