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Ecobank Nigeria declares N7.5b profit

Ecobank released its results for the first quarter.
The company declared a profit after tax of N7.5 billion for the year ended December 31st, 2007 representing 109% growth over 2006. The highlights are:

1. Gross earnings grew by 90 per cent to N33 billion from N17 billion recorded in the preceding year.
2. The bank’s profit before tax hit N10 billion, representing a 101 per cent increase over previous year’s figures.
3. The operating ratios also generally recorded positive improvements.
4. The bank’s balance sheet rose 136 per cent to N311 billion.
5. Operating expenses grew on account of renewed expansion initiative during the year and the implementation of a new banking operating software.
6. The bank renewed its growth plan with the opening of new branches and the purchase and assumption of branches of Hallmark Bank in liquidation.
7. Ecobank at the close of 2007 operated from 197 branches against the previous year’s 131 branches.
8. Outstanding performance is attributed to more efficient operations and processes resulting in increased customer base, more robust loan portfolio and commitment by all the stakeholders.
9. This level of performance was made possible by increased funding base, which translated to growth in volumes, and improved asset and liability management.
10. Dividend of 24 kobo per ordinary share of 50 kobo held.

The report is attached here: Ecobank Q1 2008 Results (46)

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