African bank ETI says net profit up 61 per cent
Pan-African bank, Ecobank Transnational Inc (ETI) has 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.
ETI, which operates funds transfer, commercial and investment banking in over 30 African countries with nearly 600 branches, says its net profit rose to 186.58 million cedis from 116.15 million cedis for the same period last year.
The bank noted that it contained costs and improved efficiency during the period on the back of a strong balance sheet and healthy levels of liquidity. It added that growth in international and regional trade also boosted its results.
ETI said in a 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 says it plans to complete the acquisition of Nigeria's rescued lender Oceanic Bank by the end of the year after the companies agreed a deal in August.
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.
Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 