Pan-African Ecobank Group posts 57% growth in 2011 net profit.

By bne IntelliNews June 21, 2012
Pan-African banking group Ecobank Group reported a net profit of USD 207mn for last year, up 57% y/y, backed by solid customer growth, continued efficiency gains and prudent risk management, The New Times reported. The banks improved performance was also backed by its acquisition of Nigerias Oceanic Bank, which placed it in the top tier of banks in Nigeria. Ecobanks total revenues rose 33% y/y to USD 1.2bn last year. Its total assets increased 64% to USD 17.2bn at end-2011. Ecobank targets to be among the top three banks in the countries it operates, its board chairman Lawson Kolapo said. He added that the bank will consider more acquisitions this year as part of its growth strategy. In addition to Oceanic Bank, Ecobank Group acquired Ghanas Trust Bank last year. Togo-based Ecobank Group, owned by Ecobank Transnational Incorporated (ETI), has over 1,100 branches in 32 African countries. ETI is also represented in France through its affiliate EBI in Paris and has representative office in Dubai and London.
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