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