Ecobank Ghana Posts 44% Growth
Van Lare Dosoo
Ecobank Ghana posted a 44 per cent growth in 2013 net profit to record GH¢190.633 million compared with GH¢132.557 million for the same period in 2012.
The bank also recorded 52 per cent growth in loans, while its revenue growth shot up by 40 per cent to GH¢589.7 million.
‘The strong position we find ourselves in today is the result of good decisions taken over the last 22 years and represents an accumulation of dedicated and sound leadership,’ Lionel Van Lare Dosoo, Chairman of the Board told shareholders at the Annual General Meeting.
He said the bank had consistently focused on building up competencies to meet emerging challenges, stressing that it would strive towards maintaining mechanisms that deliver excellent returns and shareholder value.
The Managing Director of Ecobank Ghana, Samuel Ashitey Adjei, said the Bank continues to deliver products and services and expressed appreciation to the customers, especially for reposing confidence in the financial entity.
He said from March 1, 2013 to February 28 Ecobank Ghana’s share price increased by 111 per cent, adding that its loan book of GH¢2.1 billion was the largest in the banking sector.
Mr Adjei explained that ‘profitability and growth sustainability is not only a vision, but hugely resultant of excellent management disciplines, and unrelenting focus on execution, consistent management of risks, competitive product sets and outstanding customer service.’
He said the bank’s cost to income ratio of 45.3 per cent was a testimony of efficiency and a source of pride to all.
Mr Adjei said the Bank’s domestic banking segment, consisting of small medium enterprises and local corporate, public sector and retail customers contributed 44.6 per cent to the bank’s total income in 2012.
Corporate bank and treasury contributed 32.7 per cent and 22.7 per cent compared to 30 percent and 25 per cent in 2012.
‘As a result of our innovation on debt structuring, our loan book grew by 52 per cent to GH¢2.1 billion from GHâ‚µ1.4 billion the year before.
Mr Adjei said despite intense industry competition, Ecobank Ghana was well placed and would continue to invest this year in transforming the business to improve customer experience alongside focusing on operational efficiency.
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