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Ecobank Group hits 32% growth of NGN146.5bn for 2019 in PBT

Leading continental financial giant, the Ecobank Transnational Incorporated (ETI) has announced a record 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

The bank which released its figures to the Nigeria stock Exchange (NSE) earlier on Monday, March 23, 2020, reported gross earnings of NGN 842.5 billion, up by 9% against the figures for the previous year.

Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion

Summary of Result made available to Business Hilights in Lagos showed audited Full year 2019 results as follows:

– Gross earnings up 9% to NGN 842.5 billion

– Revenue up 3% to NGN 586.9 billion

– Profit before tax up 32% to NGN146.5 billion

– Profit after tax up 28% to NGN 99.5 billion

– Total assets up 5% to NGN 8,621.9 billion

– Loans and advances to customers up 2% to NGN 3,383.2 billion

– Deposits from customers up 2% to NGN 5,925.0 billion

– Total equity up 9% to NGN 688 billion