- Category: Business and Economy
- Published on Wednesday, 19 October 2011 09:11
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Ecobank profit up 61 per cent
Pan-African bank Ecobank Transnational Inc posted a 61 percent rise in net profit in the nine months to September, with its operations showing broad growth while striving to contain costs, the bank said on Tuesday.
“We contained costs and improved efficiency during the period on the back of a strong balance sheet and healthy levels of liquidity,” it said, adding that growth in international and regional trade also boosted its results.
ETI said in the statement that revenues rose 37 percent to 1.21 billion cedis from 888.97 million cedis, while net interest income rose 23 percent to 602.36 million cedis, from 490.21 million a year earlier.
Basic earnings per share rose 60 percent to 0.0162 cedis from 0.0108 cedis.
ETI also said it plans to complete the acquisition of Nigeria’s rescued lender Oceanic Bank by year-end after the companies agreed a deal in August.
“The outlook for the final quarter of 2011 is promising.”
“Subject to the necessary regulatory and shareholder approvals we hope to conclude the acquisitions of Oceanic Bank in Nigeria and the Trust Bank in Ghana. We expect these to have a positive impact on our future performance,” the Bank said in a statement.
Oceanic Bank said last month it would seek shareholders’ approval for the transfer of 40.17 percent of its holdings to Ecobank following the merger signed in August. (Reuters)