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Ecobank records N20bn profit after tax

By on July 6, 2011

…Shareholders to receive 33% increase in dividend

Shareholders of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, will receive a 33 percent increase in dividend payments this year following a resolution approved at the group’s annual general meeting held recently.

Addressing shareholders, the group chairman, Kolapo Lawson, said, “Having established a strong geographical platform for growth, we are now focused on the integration and optimisation of business to maximise shareholder value. We will continue our strategy of increasing market share and revenues while plugging any gaps in our pan-African footprint.”

Reviewing the bank’s 2010 financial results, Arnold Ekpe, group chief executive, said: “Overall, we believe that our strategy of diversification across geographies, customers and businesses has been a major factor in the improved performance of the group.”

Ekpe also noted that there was a marked improvement in the underlying performance of Nigeria, as the bank’s main subsidiary, while a number of the group’s start-up operations either significantly reduced their losses or became profitable.

In 2010, Ecobank generated revenues of $900 million and profit after tax doubled to $132 million. The group’s total assets surpassed the $10 billion mark for the first time, driven largely by a 22 percent growth in deposits. The bank now operates in 35 countries and has 755 branches and offices. The chairman on behalf of the board stated that the best years for the bank lie ahead as the benefits of expansion, growth and its unique operating model are fully realised.

Source: BusinessDay