Magazine article New African

Ecobank on Course

Magazine article New African

Ecobank on Course

Article excerpt

Ecobank, the African regional banking group with headquarters in Lome, Togo, made good progress last year. It achieved significant improvement in profits despite the difficult global and sub-regional economic environment.

Net profit rose by 29% to $16.6m. The consolidated balance sheet crossed the $1 billion mark to reach $1.1 billion at the end of 2002. A stock dividend of one share for every five ordinary shares held was declared.

Today, the Ecobank network is made up of 60 branches located in 12 countries--Benin, Burkina Faso, Cameroon, Cote d'Ivoire, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal and Togo.

Ecobank also has three stockbroking companies that operate on the Bourse Regionale des" Valeurs Mobilieres (the Abidjan-based stock exchange for 8 countries), the Ghana Stock Exchange and the Nigeria Stock Exchange.

Gervais K. Djondo, chairman of the bank's board of directors, told shareholders that despite the uncertainties in most of the markets in which the bank operated, he remained confident that "the group will continue growing in 2003, based on its strong and wide network, and its capacity to provide high quality service to our expanding customer base."

The optimism is founded on the provisional results at the end of June 2003, which showed a net profit of $12 m, a 100% increase over tire $6m reported for the corresponding period of last year. …

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