Ecobank Ghana has achieved a strong financial performance in 20I0 with its profit-before-tax growing by about 25 percent from GH¢72.68 million in 2009 to GH¢90.7 million at the end of December, 2010. Its asset base also recorded a 10 percent growth from GH¢1.38 billion at the end of December, 2009 to GH¢ 1.52 billion at the end December, 2010. Samuel Ashitey Adjei, Managing Director of the company, making this known on Thursday in Accra during the pan-African bank's Annual General Meeting (AGM), stated that the total non-bank outstanding profit folio of the bank increased by 8 percent of the total portfolio value from GH¢456 million in 2009 to GH¢496 million in 2010. According to him, re-doubled efforts at recovery of adversely classified loans yielded positive results as nearly 48 percent of classified credits were recovered by end of year 20I0 compared to 23 percent in 2009. "While revenues grew by about 13 percent, the rise in the total operating costs was modest at 8 percent as a result of effective cost management. These efforts amongst others culminated in a healthy cost income ratio of 46 percent, a reduction over the 2009 ration of 49 percent. Risk management strategy continued to focus on building a well-diversified and well managed risk portfolio in defined target markets to generate high return on capital. Ecobank Ghana rolled out 27 ATMs during the year, bringing its total number of ATM s to 121 countrywide. It launched the first-ever ATM Plaza at the University of Ghana, Legon while it also introduced an instant mobile money transfer service onto the Ghanaian market in collaboration with Airtel. The bank also expanded its range of existing international money transfer products to include the Ecobank Rapid Money Transfer and the Money gram Money Transfer product. Lionel Van Lare Dosoo, Chairman of the Board of Directors of Ecobank Ghana, in a statement, said the bank's net interest income grew by 32 percent from GH¢82.45 million to GH¢ I 09.06 million, while net fee income was up by 2.1 percent. As a result of the diminishing spreads arising from the relative stability of the cedi to the major currencies in 20I0, net trading income declined by 28 percent. "Our deposit mobilization initiatives resulted in a deposit growth of 21 per cent from GH¢922 million to GH¢ 1. 11billion." A dividend payment of GH20p per share was declared for a total dividend payment of GH¢46.1 million. This represents a payout ratio of 90 percent of profit after tax and after transfer to statutory reserves. Ecobank Ghana was adjudged the Best bank in Finance Trade at the 9th banking Awards organised by the Corporate Initiative of Ghana. It was also adjudged the First Runner Up in Product Innovation and the 2nd Runner Up in the Best Growing bank category. Ecobank Ghana also won the Bank of the Year organised by the Chartered Institute of Marketing Ghana for 2009. The bank placed fourth on the 2009 Ghana Club 100 rankings, released in September, 2010. On the international front, Ecobank Ghana was adjudged bank of the Year in Ghana for 2009 at the Annual Bankers Award organized by the Financial Times; London. Source: City & Business Guide