Ecobank Ghana records one billion cedis revenue
Ecobank Ghana recorded revenue in excess of one billion Ghana cedis in 2015, becoming the first bank in Ghana to have achieved that revenue growth in one year.
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In a statement read on behalf of the Board Chairman, former Managing Director of Ecobank Ghana Mr Samuel Ashitey Adjei said despite the challenging business environment the bank achieved a 19 per cent growth in revenue over the 858 million chalked in 2014.
"The total revenue, therefore, stood at GHC1.024 billion, which is a first in the country," he said.
Besides, revenue from corporate banking operations grew by 40 per cent from in 2015 to GHC378 million, Domestic Banking reported a revenue of GHC420 million, up by 10 percent, while Treasury reported 226 million representing an 8 percent jump.
Profits before tax also increased by three percent to GHC459 million and total assets grew by 16 per cent, from GHC5.8 billion in 2014 to GHC6.7 billion last year.
The bank also recorded huge deposits of some GHC4.8 billion, out of which it gave out loans to the tune of GHC3.1 billion.
“By understanding the needs of our customers and meeting these needs through our wide range of products and services we have maintained consistent growth on yearly basis and in all key financial indicators,” he said.
However impairment charges on loans and advances during 2015 stood at GHC116 million underpinned by the 15 per cent growth in the loan book and the downturn in the economy.
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Acting Managing Director of Ecobank Ghana, Morgan Asiedu assured shareholders that the Bank was taking steps to deal with huge impairment charges and expressed the hope that the situation would change by the second quarter of this year.
"We have come very far in dealing with the situation and I can assure you that by the second quarter of this year our books will show we are back to a healthy situation," he said.
Morgan Asiedu is confident that by the middle of the year, impairment charges will be down to under three per cent.
In spite of those challenges the banks still emerged the best in the country and took an unprecedented three Best Overall Bank awards from three awarding institution, plus 15 other prestigious awards making it 18 in just one year.
It was also rated between A- and A+ by international credit rating institutions throughout the year.
The bank declared a dividend of GHC0.84 per share.
There was a minute silence by shareholders in memory of the former Board Chair, Lionel Vanlare-Dosoo who died last year.