Ecobank, the pan African bank has released its results for 2015 and confirmed why it issued a profit warning some weeks ago.
The result showed full year earnings at 416.48 billion naira, contrasting the 379.32 billion naira earned in 2014.
The company’s poor profitability rang loud as gross profit fell from N86.44 billion in 2014 to 40.59 billion naira last year.
How badly the poorly performing African economy had taken its toll on the bank is better reflected in the dollar figures quoted by the report.
Whereas in 2014, the bank reported $394.7 million profit after tax, it fell to $107million last year. Gross profit was $519.5million in 2014 and it nose-dived to $205.2 million in 2015.
Nevertheless the bank has proposed a dividend of US 0.2 cents, to be paid on August 2, 2016. It translates to about N0.40 kobo to Nigerian stakeholders.
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