COVID-19: Ecobank Profit Drops By N5.9 Billion In First Quarter

Ecobank PLC  first quarter 2020 profit dropped by 19 percent to N24.6 billion, from N30.5 billion in Q1 2019. 

A statement obtained from the Nigerian Stock Exchange on Friday showed that  the bank’s gross earnings also declined by 2% to N194.9 billion from N199.4 billion recorded between January to March 2019.

Meanwhile, the company’s assets increased by 4% to N8.97 billion after reaching N8.6 billion in Q1 2019.

Ecobank revenue also grew by over N3 billion to N143.7, a 2% growth from N140.4 billion recorded within the same period in 2019.

S&P Global Ratings, an American credit rating agency had on Wednesday said, “Although emerging market banks are often more exposed than developed market peers, we expect most will face earnings rather than a capital shock, exacerbated by lower investor appetite and increasing funding cost for systems dependent on external financing.