Economy

Ecobank profit for last year surges

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Strong revenue growth has seen ECOBANK record an appreciable jump in its profit for last year. Revenue shot-up by 30 percent as a result of good earnings from its business. The bank saw a substantial growth in deposits, assets, loans advanced to customers and a huge leap in returns to shareholders. Profit after tax went up by 20 percent to 72.3 million Ghana cedis. Ecobank’s expenses however went up substantially due to some cost in opening new branches. Samuel Ashitey Adjei Managing Director of ECOBANK attributed the revenue growth to “the three main business segments- corporate, domestic and capital.” “I think all three segments contributed equally because we tried to balance performance." He was hopeful the performance will be sustained this year because the business module remains virtually the same.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.