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

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Ecobank launches Leadership Training Programme to support women-owned businesses across Africa
Ecobank launches Leadership Training Programme to support women-owned businesses across Africa

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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