Our Reporter
ECOBANK Transnational Incorporated (Ecobank Group) Plc witnessed improvements in its balance sheet in 2020 as increased market share and expanded funding lifted total balance sheet size to N10.27 trillion.
Unaudited report and accounts of Ecobank Group for the year ended December 31, 2020 released at the weekend showed that total assets rose from N8.62 trillion in 2019 to N10.27 trillion in 2020. Customers’ deposits had increased from N5.92 trillion to N7.30 trillion.
The group increased loans to customers from N3.38 trillion to N3.7 trillion. Total equity funds also rose from N687.74 billion in 2019 to N805.11 billion.
The report showed that the group recorded a revenue of over N630 billion, representing seven per cent growth on N586.9 billion posted in 2019. However, despite the bank’s good showing in deposits from customers and revenue, profits were impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.
Consequently, the bank ended with profit after tax of N35.9 billion while profit before tax and goodwill impairment closed at N126.4 billion.
The Ecobank Group stated that it was optimistic that with clean book in the aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.
