Business News

Ecobank in record performance, profit hits K1.5bn

Ecobank Malawi says it has achieved a K1.5 billion after-tax profit in the year ended December 2014 compared to K602 million the previous year despite impairment losses of K498 million in the year under review.

Newly appointed managing director: Asiedu
Newly appointed managing director: Asiedu
In the summary of published audited financial statements, the bank said its revenues increased by 46 percent to K6 billion from K4.1 billion the same period last year largely pushed by growth in earnings and trade finance.
“Our operating expenses grew in line with our expansion programme and general inflationary trend. The growth in operating expenses was lower than revenue growth due to enforcement of cost discipline, resulting in cost-to-income ratio of 56 percent,” reads a statement jointly signed by the bank’s managing director Charles Asiedu and board chairperson Masauko Msungama.
The bank’s assets grew by 109 percent to K50 billion from K24 billion the year before, thanks to increased customer deposits and credit line from the shareholders.
With the increased deposits, the bank grew the loans and advances portfolio to K21.8 billion, a 153 percent increase.
Looking into the future, the bank says it will continue with its “branch and alternative channels” expansion programme aimed at improving the service delivery platform to serve their customers better.
“The bank will continue to leverage on the Ecobank group to maximise revenue generation and attain cost efficiencies,” said the statement.

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