Ecobank Malawi managing director Charles Asiedu has claimed that the financial institution is now on position five in Malawi based on its profitability.
“We are currently the fastest growing bank in Malawi. We are now on position five, three steps up compared to 2013 and we are happy for this success,” he said on Wednesday in Blantyre during a dinner the bank organised to interact with the media and share its success story in the just-ended year.
Asiedu said when the bank was joining the Malawi market in 2008, their name was non-existent and this continued in the first two years.
But he said they have now turned to be a competitive bank and now is fighting the crème de la crème of banks such as Standard Bank and National Bank of Malawi.
He said when they were opening their business, they announced a challenging achievement to be on position three and said the dream still lives on.
“Our growth over the past five years attests to this and looking at the 2014 figures, we are on the right track.
“In 2013, our balance sheet moved from K24 billion to K50 billion in 12 months. Our revenue also increased by 46 percent to K6 billion and profit before tax from K900 million to K2.1 billion, which is a 120 percent increase,” said Asiedu.
He said their customer base has also grown and have reduced the number of customers that were leaving the bank for others.
Asiedu, who was optimistic about greater success in 2015, said there is more for the bank in Malawi and attributed this to their investors who support the bank’s growth strategy.
In the year-ended December 2014, Ecobank achieved a K1.5 billion after-tax profit compared to K602 million the year before despite impairment losses of K498 million in the year.
In the 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,” said a statement jointly signed by Asiedu and board chairperson Masauko Msungama. n