{"id":46421,"date":"2021-01-29T17:55:28","date_gmt":"2021-01-29T16:55:28","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=46421"},"modified":"2021-01-29T17:55:28","modified_gmt":"2021-01-29T16:55:28","slug":"ecobank-group-reports-n10-2-trillion-total-assets-for-2020","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ecobank-group-reports-n10-2-trillion-total-assets-for-2020\/","title":{"rendered":"Ecobank Group Reports N10.2 Trillion Total Assets For 2020"},"content":{"rendered":"<p class=\"yiv6455557212MsoNormal\">Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.<\/p>\n<p class=\"yiv6455557212MsoNormal\">This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019.<\/p>\n<p class=\"yiv6455557212MsoNormal\">In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.<\/p>\n<p class=\"yiv6455557212MsoNormal\">The bank also recorded superlative performance in other key financial indices despite the harsh operating environment. Summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv6455557212MsoNormal\">However, despite the bank\u2019s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.<\/p>\n<p class=\"yiv6455557212MsoNormal\">Consequently, the bank ended with profit after tax of\u00a0N35.9 billion, while profit before tax and goodwill impairment closed at\u00a0N126.4 billion. The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.<u><\/u><u><\/u><\/p>\n<p class=\"yiv6455557212MsoNormal\"><u><\/u><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":37112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[7816],"coauthors":[2391],"class_list":["post-46421","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-financial-statements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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