Ecobank Ghana earned a report complete profits of ¢1.58 billion and profit just before tax of ¢642.4 million in the 2019 fiscal yr marking a development of 21% and 27% respectively more than the prior calendar year figures.
Terence Darko, Board Chairman of Ecobank said the bank’s running expenses growth have been perfectly controlled inside of inflationary amounts with a resultant reduction in expense-to-money ratio from 51.5% in 2018 to 45.8% in 2019.
“This exceptional performance is reflective of the Bank’s constant technique of developing a diversified enterprise design with a target on increasing profits and handling charges and pitfalls, even in the encounter of a remarkably competitive natural environment.
“Ecobank also posted potent overall performance on all important harmony sheet products, supplying its shareholders with a return on fairness of 25%. The Bank continues to be very well capitalised with full fairness of ¢1.78 billion, a person of the greatest in the field and a funds adequacy ratio of 18.58%, effectively over the regulatory need of 13%,” he reported.
Talking at Ecobank Ghana’s 15th Once-a-year Basic Meeting (AGM), he lauded the Directors for their difficult operate primary to the bank posting sterling economic benefits and retaining its situation as Ghana’s biggest lender.
This year’s AGM held nearly, highlighted solid growth in revenues and earnings, strengthening of the Bank’s harmony sheet as properly as a dividend payout.
Speaking to shareholders at the AGM, Mr Darko mentioned “the very last two several years have been marked by major improvements in the Ghanaian banking sector, mainly underscored by the Central Bank’s clean-up pursuits across the sector.
“This has lessened the variety of financial institutions in Ghana from 34 to 23, and led to a stronger and far more effective banking system.”
He gave a complete overview of the worldwide and domestic macroeconomic modifications and how they have impacted corporations.
Ecobank Ghana ‘s credit history score has been affirmed by the International Credit history Ranking Firm at AA-(GH) and A1+(GH) in the very long phrase and short term respectively with a secure outlook.
The current scores reflect the Bank’s proven domestic franchise price, resilient economic overall performance, chance appropriate capitalisation and ample financial loan decline reserve.
Offered the bank’s stellar effectiveness, the Board proposed a dividend payout of 30 pesewas for each share, which was unanimously authorised by shareholders.