Ecobank Group posts N641.8 billion revenue in 2020
As capitalisation rises by N199 billion
Ecobank Group has recorded revenue of N641.8 billion in its 2020 operations against N586.9 billion achieve in the corresponding period of 2019.
The 2020 bank’s audited result showed nine percent increase in revenue from N586.9 billion to N641.8 billion. The bank’s operating income before impairment losses increased by 20 percent, from N198.6 billion to N239.1 billion during the year under review.
Also, total asset of the bank rose to N10.4 trillion in the year ended from N8.6 trillion in the recorded in 2019, representing 20 percent growth.
Ecobank Group Chief Executive Officer, Ade Ayeyemi said: “This is a reflection of the power of our pan African diversified one-bank business model.
“2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe.
“I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”
Other results of the bank showed that profit before goodwill impairment went down by 12 per cent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.
The bank also recorded Profit before tax of N66.6 billion as against N146.5 billion reported in 2019 while Profit after tax closed at N33.7 billion.
Meanwhile, the Nigerian Stock Exchange (NSE) reversed losses yesterday to close in an upward note as market capitalisation appreciated by N199 billion.
At the close of transactions yesterday, the All-Share Index (ASI) appreciated by 380.81 absolute points, representing an increase of 0.98 per cent to close at 39,085.78 points while the overall market capitalisation value gained N199 billion to close at N20.450 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Guinness Nigeria and Unilever Nigeria.
On the price movement chart, 21 stocks recorded price appreciation while 17 constituted the losers chart. Stanbic IBTC Holdings recorded the highest price gain of 9.99 per cent to close at N48.45 kobo while NPF Microfinance Bank followed with a gain 9.60 per cent to close at N1.94 kobo.
Cornerstone Insurance rose by 8.93 per cent to close at 61 kobo. Guinness Nigeria appreciated by 8.76 per cent to close at N27.30 kobo.
Oando gained 8.68 per cent to close at N3.38, per share. On the other hand, MRS Oil Nigeria led the losers’ chart by 9.70 per cent to close at N12.10 kobo.
Wapic Insurance followed with a decline of 9.09 per cent to close at 50 kobo while Lafarge Africa shed 7.11 per cent to close at N20.90 kobo.
Africa Prudential shed 5.45 per cent to close at N5.20, while Livestock Feeds depreciated by 4.74 per cent to close at N1.81 kobo.
Volume of shares traded declined marginally by 11.8 per cent to 361.903 million units, valued at N5.702 billion, and exchanged in 4,018 deals.
Transactions in the shares of Union Bank of Nigeria (UBN) topped the activity chart with 79.346 million shares valued at N420.533 million. Guaranty Trust Bank followed with 72.620 million shares worth N2.259 billion, while Veritas Kapital Assurance traded 50.247 million shares valued at N10.525 million.
Ekocorp Plc traded 20 million shares valued at N120 million, while Zenith Bank transacted 16.675 million shares worth N367.031 million.