Ecobank Group Posts N461bn Revenue In Nine Months
By UDO ONYEKA
Ecobank Group made N461.2 billion revenue in nine months for the period ended 30th September 2020, representing nine per cent increase when compared with the corresponding period of 2019.
In its audited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan African financial institution also recorded superlative performance in other key financial indices despite the harsh operating environment occasion mainly by the COVID-19 pandemic.
The summary of the report showed that gross earnings increased by 0.4 per cent to N613.1 billion; total assets nudged up by nine per cent to N9.430 trillion during the period under review as against the same period of last year.
Also, deposits from customers increased to N6.686 trillion representing 13 per cent increase and total equity went up by three per cent at N708.6 billion.
However, despite the bank’s good showing in deposits from customers, revenue and gross earnings, profits was impacted by the provisioning of about N60.5 billion for goodwill for the acquisition of Oceanic Bank in 2011.
The bank said it is optimistic that with the clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability for the year end. Profit before tax (PBT) and goodwill impairment close at N95.1 billion.
