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

Date:

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).

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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

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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