Ratio Magazine :: The Inside Track to East Africa’s Economies - Africa Agenda: Press Releases: Ecobank Group posts KES13bn profit

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Africa Agenda: Press Releases: Ecobank Group posts KES13bn profit

Wednesday, 06 May 2009

Nairobi, 5 May 2009 --- Ecobank Group today released its results for 2008. The group posted an all round strong performance for the year. Gross revenues rose more than 60% from KES54.7bn (USD697m) in 2007 to KES94.3bn (USD1.2bn) in 2008.

Profit before tax fell slightly from KES15bn (USD191m) in 2007 to KES12.7bn (USD162m) in 2008. This slight drop was despite the international financial crisis and the drop in the value of the bank’s local currencies relative to the dollar.

The group’s asset base grew considerably from KES518bn (USD6.6bn) to KES652bn (USD8.3bn). The number of Ecobank branches and offices also increased from 450 to 610 across its vast network, and the group bolstered its steadily growing customer base from 1,202,271 customers in 2007 to 1,841,934 customers in 2008.

“These encouraging figures position the Ecobank Group for better results for our investors,” says Arnold Ekpe, Group Chief Executive Officer of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group. “Despite the backdrop of much turmoil in international financial markets, we are today a stronger bank, poised to make continued returns for our shareholders.”

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