In its audited report submitted to the Nigeria Stock
Exchange (NSE) on Tuesday, the pan-African bank also recorded superlative
performance in other key financial indices despite the harsh operating
environment during the period.
Summary of the report showed that gross earnings was stable
at N841.1 billion from N842.5 in 2019. The operating income before impairment
losses increased by 20 per cent, from N198.6 billion to N239.1 billion during
the year under review.
Also, Total asset of the bank nudged up to N10.4 trillion in
the year ended from N8.6 trillion in the corresponding year of 2019,
representing 20 percent increase.
“This is a reflection of the power of our panAfrican
diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.
Ayeyemi further said: “2020 was a year which tested the
resilience of the human spirit in rising to the many challenges as governments,
businesses and households’ unrelentingly strove to keep citizens, clients and
loved ones safe. I am proud of Ecobankers’ hard work and continued service to
our customers and the support we provide to the communities we serve.”
Other results of the bank shows profit before goodwill
impairment went down by 12 percent to N129.1 billion as against N 146.5 billion
recorded in the corresponding period of 2019.
The bank recorded Profit before tax of N66.6 billion as
against N146.5 billion reported in 2019. While Profit after tax closed at N33.7
billion during the year under review.
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