Ecobank recorded gross earnings of N763bn in 2017

Ecobank Trans International released its financial statements for the year ended December, 2017. Gross Earnings in naira increased from 665 billion in 2016 to 763 billion in 2017.

The bank made a profit before tax of 88.3bn in 2017 against a loss before tax of 33.7bn in 2016.

Profit after tax was also positive at 69bn against a loss after tax of 52.6bn.

Operating profit before impairment losses up by 14 per cent to N214.3bn, loans and advances to customers increased marginally by one per cent to N2.86tn, while, deposits from customers up 13 per cent to N4.65 tn.

Meanwhile, the group’s total equity appreciated by 24 per cent N664.7bn, total assets increased by 10 per cent to N6.864tn, while its total liabilities also rose by eight per cent to N6.16tn.

Speaking on the group performance for the period under review, the Group Chief Executive Officer of ETI, Mr. Ade Ayeyemi, said, “Our 2017 financial performance was an encouraging improvement on 2016. We delivered a profit before tax of $288m compared to a loss of $131m in the previous year. $1.8bn of revenue remained largely unchanged from 2016 due to our decision to keep a tight lid on loan growth.”