It posted net profit growth of 23% last year, compared to a meagre 3% net profit growth in 2006. The bank also boosted its asset base by a healthy 20% during the course of the year, but its Tier 1 capital remained the same.
The bank’s return on equity grew three percentage points in 2007 to 18%, but its cost-to-income ratio grew slightly from 68% in 2006 to 70% last year. The bank can be credited, however, for bringing down its non-performing loan ratio from 6% of its loan portfolio in 2006, to 4% in 2007. The bank continues to beef up its retail presence in Cameroon and opened six branches in 2007, which takes the total number of Ecobank Cameroon branches to 10. It also created a transaction banking division in 2007, as well as a dedicated call centre.
Writing in the bank’s annual results statement, Ecobank chairman Andre Fotso says that it is imperative the bank’s employees remain vigilant and proactive. “The banking landscape will continue to benefit from new institutions with the key competition fierce. I urge the Ecobanquiers to stick to the course and redouble their efforts in giving the best for themselves.”
