Ecobank reports 87% drop in Profit After Tax to N10.3Bn in Q3 2020

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Ecobank Transnational Incorporated Plc, reports audited results for nine months ended 30th September 2020.

From the result, Ecobank Group’s gross earnings down 5% to $1,613.4 million (up 0.4% to NGN 613.1 billion) while its revenue rose by 4% to $1,213.5 million (up 9% to NGN 461.2 billion).

Key financial highlights:

  • Profit before tax and goodwill impairment down 17% to $250.2 million (down 13% to NGN 95.1 billion)
  • Profit before tax down 70% to $90.8 million (down 68% to NGN 34.5 billion)
  • Profit after tax down 88% to $27.1 million (down 87% to NGN 10.3 billion)
  • Total assets up 3% to $24.4 billion (up 9% to NGN 9,430.2 billion)
  • Loans and advances to customers down 8% to $8.5 billion (down 3% to NGN 3,294.5 billion)
  • Deposits from customers up 7% to $17.3 billion (up 13% to NGN 6,685.8 billion)
  • Total equity down 3% to $1.8 billion (up 3% at NGN 708.6 billion)

Ecobank reports 87% drop in Profit After Tax to N10.3Bn in Q3 2020

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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