In fact it increased its net profits by an impressive 131% on 2006, although that was starting from a low base. Ecobank Liberia has done well to grind out profits in a post-conflict environment. It has supported the new government in rebuilding efforts and even managed to a pay a dividend of $1m on its 2007 results. Assets grew by a solid 44% and Tier 1 capital was strengthened considerably in 2007. It grew 94% during the year and now stands at almost $10m.
The bank returned 27% on equity, up from 22% in 2006, and reduced its non-performing loan ratio from 26% to 15% during the course of 2007.
Given the embryonic state of Liberian banking, Ecobank has led the way in developing technology that in more modern markets is taken for granted. It was the first bank to introduce ATMs as well as point-of-service terminals in retail outlets. It has taken an active role in regenerating Liberian society by getting involved with numerous schemes to help younger Liberians. These include sports initiatives and cash prizes to help identify and improve the talents of young Liberians.
Ecobank Liberia is a shining example of a forward-looking business emerging from the ashes of a painful civil war. “Ecobank has 50% market share of total deposits in the Liberian market and was the only bank to make profit in the 2007 financial year out of the five banks operating in the country,” says Ecobank Liberia managing director, Morenike Adepo.
