Ecobank’s net profit 5.76% above target

Ecobank Ghana Limited (EBG) released its un-audited results for the year ended December 31, 2006.

EBG recorded interest income of ¢456,874 million which is a 31.05% increase over last years figures and 17.60% above the projected ¢388,508 million.

Fess & Commissions increased by 18.49% to ¢173,038 million while operating expenses increased from ¢189,227 million in 2005 to ¢248,368 million.

Charge for bad and doubtful debts fell by 80.19% to ¢3,234 million contributing to the 38.16% increase in net profit to ¢165,302 million over a year ago.

EBG's net profit for the period is also 5.76% above the projected net profit.
Loans & advances and customer deposits for the period increased by 38.05% and 33.68% to ¢1,622 billion and ¢3,356 billion respectively.

A total of ¢112,648 million has been proposed to be paid as dividend which translates into a dividend per share of approximately ¢698.