Ecobank Ghana posted a fairly balanced financial results in 2015 with a modest three per cent growth ahead of its peers in the banking industry.
The bank recorded significant gains in other areas of operations in the midst of a challenging macroeconomic environment that affected its fortunes.
The bank posted a profit before tax of GH¢458.6 million for 2015 compared with the GH¢446.9 million.The gains were driven mostly by a 15 per cent and 14 per cent improvement in net loans and deposits respectively. Total assets of the bank now stands at GH¢6.6 billion, which further strengthens its position as the biggest bank in the country.
Audited 2015 financialresults published by banks indicate that Ecobank also made more revenue than any other bank in the country.Ecobank’s total income revenue also crossed the one billion Ghana cedi mark with a 19 per cent increase to hit GH¢1,023.1 million compared with the 2014 figure of GH¢857.7 million with all of the revenue lines recording impressive growth.
Chief Finance Officer of Ecobank Ghana, Mr Edward Nartey Botchway, attributes the growth to the strength of the business.
He said profitability and growth sustainability was not only a vision, but hugely the resultant of excellent management disciplines, an unrelenting focus on execution, consistent management of risks, competitive product sets and outstanding customer service.
“Our diversified business model enabled the bank to deliver modest profitability in spite of the volatile market conditions, reduced market volumes and intense competition,” he added.
Net interest income on fees and commission both recorded a growth of 23 per cent while customer deposits also increased by 14 per cent to GH¢4.8 billion compared with GH¢4.2 billion recorded in 2014.
Ecobank has grown consistently over the years to become one of the leading banks in Ghana and a well-recognised brand in the Ghanaian banking industry.
Loans and advances to customers grew by 15 per cent to GH¢3.1 billion, depicting the bank’s commitment to its clients and support to business development in the country.
The bank also achieved a return on average equity and assets of 38.1 per cent and 5.2 per cent respectively. In the last 12 months, the bank’s share price has also increased by three per cent, indicating the confidence the investor community had in the bank. The bank’s focus has always been to build strong client relationships and provide well-tailored financing and banking services to its customers.