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Business News of Tuesday, 24 March 2020

Source: MyNigeria

Full-Year 2019: Ecobank's profit soars to 28.3%

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Ecobank Transnational Incorporated has released its audited consolidated financial statements for the year ended December 31st, 2019. The financial statements demonstrate positive figures across all sectors. The breakdown of the report is shown below:

Gross earnings: The Group generated N842.4 billion in gross earnings as at December 2019, compared to N772.5 billion recorded as at the end of the 12 month period of 2018. This represents a 9% increase in gross earnings.

Revenue: Ecobank recorded 586.8 billion in revenue in December 2019 as against 567.4 billion recorded in December 2018, representing a 3.4% increase.

Profit Before Tax: As at the end of the fourth quarter of December 2019, the lender recorded N146.5 billion as profit before tax, up from N110.8 billion recorded at the end of December 2018. This represents an increase of 32.2%.

Profit After Tax: The bank recorded a profit of N99.4 billion for the 12-month period of 2019, compared to N77.4 billion recorded at the end of December 2018, representing a 28.3% increase in profit after tax.

Earnings Per Share: Earnings Per Share for Ecobank stood at N281.57 kobo for Full-year 2019, up from N229.00 kobo recorded as at the end of December 2018 (diluted).