The leading Pan-African banking group, Ecobank has announced its growth for 2012 and the figures represent Ecobank’s zealous financial performance in its 25 year operation as a banking conglomerate.
The financial growth of the bank is highlighted by their net income advancing 39% to 286.7 million USD from 206.8 million USD in 2011, pre-tax profits rose by 25% to 348 million USD from 277.4 million USD in 2011 and revenues hit staggering growth of 46 % to 1.8 billion USD from 1.2 billion USD in 2011.
Laurence do Rego, Ecobank’s Group Executive Director, Finance and Risk, said “Ecobank is strategically positioned to capture much of Africa’s organic growth, whilst our diversified business model is designed to mitigate risk. We are now focused on maximizing the returns from our unique platform via acentralized approach to cost and risk management.”
Ecobank Tanzania has commenced operation in Dar es Salaam since 2010 and has made major strides in East Africa’s emerging market where the banking sector is one of the most competitive in the region.
In a recent interview with Ecobank Tanzania Managing Director Enoch Osei-Safo, he shared insights on Ecobanks role and success in the Tanzanian market.
“Tanzania as an emerging market attracting high volumes of both local and foreign investment and is greatly in need of [broad-based banking]synergized service offering and that is the need that Ecobank is responding to.”