Management of Ecobank increases profits by 67 per cent

Accra, April 23, GNA - The management of Ecobank Ghana Limited, one of the leading banking institutions in the country, said on Friday that its gross profit grew by 67 per cent to GH¢72.7 million in 2009 from GH¢4= 4.2 million in 2008.

Mr Tei Mensa Mante, Chairman of the Board of Directors, told shareholders at an Annual General Meeting in Accra that the performance w= as driven by growth in interest income, fees and commissions. Interest income increased by 81 per cent from GH¢72.7 million to GH¢131.4 million while fees and commission grew by 112 per cent from GH= ¢20.8 million to GH¢44.2 million.

Total assets grew by 51 per cent to GH¢1.38 billion from GH¢919.= 6 million in 2008. The Board Chairman said the bank's operating cost also increased by 35 per cent, given a contraction of cost-income ratio from 54 per cent in 20= 08 to 48 per cent at the end of 2009. "This ratio is about the lowest in the industry. This is a testament= to the improvement in our returns on assets and our cost cutting initiatives= ," Mr Mante said. Net loan portfolio advanced by about 14 per cent from GH¢401.5 mil= lion to GH¢456.1 million. The bank was able to recover nearly 25 per cent of all classified credits compared to a mere 5.3 per cent in 2008. Mr Mante said it would leverage on its partnership with MTN to expan= d the frontiers of mobile banking. 23 April 10