Ecobank releases half year results

Ecobank Ghana has buttressed its position as a trailblazer in the market place with its cumulative half year results show leadership in almost all key indicators of financial performance.

Ecobank Ghana recorded the highest returns in the industry, growing profit before tax by 32percent on a year on year basis, making it the most profitable bank in the country.

The bank’s revenues for second quarter 2015, was up by 29percent year on year. This growth was propelled by a 58percent increase in fee and commission income and a 29percent increase in net interest income. Trading income grew marginally by 10% reflecting the current foreign exchange challenges experienced in the country

Although operating expenses grew by 27percent to GH¢203.8million on the back of rising inflation and a depreciating currency, strong cost management measures ensured that the bank’s cost to income ratio was low at 40.74percent in June 2015.

Total assets increased by 19percent resulting in an asset size of GH¢6.8billion, the biggest in the industry. Loans and advances to customers increased by 35percent as non-performing loans were kept at a low ratio of 1.54percent compared to 5.22percent at the same time last year.

Edward Botchway, Chief Financial Officer of the bank noted that despite the challenges in the economy, the bank continued to support its customers, hence the growth in its loan book.

“We always aimed at meeting the needs of our customers, simply because we think of our customers first; and we will continue to do just that. Of course the rate on government bills and bonds are high but for us, our customers always come first,” he added.

It’s therefore no wonder that the bank’s deposit base is the largest in the industry, growing by 43percent year on year; an evidence of customers’ confidence in the Bank.

As the bank celebrates its 25th anniversary, it looks to end the year in a very strong position expecting to exceed all set targets.