Ecobank Transnational Inc., the parent company of independent pan-African banking group Ecobank, reported its audited financial results for the three months ended 31 March 2015.
The financial highlights show net revenues of USD 534 million, up 2% from 2014.
Profit before tax reached USD 155 million, up 33% from the previous year while profit after tax from continuing operations reached USD126 million, up 38% from the previous year.
Commenting on these results, Albert Essien, Group Chief Executive Officer said: “For the first three months of 2015, we grew net profit by USD 34 million or 37% to USD 125 million from same period last year, while earnings per share increased 13% to 0.50 USD cents. As expected, the first quarter was characterized by macroeconomic headwinds including a strengthening US dollar, which significantly appreciated against our major functional currencies – Naira, Cedi, and the West African and Central African CFA franc.”
Essien also added “We maintained adequate levels of capital to support our business. Our total capital adequacy ratio was 19.4% for the quarter versus 16.1% in the prior year. Overall, our results are reassuring in light of the challenging operating environment. We are deeply proud of the competitive advantage our platform provides and the work our dedicated staff continue to do for all our stakeholders.”
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.