Ecobank Group has recorded N641.8 billion revenue for the financial year ended December 31, 2020, representing a nine per cent increase compared with N586.9 billion in 2019.
According to the audited report filed to the Nigeria Stock Exchange, the gross earning was stable at N841.1 billion from N842.5 billion in 2019, while the operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.
The total asset of the bank inches up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 per cent increase, “This is a reflection of the power of our pan-African diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.
However, other results of the bank show profit before goodwill impairment went down by 12 per cent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.
The bank’s recorded profit before tax was 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.
Within the period under review, gross earning was stable at N841.1 billion from N842.5 in 2019. The operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.
Ayeyemi said: “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.
I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”