Ecobank Group revenue exceeds Sh78b

Published on 19/06/2009

By Reporter in Ouagadougou

Ecobank group recorded marked growth in 2008 despite the global financial crisis.The banks gross revenue-exceeded revenue US$ 1 billion for the first time.

But even as its revenue grew profit before tax dropped by 15 per cent to US$ 162 million.

Mr Arnold Ekpe, the Group Chief Executive, attributed the decline in profit to the downturn in the global and regional stock market in the last quarter of 2008.

“While Ecobank has thus far witnessed a period of sustained growth, the markets in which we operate experienced a downturn due to global economic slowdown, which affected our growth considerable progress has been made, a lot more needs to be done, and we believe we can do better” he said.

He was speaking during the bank’s Annual General Meeting in Ouagadougou, Burkina-Faso.

During the meeting, shareholders approved all resolutions, including those on dividend payment of a total of US 17.5 million at 0.2 US cents per share – based on the total number of shares outstanding after allotments under the recent public offer and rights issue.

Mr Mande Sidibe, the chairman of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group said they were coming to the end of its expansion phase to now focus on productivity and efficiency.

“Next year will be a year of consolidation for the group, during which we intend to focus on improving the performance of our existing businesses,” said the Ekpe, the CEO.

ETI is owned by more than 180, 000 shareholders including institutional investors.

Ecobank operates in 28 countries, including a subsidiary in Freance. its operations are expected to commence in two additional countries (Tanzania and Zambia; please confirm) bringing the total country count to 30.

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