Ecobank Reports 64% Drop in Profit to NGN 35.9Bn in FY 2020 Results

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Ecobank Group Secures €100 Million Credit Facility from European Investment Bank to Fund SMEs
Ecobank Group Secures €100 Million Credit Facility from European Investment Bank to Fund SMEs

Ecobank Transnational Incorporated Plc reports audited results for For the year ended 31 December 2020.

From the result, Ecobank Group’s gross earnings down 7% to $2,169.8 million (down 2% to NGN 829.0 billion) while revenue up 2% to $1,649.9 million (up 7% to NGN 630.3 billion).

Key financial highlights:

  • Operating income before impairment losses up 10% to $606.2 million (up 17% to NGN 231.6 billion)
  • Profit before tax and goodwill impairment down 18% to $330.8 million (down 14% to NGN 126.4 billion)
  • Profit before tax down 58% to $171.3 million (down 55% to NGN 65.5 billion)
  • Profit after tax down 66% to $93.9 million (down 64% to NGN 35.9 billion)
  • Total assets up 9% to $25.7 billion (up 19% to NGN 10,270.1 billion)
  • Loans and advances to customers stable at $9.2 billion (up 9% to NGN 3,699.6 billion)
  • Deposits from customers up 12% to $18.2 billion (up 23% to NGN 7,301.3 billion)
  • Total equity up 7% to $2.0 billion (up 17% to NGN 805.1 billion)

Ecobank Reports 64% Drop in Profit to NGN 35.9Bn in FY 2020 Results

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