NewsEcobank records 27% profit in 2019, liquidity position improves

Ecobank records 27% profit in 2019, liquidity position improves

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Ecobank records 27% profit in 2019, liquidity position improves

Ecobank Ghana saw its profit increasing by about 27% in 2019 to GHS441 million. In 2018, the profit of Ghana’s second biggest bank was GHS337 million.

According to its 2019 Audited Financial Statement, Return on Equity (ROE) went up by 28.6%. ROE is a measure of the profitability of a business in relation to the equity, and is very valuable to shareholders.

Cost-to-income ratio was also low at 45.8% at the end of 2019, meaning the company was able to manage its cost elements well in relation to its income.

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On the balance sheet, total deposits of the bank went up by 27.9% to GHS9.7 billion in 2019, whilst loans and advances also shot up by 29.7% to GHS5.3 billion in 2019.

In terms of the financial soundness indicators, the bank’s liquidity position improved, increasing to 87.8% in 2019 from 68.05% in 2018. Capital adequacy ratio stood at 18.58% in 2019, way above the threshold.

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Non-Performing Loans also dropped to 7.3% last year, from 13.34% the previous year.

 

classfmonline.com

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