The gain was due to an impressive growth in revenues, lower credit impairment charges and effective cost management.
The growth in revenue is largely driven by higher foreign exchange trading revenue as well as fee and commission revenue which recorded a 132 per cent and 38 per cent growth respectively.
Recoveries from previously impaired loans and continued sound credit risk management culminated in a 75 per cent reduction in credit impairment charges.
Ecobank Ghana continued to benefit from cost management measures resulting in a three per cent increase in other operating costs to GH¢24.3 million. The cost to income ratio improved from 53 per cent to 46 per cent.
Total assets increased by 32 per cent to GH¢1.75 billion supported by growth in customer deposits which increased by 48 per cent to GH¢1.3 billion.
The bank maintained a well-capitalised position with a capital adequacy ratio of 18 per cent above the statutory minimum of 10 per cent, set by the Central Bank.
The bank’s share price stood at GH¢3.50 per share at March 2011 compared with GH¢3.0 per share at December 2010.
Ecobank Ghana says it is strategically positioned to provide its esteemed clients with a world-class banking experience and is committed to ensuring that it continues to grow its business with the ultimate aim of becoming the most profitable bank in Ghana and returning maximum returns to its shareholders.
Source: Daily Graphic
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Ecobank posts impressive first quarter results