Back and Next - Back and NextBoost for ECOBANK
Friday, April 18, 2008
Unimpeachable reports reaching the Daily Observer has it that, ECOBANK Group has posted a record results for 2007 as its total assets grew by 87% to US$6.6 billion . According to reports , the bank’s gross revenues before interest expenses increased by 66% to US$697 million and profit before tax and after exceptional items catapult from US$129 million to US$191 million.
The Group according to reports has maintain its accounts in US dollars and its results are in accordance with International Financial Reporting Standards (IFRS) which make ECOBANK probably the only institution in its region to meet (IFRS) benchmark.
"We are particularly proud of this year’s results which testify to the growing strength of our institution", said MandÈ SidibÈ, Chairman of the ECOBANK Group. "They represent the best reward for the good work and great dedication of the ECOBANK staff and management in achieving our goal of building a world class African banking group".
For his part, Arnold Ekpe, Chief Executive Officer of the ECOBANK Group said "These results confirm that the Group has taken the right strategic direction in recent years. We are well positioned and committed to deliver further growth in 2008, an important year for us as we celebrate our 20th anniversary of operations."
"The strong financial ratios will enable us to keep the momentum, mainly regarding the geographic expansion", said Laurence do Rego, ECOBANK Group Chief Financial Officer.
During 2007, the Group acquired Hallmark Bank in Nigeria. It also took a majority control of two banks in Central African Republic (BICA) and Rwanda (BDCI).
Furthermore, it opened new subsidiaries in The Gambia, Guinea Bissau and Sao Tome and Principe. The branch network grew from 305 to over 450 branches. Several innovative products were launched, among which the prepaid debit card and local currency credit cards in Ghana and Nigeria.
Reports has it that ECOBANK Group also launched a microfinance bank in Nigeria, in partnership with ACCION and other Nigerian banks. The Group has also a growing regional investment banking business and is building the first-ever shared services centre in West Africa, in Accra, Ghana.
ECOBANK was voted Bank of the Year in Africa in 2007 and is among the top 900 banks in the world.
The Group according to reports has maintain its accounts in US dollars and its results are in accordance with International Financial Reporting Standards (IFRS) which make ECOBANK probably the only institution in its region to meet (IFRS) benchmark.
"We are particularly proud of this year’s results which testify to the growing strength of our institution", said MandÈ SidibÈ, Chairman of the ECOBANK Group. "They represent the best reward for the good work and great dedication of the ECOBANK staff and management in achieving our goal of building a world class African banking group".
For his part, Arnold Ekpe, Chief Executive Officer of the ECOBANK Group said "These results confirm that the Group has taken the right strategic direction in recent years. We are well positioned and committed to deliver further growth in 2008, an important year for us as we celebrate our 20th anniversary of operations."
"The strong financial ratios will enable us to keep the momentum, mainly regarding the geographic expansion", said Laurence do Rego, ECOBANK Group Chief Financial Officer.
During 2007, the Group acquired Hallmark Bank in Nigeria. It also took a majority control of two banks in Central African Republic (BICA) and Rwanda (BDCI).
Furthermore, it opened new subsidiaries in The Gambia, Guinea Bissau and Sao Tome and Principe. The branch network grew from 305 to over 450 branches. Several innovative products were launched, among which the prepaid debit card and local currency credit cards in Ghana and Nigeria.
Reports has it that ECOBANK Group also launched a microfinance bank in Nigeria, in partnership with ACCION and other Nigerian banks. The Group has also a growing regional investment banking business and is building the first-ever shared services centre in West Africa, in Accra, Ghana.
ECOBANK was voted Bank of the Year in Africa in 2007 and is among the top 900 banks in the world.
Author: by Lamin M Dibba
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