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Ecobank Ghana limited in its 2015 Annual General Meeting at the College of Physicians and Surgeons has revealed total income growth by 19 per cent despite a tough operating environment coupled with energy crisis and significant depreciation of the cedi as well as high interest rates in the domestic economy.

According to the bank’s annual report, profits before tax also increased by 3 per cent to Ghc459 million in 2015, while total assets [revenues] grew to Ghc6.7 billion from Ghc5.8 billion; a percentage increase of 16 per cent.

The report added that the performance of the bank to chalk the Ghc1 billion revenues growth is a contribution from its business segments namely Corporate, Domestic and Treasury.

“At year-end, Corporate Bank’s revenue was Ghc378 million, up 40% from a year ago. Domestic Bank reported revenues of Ghc420 million up 10%, while Treasury reported Ghc226 million, also up 8%. Overall Corporate Bank contributed 37% to the total bank’s income, with Domestic Bank and Treasury contributing 41% and 22% respectively.

“Our balance sheet growth was underpinned by a loan book of Ghc3.1 billion. Corporate Bank’s loan book of Ghc2.4 billion was up 42% and represented 78% of our total loan book. The reclassification of our local corporate business from Domestic Bank to Corporate Bank in 2015, contributed to the high growth and concentration of the corporate loan book. Domestic Banks’ customer loan was stated at Ghc690 million- s decline of 31% from 2014 as explained above. Domestic Bank deposits was 60% of the total bank’s deposit base of Ghc4.8 billion while corporate’s was 40%. Overall, our customer deposit was up 14%- thanks to our loyal customers. The above culminated in a loan deposit ratio of 68%.

“We are adequately capitalised with total equity of Ghc890 million, an increase of 11% from Ghc798 million in 2014. Our capital adequacy ratio at 15.9% is well above the regulatory threshold of 10%, emphasising our strong capital position in the industry.”

Acting Managing Director of Ecobank Ghana limited, Mr Morgan Asiedu in an interview with Peacefmonline.com said the bank has chalked this success due to their service nature; as they listen to the needs of their customers and deliver them.

“So for Ecobank to move from bottom to the top position means we are doing exactly what our customers want and they are satisfied with our service to them. We will find ways to make our customers happy with our service as well as our shareholders,” he stated.

“Our magic is satisfying the needs of our customer and that is what we will continue to do for them. It is rewarding to hit Ghc1 billion revenues in 2015 but we are not going to allow this success to get into our heads and lazy about our service,” he added.