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Ecobank Group 2012 profits increase by 25% to $348m

The pan-African banking group Ecobank has reported pre-tax profits of $348m for the year of 2012, with an increase of 25% from $277.4m during the same period earlier year.

For the year ended on 31 December, its revenues stood at $1.8bn, up by 46% compared to $1.2bn during the corresponding period last financial year.

The bank reported a net income of $286.7m, with an increase of 39% against $206.8m during the same period a year ago.

Commenting on the financial result, Ecobank Group CEO Thierry Tanoh said that the results reflect successful integration of its two major acquisitions in Ghana and Nigeria, strong demand for retail banking services across its 33 country platform.

Ecobank finance and risk group executive director Laurence do Rego commented, "Ecobank is strategically positioned to capture much of Africa’s organic growth, whilst our diversified business model is designed to mitigate risk."

The bank manages 1,206 branches and offices and offers a bunch of bank services including wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.