Ecobank Group, the parent company of Ecobank Nigeria Limited has released its audited 2019 Financial Result to the public. The result which show a significant increase in the group bottom line figures for 2019 also saw growth in the Balance Sheet size of the bank.
The bank’s profit grew by 28% from a gross earning growth of 9%. The profit growth was occasioned by 10% growth in Net Fee and Commission Income, 16% growth in Net Trading Income, a 20% growth in Other Operating Income and a 60% drop in Loan Loss Expense.
Here is the highlight of Ecobank Audited 2019 Full Year Financials
- Gross earnings up 9% to N842.5 billion from N772.6bn in 2018
- Net Interest income down by 6% to N271.2bn from N289bn
- Net Fee and Commission Income up by 10% from N138.2bn to N151.8bn
- Other Operating Income up by 20% to N25.8bn from N21.5bn
- Staff Cost up by 11% to N177.4bn from N159.3bn in 2018
- Loan Loss Expense down by 60% from N99.3bn to N39.8bn in 2019
- Other Operating Expense up by 11% from N349bn to N388.3bn in 2019
- Profit Before Tax up by 32% to NGN146.5bn from N110.8bn in 2018
- Profit After Tax up by 28% to NGN 99.5bn from N77.5bn in 2018
Ecobank Transnational Incorporated (ETI) full year 2019 balance sheet also had an interesting growth in 2019 financial year.
Total Assets grew by 5% to N8.62trn in 2019, while Loans and advances also grew 2% to N3.38trn.
Deposits from Customers grew by 2% also to N5,93trn, just as Total Equity also grew by up 9% to close 2019 at N688bn.