Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan, unveiling EcobankPay Zone in Mushin market, Lagos

Ecobank Transnational Incorporated (ETI) has announced a 32% growth in profit before tax to N146.5 billion in 2019 financial year, from 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