Ecobank Ghana continued its strong performance in 2011 with an impressive profit after tax of GH¢ 72.4 million, reflecting an increase of 20% compared to 2010 full-year results.

Total income increased by 30% to GH¢ 234.5 million from GH¢ 180 million in 2010 with most of the revenue lines contributing to the growth.

Total assets rose by 40% to GH¢ 2.1 billion from GH¢1.5 billion in 2010. Customer deposits also increased by 44% to GH¢ 1.6 billion.

Chairman, Board of Directors, Ecobank, Lionel Van Lare Dosoo, shared the results with shareholders at the bank’s annual general meeting in Accra.

He said loans and advances grew by 71% to GH¢ 850 million, depicting the bank’s commitment to supporting businesses in the country. Loan to deposit ratio substantially improved to 53% from 44% last year.

The bank also achieved a return on average equity of 30%, capital adequacy ratio was 13.57% and the company’s share price performed well, rising to at GH¢ 3.19 per share compared to GH¢ 3.0 per share in 2010.

Mr. Dosoo said the bank’s focus is to continue to build strong client relationships and provide well-tailored financing and banking services to their customers.

“Some of the initiatives to improve our service to our valued clients during the year included launching of the Ecobank Omni Electronic Banking serving as a one-stop e-cash management solution targeted at corporate clients; opening of Ecobank Tamale branch in the Northern Region to increase our services across the country; and the launch of Ecobank Mobile Savings product to enable customers save through their mobile phones,” he said.

Managing Director of the bank, Samuel Ashitey Adjei, identified a number of social corporate responsibilities the bank undertook in the year under review.

“We provided a mechanised bore hole at the University of Development Studies’ campus in Wa. The inmates at the Ghana Prisons also received our support.

“In line with the country’s initiative to fight HIV/AIDS in the country, the bank provided financial assistance to the Ghana Coalition Against AIDS, and Adom Haven in an outreach programme.

“The bank extended support to Student in Free Enterprise Ghana for the SIFE World Cup in Kuala Lumpur, Ghana National Trust Fund, Ghana Association of Physiotherapists, College of Health Sciences, Golden Hearts Trust, and the National Cardiothoracic Centre.”

By Bernard Yaw ASHIADEY

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