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Ecobank profit up 30 percent

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By Sharon Chirwa:

One of the country’s commercial banks, Ecobank, has recorded a 30 percent post-tax profit growth to K5 billion in the year ending December 31 2018.

A statement of financial results for the period shows that profit before tax for the bank went up by 31 percent to K7.2 billion.

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“The bank registered its growth trajectory in 2018 by posting a robust performance despite significant headwinds from the economy,” reads the statement jointly signed by Ecobank Managing Director and Chairman, Charles Asiedu and Leonnard Chikadya, respectively.

The bank’s total assets grew by 52 percent to K261 billion due to a 41 percent increase in customer deposits, which grew to K126 billion.

This is also attributed to an over 180 percent increase in medium-term borrowed funds to K47 billion.

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The pan African bank saw its loan book growing by 15 percent to K38 billion during the year under review.

Looking forward, the bank says it would continue driving to improve customer experience through convenient and cost effective channels.

“In this respect, we will re-focus on developing our digital platform whilst making our branches more effective.

“We are cautiously optimistic about the future and we continue to make the appropriate investments to bring more value to our customers and other stakeholders,” reads the statement.

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