Home Business Ecobank records sterling performance but defers dividends payment

Ecobank records sterling performance but defers dividends payment


Ecobank Ghana suggests, meeting the minimum funds necessities is not the finish of capital advancement for the bank as it continues to create the needed capabilities by more strengthening its harmony sheet to stay a formidable financial products and services provider in the country.

According to the lender, despite a significant enhance in revenue for the 12 months 2018, it has determined to defer dividend payment in favour of rising its Money Surplus Account.

Ecobank grew its earnings in advance of tax by 41% to ¢506.251 million at the close of 2018.

Offering clarifications on the choice not to fork out dividends this 12 months, the Controlling Director, Dan Sackey explained the lender has taken a prudent evaluate to make sure that it rebuilds its earnings surplus account, obtaining earlier moved ¢190 million from its reserves to shore up mentioned cash previous calendar year.

This explanation was supplied in response to a issue lifted by a shareholder at the bank’s Yearly Basic Meeting, held last Friday in Accra.

“Meeting the ¢400 million least cash requirements is not the end of the match but it is key that we keep the correct cash ranges to help the Enterprise.

“If you glimpse at Ecobank’s position on the current market and revenue technology capacity, it’s critical that we retain a potent harmony sheet constantly,” he reported.

“We will proceed to develop on individuals buffers to raise the operations and this calls for more robust monetary muscle groups, which we continue on to make,” concluded Mr Sackey.

The bank’s fiscal statements for the 2018 monetary 12 months displays sterling performances in opposition to the backdrop of a turbulent banking atmosphere past yr.

Ecobank recorded a 16% development on buyer deposits to near the calendar year at ¢7.6billion. This guide to a 55% increase in loans and advancements of Ghs4.1billion.

Whole assets and shareholders equity also rose by 15% to ¢10.45 billion and 28% to ¢1.3 billion respectively.

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