Ecobank posts strong half year results

Mr. Samuel Ashitey Adjei,  Managing Director of Ecobank Ghana

Mr. Samuel Ashitey Adjei,
Managing Director of Ecobank Ghana

The first half financial results of banks in the country showed mixed results with a generally modest performance by most of the banks.

However, Ecobank Ghana stood out tall amongst all, buttressing its position as a trailblazer in the market place with its cumulative half year results.

The Pan African Bank recorded the highest returns in the industry, growing profit before tax by an impressive 32 per cent on a year on year basis, making it the most profitable bank in the country today.

The bank’s revenues for the second quarter of 2015, was up by 29 per cent year on year. This growth was propelled by a 58 per cent increase in fee and commission income and an appreciable 29 per cent increase in net interest income.

Trading income grew marginally by 10 per cent reflecting the current foreign exchange challenges experienced in the country.

Although operating expenses grew by 27 per cent to GH¢203.8 million 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 40.74 per cent in June 2015

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

He said: “It’s therefore no wonder that the bank’s deposit base is the largest in the industry, growing by 43 per cent year on year, an evidence of customers’ confidence in the bank.”

By Times Reporter

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