• Tuesday, February 27, 2024
businessday logo

BusinessDay

Ecobank Nigeria boosts Group’s revenue by $743m

businessday-icon

Out of $1.75 billion revenue generated by Ecobank Group in the financial year 2012, Ecobank Nigeria accounted for huge $743 million revenue.

At that level, Ecobank Nigeria beat other fourteen Francophone/West African countries like Benin, Burkina Faso, Cote d’Ivoire, Cape Verde, Mali, Niger, Senegal, Togo, Guinea Bissau, Ghana, Guinea, Liberia, Sierra Leone, and Gambia.

The 2012 financials of the Ecobank Group presented to shareholders at its 25th annual general meeting in Lome, Togo shows that Nigeria accounted for $9.1 billion total assets of the Group which stood at $20 billion in the review year.

Ecobank Transnational Incorporated (ETI) plc, the parent company of the Ecobank Group, is a bank holding company listed on the Nigerian Stock Exchange (NSE), Ghana Stock Exchange, and BRVM (Abidjan) Stock Exchange.

The acquisition of then Oceanic Bank has propelled Ecobank to become one of the six Tier-1 banks in Nigeria, altering the competitive landscape in the country.

With eleven of the twelve integration work-streams completed in 2012, and the technology platform unified, Ecobank Group chairman, Kolapo Lawson, told shareholders that “the group is now well placed to exploit operational and cost synergies to deliver significant growth from its Nigerian network.”

“The deal also gives Ecobank Nigeria the scale, profile and balance sheet to focus on major transactions in the oil and gas, telecommunications and infrastructure sectors,” he added.

In the past six years, the leading pan-African banking group has grown its presence from twelve to thirty-three countries, in addition to international offices in Paris, London, Dubai, and Beijing.

At the year-end 2012, the Ecobank Group total equity stood at $2.2 billion with more than 650,000 institutional and individual shareholders.

The group’s profit after tax was $286.7 million; net profit attributable to the parent company was $249.7 million.