ECOBANK is still Ghana’s biggest bank; records 27% profit increase in 2019
- Ecobank Ghana Limited recorded a 21% increase in its total revenue for the 2019 financial year
- It also recorded a 27% growth in profit before tax for 2019 to earn GHc64.2 million
- These details were revealed during the bank's 15th Annual General Meeting
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YEN.com.gh has learned that ECOBANK Ghana Limited earned a total revenue of GHc1.58 billion or in the year 2019, which was a 21% increase in value.
The bank again posted a profit before tax of GHc642.4 million for 2019, representing a 27% growth when compared to the preceding year.
The details were revealed during the bank’s 15th Annual General Meeting (AGM) held on August 7, 2020.
Source: UGC
READ ALSO: ARB Apex Bank records GHc1 million profit for 2019; represents a 10% increase
Details emerging from the AGM showed that the bank maintained an impressive performance and retained its position as the biggest in the country.
Per a report by graphic.com.gh, operating expenses growth was well controlled within inflationary levels and this led to a fall in cost-to-income ratio from 51.5% in 2018 to 45.8%.
ECOBANK again recorded a 25% growth on Return on Equity for shareholders, has total equity of GHc1.78 billion and a capital adequacy ratio of 18.58%.
In other news, shareholders of GCB Bank will each receive 20 pesewas per share for the 2019 financial year.
The decision was approved at the bank’s Annual General Meeting (AGM) which was held on Thursday, July 30, 2020.
GCB Bank applied to the Bank of Ghana for permission to pay dividends following a directive from the Central Bank banning such a course of action.
READ ALSO: Standard Chartered Bank records 20% increase in operating income for 2019
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Source: YEN.com.gh
