Ecobank Posts More Impressive Results

Mr. Ashitey AdjeiThe Pan African Bank Ecobank says it will continue to work hard to consolidate its impressive position in the Ghanaian market despite the stiff competition in the industry.

Ecobank Ghana is currently the largest bank in Ghana and makes the most revenue in the country.

“Despite intense industry competition, the bank is 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,” the Managing Director Samuel Ashitey Adjei said.

“We are determined to work even harder to retain our customer loyalty. Our commitment to improving the customer experience remains ultimately paramount,” he said.

The annual report of the bank revealed the bank’s strong financial performance recording 44 per cent growth in profit before tax, 52 per cent growth in loans, 37 per cent growth in total assets and 32 per cent growth in deposits.

The bank also recorded revenue growth of 40 per cent cost, income ratio was pegged at 45.3 per cent, while return on average equity was 37 per cent.

Total balance sheet was recorded at GH¢ 4.694 billion while total customer deposit and loans to customers amounted to GH¢ 3.246 billion and GH¢ 2.126 billion respectively.

The investor community clearly has confidence in the bank, over the last 12 months (from March 1, 2013 to  February 28, 2014) the bank’s share price increased by 111 per cent.

“I have been impressed with Ecobank Ghana’s growth over the years. And this year’s financials were no different,” he said.

The bank last year spent GH¢1.434 million and GH¢0.305 million in 2012 on corporate social responsibility which was centred on education, health, under-privileged individuals, groups and institutions and the environment.

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