Ecobank hails merger with TTB

Ecobank Ghana’s landmark acquisition of The Trust Bank (TTB) in the year 2012 significantly contributed to the Bank’s sterling performance at the end of the fiscal year, says Lionel Van Lare Dosoo, Board Chairman of the bank.

“The bank’s merger with TTB was mainly to expand operations into the small and medium enterprises sector and the local corporate market, taking advantage of the expertise harnessed by TTB.

“The synergies of the merger, coupled with the momentum established in recent years, contributed to Ecobank’s sterling performance.

“With such continued positive results, backed by the commitment and zeal of its employees, Ecobank is ready to maintain its leadership position in the banking industry in line with its corporate vision of building a world-class pan-African bank that contributes to the economic development and financial integration of the African continent,” he said.

Mr. Dosoo, who was addressing shareholders at the bank’s annual general meeting in Accra, said Ecobank’s current standing reflects its strength and strategies, and affirms its commitment to continue on the trajectory of growth and excellence.

He said the bank will continue to take advantage of the opportunities offered by the budding economy to deliver reliable and world-class services to customers, and ensure that it remains a financial institution of choice for the ever-growing banking populace.

Currently positioned as the bank with the strongest financial backbone in terms of balance sheet solidity, Ecobank is also poised to provide various financial solutions to operators in all key segments of the country’s economy.

Going forward, the bank intends to leverage its continuous sterling performance over the years to building an iconic brand that will position it as an industry leader on all fronts.

Ecobank’s profit before tax in the 2012 fiscal year grew by 76 percent year-on-year from GH¢106million to GH¢186million, giving a 37 percent return on equity. The results recorded indicate a strong performance in all the bank’s income lines, as it delivered strong growth in net interest income and fee-based income.

The bank’s gross loan-book grew by 69 percent from GH¢0.86billion to GH¢1.46billion, while deposits also increased by -- 53 percent -- to GH¢2.46billion within the year.

Total assets stood at GH¢3.43billion as at the end of year 2012, representing a 61 percent growth on the previous figure. Stated capital and total equity grew by 226 percent and 74 percent respectively.

Ecobank Ghana currently has a total branch network of 78 with presence in eight regions, and plans are being made to branch out to cover the Upper West and Upper East Regions.

By Patrick PAINTSIL

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