Ecobank Trans-national Incorporated Plc has posted a loss after tax of N52.6 billion for the year ended December 31, 2016 as against a profit of N21.253 billion in 2015.
The audited full-year result of the pan-African banking institution revealed that its operating profit before impairment losses dropped by 0.5 per cent to $735.1 million, with a loss before tax of $131.3 million.
ETI’s total assets declined by 13 per cent to $20.5 billion, while loans and advances to customers dipped by 17 per cent to $9.3 billion.
Group Chief Executive Officer, ETI, Mr. Ade Ayeyemi, said, “The financial results show the benefits of progress of our strategy but also reflect the frustrating reality of poor financial performance in announcing a loss before tax of $131m and revenue of $2bn for the year ended 31 December 2016.”
He said the group revenues remained resilient despite a tough year of macroeconomic headwinds including a weaker economic environment, particularly in Nigeria, and the strengthening of their reporting currency (US dollar) against all African currencies, particularly the Nigerian currency.
