In spite of a difficult operating environment for businesses, one that had volatile market conditions and intense competition, Ecobank Ghana Limited has again demonstrated strong resilience, growing its assets to GH¢6.6 billionin 2015 from GH¢5.7 billion the previous year.
According to its audited financials for 2015 Ecobank posted a profit before tax of GH¢458.6 million for 2015, representing a modest increase of 3 per cent over the same period in 2014 which stood at GH¢446.9 million.
One of the benchmarks chalked by the bank was to cross the 1 billion mark in revenue, as itstotal income increased by 19 to GH¢1,023.1million from GH¢857.7 million in 2014.
Established 25 years ago, the bank has grown consistently to become a leading bank and a well-recognized brand in the Ghanaian banking industry.
In an exclusive interview with Business Finder, Chief Financial Officer (CFO) of Ecobank, Mr. Edward Nartey Botchway said the bank in the wake of the economic and general sectoral challenges had to put in strategic measures to boost strong returns to its shareholders.
“Our focus has been on operational efficiency and we were able to reduce our costs from 42% in 2014 to 19% in 2015,” he said.
The bank also achieved a return on average equity and assets of 38.1% and 5.2% respectively.
Net interest income and fees and commission income both recorded a growth of 23 per cent while customer deposits increased by 14 per cent to GH¢4.8 billion from GH¢4.2 billion in 2014.
Ecobank Ghana grew its loans and advances to customers by 15 per cent to GH¢3.1 billion, depicting the bank’s commitment to its clients and supporting business development in Ghana.
According to Mr Botchway“profitability and growth sustainability is not only a vision, but hugely resultant of excellent management disciplines, an unrelenting focus on execution, consistent management of risks, competitive product sets and outstanding customer service.”
The CFO was confident of the future of the bank promising that despite intense industry competition, the bank was well placed for the years ahead.
Ecobank, he stressed would continue to commit itself to improving operational efficiency while working even harder to retain customer loyalty.
“We are determined to work even harder to retain our customer loyalty. Our commitment to improving the customer experience remains ultimately paramount. In 2016, we will continue to invest in transforming our business to improve customer experience alongside our focus on operational efficiency,” he stated.
Ecobank Ghana Limited provides consumer, commercial, corporate and investment banking and other financial services to its diversified clients across the country.
The bank’s focus has always been to build strong client relationships and provide well-tailored financing and banking services to its customers.
Source: Isaac Aidoo || The Finder
