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Ecobank takes top spot

BY: Enoch Darfah Frimpong

Ecobank Ghana in 2012 became the number one bank in Ghana in terms of total assets, revenue, deposits, loans and shareholder funds.

For a bank that began 22 years ago, it is remarkable that Ecobank makes more revenue than any other Bank in Ghana, which officials of the bank attribute to the sterling performance of the Managing Director of the bank, Mr Samuel Ashitey Adjei, who took over the finance house in January 2006.

Ecobank Ghana’s ascent to the top of the banking industry has been rather rapid. It is a little wonder that Ghana’s Stock Market has responded positively to the bank’s 2012 performance.

From a share price of GH¢3.00 as at the end of December 2012, Ecobank Ghana’s share price now trades at GH¢4.77 (by close of April 4, 2013) an increase of 63 per cent.

The 2012 financial year saw Ecobank Ghana emphasising its market dominance as it led the banking industry with the highest revenue levels of GH¢423 million. In the year ended December 2012 the bank recorded a profit before tax of GH¢186 million representing a 76 per cent growth over the previous year.  In the face of keen competition in the banking industry, the bank showed strong growth in all areas.

Currently the most capitalised Bank in Ghana, Ecobank posted a return of 37 per cent on average equity, recorded a 4.8 per cent return on assets and a cost to income ratio of 50 per cent (an improvement from the 2011 figure of  52.5per cent).

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Total revenue also grew by 80 per cent from prior year numbers. Having absorbed the costs that came with the merger with The Trust Bank, Ecobank is set for even stronger performance in 2013.

Ecobank Ghana’s balance sheet also show tremendous improvements. Total assets increased by 61per cent to GH¢3.43 billion, Deposits grew by  53 per cent while Net Loans increased by  64 per cent.

With 78 branches and 195 ATMs strategically located across the country, Ecobank Ghana continues to offer world class financial services to the Ghanaian populace.

Ecobank provides a comprehensive suite of online Cash Management and Electronic banking solutions to individuals, local corporates, SMEs, multinationals, regional corporates, government MDAs, international organisations and financial institutions. Ecobank is currently present in more countries in Africa than any other Bank in the world, making it a strong contributor to the development of trade across the continent.

The Ecobank story is a banking folklore, a story of how a small bank in Ghana that started operations from a bungalow at Ridge with a crop of dedicated young men and women becoming the biggest bank 22 years on.