Banking/Finance

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.

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.

society_admin

Share
Published by
society_admin

Recent Posts

Nigeria had least number of attacks in 2024 – CDS

Chief of Defence Staff, Gen. Christopher Musa By Gilbert Ekugbe The Chief of Defence Staff, General…

15 hours ago

Rivers crisis: N’Delta youths write Tinubu, threaten oil production shutdown

President Bola Tinubu By Dele Ogunyemi Palpable tension has enveloped Rivers State as youth groups, under…

15 hours ago

Ondo monarch, Mimiko celebrate ex-UNIMED VC

By Gilbert Ekugbe The Osemawe Ondo Kingdom, Oba Victor Kiladejo and ex-Governor of Ondo State, Dr.…

15 hours ago

NANS lauds Abiodun over N20m cash awards to UNILAG scholars

Ogun State Governor, Dapo Abiodun, addressing lawmakers in the State House of Assembly, during the…

15 hours ago

Kano clarifies A’Court’s judgment on Sanusi’s reinstatement as emir

Kano State Government By Tukur Muntari The Kano State Government has made clarification on the recent…

15 hours ago

Father has collected money from me several times, says Asake after viral video

\ By Faith Ajayi A viral video featuring a man, Fatai Odunsi, who claims to be…

21 hours ago