Ecobank Ghana’s credit rated high
ECOBANK Ghana’s credit has been rated AA- (GH) and A1+(GH) in the long term and short term respectively, with a stable outlook.
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The bank was rated by the Global Credit Rating Company of South Africa in December last year.
Its current rating is valid until December 2015 and reflects the bank’s established domestic franchise value, resilient financial performance, risk appropriate capitalisation and adequate loan loss reserve, according to the Global Credit Rating Co.
Ecobank Ghana is currently the largest bank in Ghana with an asset size of GH¢5.9 billion as at third quarter of 2014.
It posted a gross profit of GH¢332.8 million for the third quarter of 2014, representing a 90-per cent rise over the 2013 figure.
Total income increased by 47 per cent to GH¢621.1 million from GH¢423.8 million in 2013 with customer deposits also increasing by 47 per cent to GH¢4.1 billion as against GH¢2.7 billion in 2013.
Loans and advances to customers grew by 50 per cent to GH¢2.6 billion.
The bank’s non-performing loans, as at the end of September 2014, stood at 5.2 per cent, down from 6.4 per cent from the same period last year.
