Ecobank survives pandemic with 324% jump in profit
By Jeph Ajobaju, Chief Copy Editor
Ecobank Transnational Inc (ETI) survived pandemic lull with a historic 324 per cent growth in profit before tax to N143 billion in 2021 from N32.4 billion in 2020, according its latest financial result filed with the Nigerian Stock Exchange (NSE).
It had suffered a hit from coronavirus disruptions which saw gross earnings at N841 billion in 2020 and a 57 per cent drop in profit before tax to N66.6 billion.
Ecobank rode on digital banking services and innovation which delivered a 13 per cent increase in gross earnings to N952 billion and an 11 per cent jump in revenue to N712 billion.
The bank nurtured growth in different income categories then cut expenses on business operations to lift profit before tax far beyond the 2020 realm.
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Result highpoints
The highpoints of the 2021 result as reported by Nairametrics are as follows:
- Interest income grew 13 per cent to N598 billion from N531 billion in 2020.
- Income expenses rose 19 per cent to N219 billion. Increase in net interest income grew 9 per cent to N378 billion against N348 billion in 2020.
- Total non-operating income up 13 per cent to N333 billion from N295 billion. Driven by other operating income which spiked 63 per cent to N23 billion and by fees and commission income jumping 26 per cent to N204 billion.
- Operating income shot up 11 per cent to N712 billion against N641 billion in 2020.
- Staff expense increased 4 per cent to N184 billion, other operating expenses 2 per cent to N189 billion; culminating in N418 billion operating expenses.
- Customer deposits up 13 per cent to N 8.3 billion.
- Total assets rose 11per cent to N 11.6 billion.
- Customer loans and advances grew 10 per cent to N4 billion.
- Ecobank is currently valued at N140 billion.