Commercial lender, Ecobank Ghana said it had scaled through the downside effects of the COVID-19 pandemic to post a 17 per cent revenue growth propelled by a robust digital infrastructure.
Managing Director of the bank, Mr Dan Sackey said in a post AGM virtual news conference that the bank relied on alternative income sources to compensate for the losses during the pandemic.
“For Ecobank, we were, very fortunate to have made the right investments in the important areas, ahead of the outbreak of the pandemic”, he said.
“I am referring to our robust IT systems and the Ecobank Mobile application, introduced in 2016, as well as the other digital platforms for our businesses such as Ecobank OMINlite”, he added.
“By this, we were able to serve both the personal and business segments of our markets without endangering their lives, by reducing physical movements and the incidence of cash handling”.
Leveraging on technology, the bank posted strong growth in revenues and profits, recording a total revenue of GH¢1.8 billion and a profit before tax of GH¢782 million.
Ecobank’s customer deposits were up, grew by 21 per cent from GH¢ 9.7 billion to GH¢11.8 billion against the previous year.
Increases in operating expenses were efficiently controlled within the inflationary levels as the bank posted a cost-to-income ratio of 47.9 per cent.
The bank ended 2020 with a market capitalisation of GH¢2.3 billion and a capital adequacy ratio of 19.57 per cent, over and above the regulatory requirement of 13 per cent.
Given the bank’s stellar performance, the board proposed a dividend payout of 55 pesewas per share, an increase of 83 per cent over last year’s payout of 30 pesewas per share, this amount was unanimously approved by shareholders.Mr Dan Sackey said, the outbreak of the COVID-19 pandemic has allowed the bank to enhance its digital self service solutions, which allowed them to serve their customers from the comfort of their homes, even during the lockdown.“These extra channels provided alternate sources of revenue, enabling us to record a sterling performance”, he said. CSR activities Touching on Corporate Social Responsibility (CSR), Mr Dan Sackey said Ecobank was committed to driving positive change in various communities in the country.The focus of the CSR is on health, education, financial inclusion and the environment.He also mentioned a number of CSR initiatives that Ecobank had embarked on in support of government’s efforts including supporting the Ghana COVID – 19 private sector […]