Ecobank Transnational Inc., the parent company of independent pan-African banking group Ecobank, reported its audited financial results for the year ended 31 December 2014.
The financial highlights show net revenues up 14% from 2013 to USD 2.3 billion, profit before tax up 134% to USD 520 million and profit after tax up 155% to USD 398 million.
Customer deposits were USD 17.4 Billion at 31 December 2014, up by 6% from the prior year, with the increase predominately driven by Francophone West Africa, up by 9% and East Africa, up by 27%.
Commenting on these results, Ecobank Group Chief Executive Officer Albert Essien said: “Our performance in 2014 underscored the benefits of our diversified business model. In what was a challenging operating environment, we remained focused on the importance of serving the financial needs of our customers across Middle Africa. Additionally, all our geographic clusters grew their revenues higher than operating expenses, and improved their cost-income ratios.”
“Going forward, we remain confident in the prospects for growth in Africa and share equal confidence in our dedicated staff. We are positioning our company for long-term success to achieve outstanding results for all our stakeholders” Essien added.
Ecobank is the leading pan-African bank with operations in 36 countries across the continent, more than any other bank in the continent.
Ecobank started operations in Tanzania in January 2010 and has since grown to include 9 branches across the country.