Ecobank Grows Profit by 28% in 2019

• Ecobank Grows Profit by 28% in 2019

Ecobank Transnational Incorporated (Ecobank) grew profit by 28 percent in the financial year ended December 31, 2019.

In the audited financial statement released through the Nigerian Stock Exchange (NSE) on Tuesday, the lender’s gross earnings rose by 9 percent during the year under review to N842.490 billion, up from N772.557 billion reported in 2018.

The total revenue generated expanded by 3 percent from N567.400 billion filed in 2018 to N586.879 billion in 2019. While the bank’s operating profit before impairment losses declined by 9 percent from N218.360 billion to N198.565 billion in 2019.

Also, net interest income declined by 19 percent from N929.760 billion in 2018 to N749.729 billion in 2019. Not interest income moderated slightly by 2.6 percent from N895.411 billion filed in 2018 to N872.530 billion in 2019.

However, profit before tax rose by 32 percent to N146.544 billion in 2019, up from N110.829 billion recorded a year ago.

Profit after tax increased from N77.463 billion in 2018 to N99.461 billion in 2019, representing an increase of 28 percent.

Ecobank grew total assets by 5 percent from N8.195 trillion in 2018 to N8.621 trillion in 2019 while liabilities grew from N7.520 trillion to N7.894 trillion in 2019.

The bank’s total equity increased by 9 percent from N631.132 billion to N687.742 billion. Customers’ deposits expanded by 2 percent to N5.924 trillion during the year under review.