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Ecobank Group records 32% growth in PAT of N146.5 billion for 2019

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year.

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Ecobank Nigeria

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

The bank, which released its figures to the Nigeria Stock Exchange yesterday, reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.

Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion.

READ MORE: Reps set to probe CBN, FIRS, others over alleged fraudulent forex dealings

Summary of Result

Ecobank Group reports audited full year 2019 results

  • Gross earnings up 9% to NGN 842.5 billion
  • Revenue up 3% to NGN 586.9 billion
  • Profit before tax up 32% to NGN146.5 billion
  • Profit after tax up 28% to NGN 99.5 billion
  • Total assets up 5% to NGN 8,621.9 billion
  • Loans and advances to customers up 2% to NGN 3,383.2 billion
  • Deposits from customers up 2% to NGN 5,925.0 billion
  • Total equity up 9% to NGN 688 billion

"NM Partners" represent articles published in partnerships with Corporate Organisations, Government and Non-Governmental Institutions, and other stakeholders seeking to publish content on Nairametrics. Content includes Press Releases, Targeted content, and other forms of corporate communications targeted at our readers. Some of these content are paid for.

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Bayer set to hold the 3rd edition of the Nigeria Maize Conference

This year’s conference which will be virtual is tagged “Much More Maize” and is scheduled for the 22nd of April 2021.

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Bayer Nigeria Limited, a subsidiary of Bayer AG, Germany has announced its plan to hold the 3rd edition of its annual Nigeria Maize conference. This year’s conference which will be virtual is tagged “Much More Maize” and is scheduled for the 22nd of April 2021.

Speaking ahead of the conference, the Country Sales Manager, Bayer Nigeria Ltd, Mr. Temitope Banjo said that the Nigeria Maize Conference is an initiative to bring together stakeholders in the Maize agricultural value chain, to deliver innovative solutions that would help Nigerian farmers maximize their farm yields and secure their harvests from devastating disease and pests.

According to Banjo, “Nigeria is yet to reach its full potentials in terms of maize productivity, for example where a hectare of farmland in Egypt can yield up to 7 metric tonnes per hectare, a farm of the same size in Nigeria only produces around 1.8 metric tonnes per hectare which is one of the lowest among the top 10 maize producers in Africa.” He went on to say that even though Nigeria is presently the largest producer of Maize in Africa, the country is still not able to meet up with its domestic and industrial needs for the crop.

He stated that the challenges with maize production in Nigeria are mainly due to poor agronomic factors and the use of bad seeds during planting and cultivation, and there is a need to educate our farmers on how they can increase the productivity and profitability of their farms, hence the theme for this year’s conference.

Commenting on how Bayer intended to address the maize production challenges in Nigeria, the Managing Director of Bayer Nigeria Ltd., Mr. Sefihait Kone explained that Bayer has a suite of products which is called the Bayer “Much More Maize” toolkit, specially put together to help farmers protect their crops and boost productivity of their farms from the planting phase through the harvesting stage.

“We will show how these products, if used properly have the potential to increase the profitability of their farms which translates to higher revenue for them. We hope that once all farmers imbibe these proper procedures, it will have a ripple effect on the economy and increase the food sufficiency of the country,” Kone stated.

Some of the guests and keynote speakers expected at the virtual conference include Alhaji Abubakar Bello who is the President of the Maize Association of Nigeria (MAAN), Dr. Olusegun Ojo, the Director of the National Agricultural Seed Council (NASC) as well as experts from Bayer in person of Dr. David Wangila and Dr. Joseph Kibaki.

Visit https://nigerianmaizeconference.com/#register to register for the event.

Hotflex

Bayer is an innovation company with a more than 150-year history. Its scientific successes are intended to help improve people’s lives. It’s a global enterprise with core competencies in the Life Science fields of health care and agriculture.

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The Grow With Eyowo Initiative is redefining the growth path for small businesses in Nigeria

Selected entrepreneurs will also enjoy access to a state-of-the-art studio where they can shoot and edit promotional photos and videos for their businesses.

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Eyowo has launched the Grow With Eyowo initiative offering entrepreneurs access to up to 5 million Naira in capital loans, along with industry-specific growth tips from seasoned experts, masterclasses, and a budget for online advertising and campaigns. Selected entrepreneurs will also enjoy access to a state-of-the-art studio where they can shoot and edit promotional photos and videos for their businesses.

Announcing the news through their social media, Eyowo stated that this initiative rides on their commitment as partners of growth for SMEs, to support business owners on their entrepreneurial journey; to go at their ambitions, dreams, and aspirations and grow their businesses into successful enterprises.

According to Seindemi Olobayo, Chief Executive Officer of Eyowo, initiatives such as this will potentially drive economic growth for our nation;

 “Aside from being the major employers of labour, MSMEs are the major stimuli for economic growth in every nation. This is why we have decided as a company to support entrepreneurs with capital, tools and the requisite knowledge that will help take their businesses to the next level”, he said.

For interested businesses to stand a chance of being selected, they will be required to sign up on the Grow With Eyowo page.

Though Eyowo joins a list of corporates and businesses who have expressed commitment to the continuously booming SME sector. However, Eyowo’s funnel of growth resources, masterclass, and the access to market it provides, make this initiative a complete solution for entrepreneurs and small business owners who are in dire need of an ecosystem to grow their businesses.

What truly distinguishes the initiative from others is its ambitious Nigeria-focused vision of an economic transformation that results in the elevation of the individuals and businesses that journey through the Eyowo ecosystem and the emergence of a truly inclusive society for all.

Eyowo promises that this is the first in a litany of life-changing initiatives they hope to deliver in the coming months.

Hotflex

Eyowo Integrated Payments Limited is a payment service provider founded in 2019 and headquartered in Lagos, Nigeria.  Eyowo is Africa’s growth platform for every human who desires access, independence, and connectedness in their finance and everyday life. With Eyowo, everyone who has a mobile phone in Nigeria can now send, spend, receive, save and borrow money.

Learn more at www.eyowo.com

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