Ecobank Records N38.2bn PAT Loss In Three Months

Ecobank gross earnings grew slightly in nine months of 2020, rising by 0.4% above the 610,86 billion generated in the corresponding period of 2019 nine months. AllNews gathered that Ecobank's gross earnings rose to NGN613,14 billion within the period under review.

Revenue of Ecobank rose by 9% during the nine months of 2020, which falls between January to September, to hit NGN461.16 billion, surpassing the NGN422.60 billion the lender generated during the same period of last year.

Ecobank's Interest Income rose to NGN139,58 billion within the third quarter of 2020, rising above the NGN125,92 billion during the corresponding period of Q3 2019; this represents a growth of 11% when both quarters were compared.

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Operating Income for the lender grew by 20% during the Q3 period of this year (July to August), rising to NGN170,84 billion, surpassing the N142,50 billion Ecobank reported for the third quarter of 2019.

Ecobank reported NGN29,63 billion as loss for Profit Before Tax of the third quarter of 2020, having recorded NGN36,05 billion during 2019 third quarter; this is a significant decline of -182% in Ecobank's profit before tax this year.

Profit After Tax of Ecobank also declined by -298%, as the company posted a loss of NGN38,25 billion in its Profit After Tax for 2020 Q3, having reported NGN19,34 billion as PAT for the third quarter of last year.