ECOBANK (SL) posts Le82.3 billion Profits Before Tax

The local arm of the Transnational ECOBANK has seen its Profits Before Tax (PBT) jump by 30.6% or Le25.1 billion for 2019 from Le57.2 billion in 2018 to Le82.3 billion in 2019. The Bank rests securely among the top 5 best performing Commercial Banks in Sierra Leone, growing its business through Loans and Advances which increased by 15% or Le33 billion from Le185.6 billion in 2018 to Le218.5 billion in 2019. It also invested quite heavily in Investment Securities by pumping in a massive Le301.4 billion showing an increase of 55.3% moving from Le243.9 billion in 2019 to Le545.3 billion in 2019.

On the downside, Deposits from Customers declined by 4.5% or Le38.2 billion from Le850.7 billion in 2018 to Le812.5 billion in 2019. The Fees and Commissions Income collected from its core activities increased by 14% or Le6 billion from Le36.9 billion in 2018 to Le43 billion in 2019. Ultimately having to deal with bad loans which is sadly a prevalent culture among the business community in Sierra Leone the Losses (impairment) on the Loans and Advances dropped by an impressive 37.3 % or Le4.8 billion from Le12.8 billion in 2018 they were able to bring it down to Le8 billion.

One of only three Commercial Banks in the trillion Leones league, the value of the Banks Assets grew by 2.2% or Le23.9 billion from Le1.07 trillion in 2018 to Le1.09 trillion in 2019. On the other hand the Liabilities dropped by 1.8% or Le17.2 billion from Le943.7 billion in 2018 down to Le926.5 billion in 2019. There was thus an upward movement of 24.3% (Le41 billion) in Equity from Le127.9 billion in 2018 to Le168.9 billion in 2019.

The Profit Before Tax which most Bank Managers would say this is what I actually worked for increased by Le25.2 billion or 30.6. After deducting tax of Le25.1 billion the final declared Profit After Tax is Le57.3 billion showing an increase of Le17.2 billion or 30.1% from Le40 billion in 2018 to Le57.3 billion in 2019.