Ecobank, the PanAfrican Bank, has performed strongly in 2014, announcing a profit of US$5.82-billion, US$0.87-million of which was transferred to special reserves and US$4.85 million to retained earnings.
The company made the announcement this week, a news welcomed by jubilant shareholders, who saluted Ecobank for finishing the year 2014 with US$24.2 billion in total assets and US$2.7-billion in total equity.
Ecobank Group Chairman Emmanuel Ikazoboh said at the Assembly General Meeting: “Our accounts for 2014 have shown a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders gathered here, customers and its dedicated staff. We can expect similar positive performance for 2015.”
The meeting took place in the Tanzanian capital Dar-es-salam.
Outgoing Ecobank Group CEO Albert Essien said: “Our diversified pan-African business model continues to serve us well, with encouraging underlying performance in our line of businesses and geographic areas of coverage.
“We are pleased with our cost efficiency gains, which led to our cost-income ratio improving in 2014 to 65.4 percent from 70.1 percent.”
Ecobank was established in 1988 in Lomé, Togo, where it is headquartered.
Currently, the banking group has a presence in 36 African countries and employs over 20 000 people in 40 different countries in over 1 200 branches and offices.
Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.