Ecobank Ghana delivered very strong profit before tax growth of 41% year- on-year to GHS 506 as at December 2018. The increased profitability performance was anchored on strong revenue growth, lower impairment charges coupled with successful execution of our cost containment strategies.
Revenues went up 17% to GHS 1.3 billion with excellent contribution from all our business units. Corporate Banking led the performance with a contribution of 38%, Consumer Banking with 26%, Commercial Banking 19% and treasury 17% respectively.
Net interest income continues to be the largest revenue contributor at 67% while non-interest income chipped in with a 33% stake. The 18% growth in net interest income was driven by interest earned on the back of higher loan volumes.
Despite a 28% increase in interest expense, which was reflective of the operating environment, revenue performance was shored up by a 15% growth in non-interest income, driven largely by the successful implementation of our trade and cash management initiatives.
Our treasury business has continued the excellent growth trend witnessed last year with a turnout of GHS211.6 million from trading income, up 47% over last year’s GHS144 million.
– Board Chairman
Ecobank Financial Report for 2018 by Fuaad Dodoo on Scribd
