Economy

Ecobank Ghana posts impressive 2014 results

Ecobank Ghana appears to have posted the highest profit in the banking industry so far.

Financial results released by banks in the country show that the pan African bank is currently on top with best profit after tax for 2014.

Ecobank's profits for last year hit 319 million Ghana cedis, from   190 million. This actually represents almost, 70 percent jump in its earnings.

The bank that comes close to  Ecobank's turnover is GCB Bank, which actually recorded a profit of  270 million Ghana cedis, after it saw a 23 percent  leap in its profits.

Standard Chartered Bank  which is also among the first tier banks  in the country, posted a profit  of   208 million Ghana cedis, while Stanbic Bank 's earnings hit 148 million Ghana cedis after a 38 percent growth.

Barclays Bank posted  177 million cedi profit for 2014, while Access Bank ended  2014 with a profit of  123 million Ghana cedis.

HFC  Bank profits went up to 57 million Ghana cedis, from 39 million Ghana cedis in 2013.

CAL Bank's profits for 2014 reached  143 million Ghana cedis representing a  53 percent jump.

However ADB's profits, went down to hit 47 million Ghana cedis from almost 80 million in 2013.  

A careful look at the results show that the drivers of these profits were strong growth in most of the banks interest and fee and commission earning businesses . 

There were also some strong growth from deposits  and loan advanced to customers .

Tags: