Find the latest bookmaker offers available across all uk gambling sites www.bets.zone Read the reviews and compare sites to quickly discover the perfect account for you.
Home / Business / Banking/Finance / Ecobank Group Reports N10.2 Trillion Total Assets for 2020

Ecobank Group Reports N10.2 Trillion Total Assets for 2020

Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019. In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.

YOU MAY ALSO LIKE:   Sex Scandal: Group Wants CBN to sanction FCMB CEO, Adams Nuru

The bank also recorded superlative performance in other key financial indices despite the harsh operating environment. Summary of the report 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, profits 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.

YOU MAY ALSO LIKE:   Nnamdi Kanu Makes Fresh Statement After His Arrest, Reveals Why He Fled Nigeria

About society_admin

Check Also

NASRE

Health, Insurance, And Entrepreneurship Lectures To Take Centre Stage At NASRE Foundation’s End- Of-Year Support To Ailing Journalists Others

Health, Insurance, And Entrepreneurship Lectures To Take Centre Stage At NASRE Foundation’s End- Of-Year Support ...

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertising
Advertising

Recent Posts

Archives

More News