Ecobank records N25.6bn Profit After Tax in Q4 2020

OBINNA EZUGWU

Ecobank Transnational Inc. has reported a Profit After Tax (PAT) of N25.6 billion in the fourth quarter of 2020, representing a 24.1% Year-on-Year increase compared to N20.6 billion recorded in a similar period of 2019.

This is according to the firm’s recent financial statement made available on the Nigerian Stock Exchange.

The bank also saw a rise in its interest income by about 11% Y-o-Y, from N125.93 billion as of Q3 2019 to N139.6 billion in Q3 2020. It however dipped in Q4 2020 by 4% from N138.3 billion recorded in Q4 2019 to N132.8 billion.

Other key highlights of Q4 2020:

Net interest income rose to N90.3billion, +19% Y-o-Y.
Fees and commission income rose to N45.5billion, +7% Y-o-Y.
Other operating income increased to N13.2 billion, +25% Y-o-Y.
Operating expenses declined to N106.4 billion, -1% Y-o-Y.
Profit Before Tax (PBT) declined to N30.9 billion, -16% Y-o-Y.
Taxation declined to N5.8 billion, -65% Y-o-Y.
Deposits from customers increased to N7.3 trillion by the end of FY 2020, +23% Y-o-Y.
Loans and advances to customers increased to N3.7 trillion by the end of FY 2020, +9.4% Y-O-Y.
Total assets increased to N10.3 trillion by the end of FY 2020, +19% Y-o-Y.
Total liabilities increased to N9.5 trillion by the end of FY 2020, +19% Y-o-Y.