Business News of 2014-04-08

Ecobank records GH¢267.8m pre-tax profit

Ecobank Ghana posted a profit before tax of GH¢267.8 million for 2013, representing a 44-per cent increase over the 2012 figure of GH¢186.3 million.

The increase in the bank’s pre-tax profit for the 2013 financial year was fuelled by strong growth in net loans and deposits, which recorded 52 per cent and 32 per cent growth respectively.

The 2013 financial results released on Monday indicated that the bank’s total assets stood at GH¢4.7 billion.

Ecobank’s total income increased by 40 per cent to GH¢589.7 million from the previous year’s GH¢422.7 million, as cost-to-income ratio improved from 50 per cent in 2012 to 45 per cent in 2013.

Return on equity

Ecobank posted an impressive return on average equity of 37 per cent, indicating that shareholders will have more for their investments.

Earnings per share improved from GH¢0.45 per share to GH¢0.65 per share and over the last 12 months (from March 1, 2013 to February 24 2014), Ecobank’s share price increased by 11 per cent.

Ecobank’s services

Ecobank provides retail, corporate and investment banking and other financial services for its well diversified clients across the country.

The bank’s focus has always been to build strong client relationships and provide great financing and banking services for its customers.

The bank currently operates through a nationwide network of 79 branches and 194 automated teller machines (ATMs).

The Managing Director of Ecobank, Mr Samuel Ashitey Adjei, said despite intense industry competition, the bank was well placed for the years ahead.

“In 2014, we will continue to invest in transforming our business to improve customer experience alongside our focus on operational efficiency. We are determined to work even harder to retain our customer loyalty,”?he added.