Ecobank posts strong third quarter results.

Author:Rosenberg, Anna
Position:AFRICAN BANKER'S WORLD - Financial report - Brief article

The Ecobank Group recorded strong growth for the third quarter of 2007. Total assets of the Group grew by 64% to $4.96bn, compared with the same period in 2006.

Profit before tax recorded a 41% increase over 2006 to $118.9m and profit after tax increased by 51% over the previous year to $78.6m.

"Key factors impacting the results", explained the Group Chief Financial Officer Laurence de Rego, "included growth in total deposits by 72%t to $4.4bn, largely resulting from the positive effect of the new retail strategy."

The third quarter results come after Ecobank's recent developments: The Group has acquired BDCI, a bank in Rwanda, now renamed Ecobank Rwanda.

In Nigeria, Ecobank has obtained approval to acquire Africa International Bank and is in merger talks with Sterling Bank.

The bank has also opened its 20th subsidiary in Gambia. Albert Essien, Ecobank Regional Director said: "The bank was particularly pleased with the prospect of running a subsidiary in Gambia because now, with the exception of Mauritania, it has full coverage of...

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