By InvestAdvocate

Lagos (INVESTADVOCATE)-Pan-African lender, Ecobank Transnational Incorporated (ETI) said on Tuesday its profit for the fourth quarter (Q4) period ended December 31, 2020  plunged 66.1 percent to N33.74 Billion from N99.46 billion recorded a year ago.

Profit before tax (PBT) of the bank also declined -54.6 percent to N66.59 billion from N146.54 billion posted the same period of 2019.

Gross earnings of Ecobank Group dipped -0.2 percent to N841.14 billion from N842.49 billion declared a year ago, the Pan-African lender in a filing with the Nigerian Stock Exchange (NSE).

“2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve,” says Ade Ayeyemi, Ecobank Group CEO in a statement made available to InvestAdvocate

“Other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019. The bank recorded Profit before tax of N66.6 billion as against N146.5 billion reported in 2019.  While Profit after tax  closed at N33.7 billion during the year under review,” the statement added.