Ecobank Group has declared N35.9billion profit after tax for the year ended December 31st, 2020.
The bank’s revenue went up to N630billion, representing 7 percent increase when compared to N586.9 posted in the corresponding period of 2019.
According to its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the bank ended with profit before tax, and goodwill impairment closed at N126.4 billion.
The pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19 percent rise.
Ecobank also reported performance in other key financial indices despite the harsh operating environment.
Summary of the report showed that Deposits from customers went up by 23 percent to N7.3 trillion; Total equity up by 17percent to N805.1 billion; while loans and advances to customers grew by 9percent to N3.7 trillion.
Despite the bank’s deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.
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 financial year.