Ecobank Grows Profit After Tax by 324 Percent in 2021

Ecobank Transnational Incorporated, a pan African bank, continues to grow as key metrics hit record highs in the year ended December 31, 2021. Ecobank’s gross earnings rose by 13 percent to N952.951 billion from N841.143 billion recorded in 2020.

This was revealed in the bank’s unaudited financial statements seen by Investors King.

Revenue surged by 11 percent from N641.753 billion achieved in the same period of 2020 to N712.933 billion in 2021.

Similarly, operating profit before impairment losses stood at N294.302 billion, representing an increase of 23 percent when compared to N239.059 billion filed in 2020.

Profit before tax rose by 52 percent to N195.720 billion in the period under review, up from N129.088 billion recorded in the corresponding period of 2020.

The bank’s profit before tax rose by an astonishing 194 percent to N195.720 billion. After income tax, profit for the year jumped by 324 percent from N33.742 billion in 2020 to N143.109 billion in the 2021 financial year.

Ecobank Group Financial Highlights for 2021

– Gross earnings up 6% to $2,327.3 million (up 13% to NGN 953.00 billion)
– Revenue up 4% to $1,741.1 million (up 11% to NGN 712.9 billion)
– Profit before tax and goodwill impairment up 41% to $478.0 million (up 52% to NGN 195.7 billion)
– Profit before tax up 174% to $478.0 million (up 194% to NGN 195.7 billion)
– Profit after tax up 296% to $349.5 million (up 324% to NGN 143.1 billion)
– Total assets up 5% to $27.3 billion (up 11% to NGN 11,560.3 billion)
– Loans and advances to customers up 4% to $9.6 billion (up 10% to NGN 4,066.4 billion)
– Deposits from customers up 7% to $19.5 billion (up 13% to NGN 8,283.2 billion)
– Total equity up 5% to $2.1 billion (up 11% at NGN 902.9 billion)