Ecobank Group reports $770.9m in revenue for H1 ‘20

• Experience bearish trading period during the first six months of 2020
• Nigerian subsidiary sees 4% surge in revenue to N290.3 bn
• Total equity up 8% to N742.7bn in H1

Charles Abuede

Ecobank Transnational Incorporated (ETI) and its subsidiaries posted revenues of $770.9 million in the first six months of 2020, a one percent decline from the $775.7 million recorded during the same period in 2019. It shows a bearish trading experience for the pan-African financial institutions for the half of the year.

The information about the bank’s performance for the period is contained in its condensed unaudited consolidated financial statements for the period ended 30 June 2020, sent to the local bourse and accessed by Business A.M. The highlight of the report is that its Nigerian arm recorded an impressive first-half results of N290.3 billion, climbing four per cent from N280.1 billion recorded in the corresponding period of 2019.

More data from the financial statement show that the group’s gross earnings were down by 7 per cent to $1,040.9 million from $1,122.1 million obtained in the previous first half, with the Nigerian arm recording a downward three per cent to N392.0 billion in 2020 from N405.2 billion in 2019, between January and June.

Similarly, the bank’s profit before tax took a bear hug by 16 per cent to $170.3 million from the 2019 figure of $203.4 million, while in Nigeria, it recorded a 13 per cent fall to N64.1 billion from N73.4 billion. Also, the profit after tax for the period ran down 22 per cent to $128.9 million, with the Nigerian subsidiary recording an 18 per cent fall to N48.5 billion, representing a drop of about N11 billion from N59.5 billion recorded during the same period in 2019.

The company’s total assets grew by three per cent to $24.3 billion from $23.6 billion recorded as at December 2019, with its Nigerian subsidiary recording a nine per cent surge to N9.4 billion from N8.6 billion during the same 6 months period.

On the other hand, the loans and advances to customers saw a decline of seven per cent to $8.6 billion from $9.3 billion recorded in December 2019; with the group’s Nigeria business documenting a one per cent decline to N3.3 trillion in June 2020 from N3.4 trillion during the year end of 2019.

Meanwhile, total deposits from customers for the trading period were up by three per cent to $16.7 billion as at the first half of 2020 from $16.24 billion as at December 2019; with the Nigerian subsidiary recording an increase of nine per cent to N6.5 trillion from N5.9 trillion reported in December 2019.

The total equity rose by two per cent to $1.9 billion from $1.89 billion as at December 2019,while the business in Nigeria witnessed an eight per cent growth to N742 billion as at end of the first half of 2020 against the N687 billion reported six months earlier.