Samuel Ashitey Adjei, MD, Ecobank Ghana
Ecobank Ghana is currently the biggest bank and the most profitable per the published results for the third quarter of 2014.
With a growth of 47 percent, the bank's total assets surpassed that of its peers at GH¢5.9billion at the end of the review period.
'It is remarkable that Ecobank Ghana's commitment to supporting large and small businesses, as well as individuals in the country continues to be strong.
This is evidenced by the 50 percent growth in its loan book to GH¢2.6 billion from the September 2013 to September 2014,' Samuel Ashitey Adjei, Managing Director of Ecobank Ghana has said.
It is apparent that customers have rewarded such commitment by their continued loyalty to the bank.
The deposit base of the bank increased to GH¢4.1billion, a growth of 47 percent year on year.
With total shareholder funds of GH¢669.8 million, the bank continues to be the most capitalized bank and the bank of choice for both large and small ticket transactions.
Chief Finance Officer, Edward Nartey Botchway, touching on Income Statement, mentioned that the bank's total income grew by 47 percent on the bank of strong growth in Net interest income of 43 percent; fees and commission income of 27 percent and an impressive 91 percent increase in trading income.
Operating expenses increased by 32 percent from the prior year to GH¢253.7 million.
The bank's CIR improved to 40.76 percent in the first nine months of the year compared with 45.4 percent in the prior year.
'Even with such a large loan book, the bank's asset quality remains good, with an NPL ratio of 5.2 percent compared to an industry average of 12.1 percent,' Mr Botchway stated.
Loan impairment charges declined by 38 percent to GH¢35 million in the first nine months of the year.
Profit before tax from continuing operations increased by 90 percent to GH¢332.8 million, reflecting revenue growth and efficiency improvements.
The bank also achieved a return on average equity (ROE) of 48 percent in the first nine months of 2014 compared with 36.8 percent in the prior year and a return on average assets of 5.7 percent.
By Samuel Boadi