Ecobank Ghana declares net profit of ¢549m in 2020

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The Ecobank Ghana PLC recorded a net profit of ¢549.8 million in 2020 against ¢444.9 million in 2019, representing an increase of 24 per cent.

Customer deposits also rose from ¢99.7 billion in 2019 to ¢11.8 billion, an increase of 21 per cent.

Terence Ronald Darko, the Board Chairman of the Bank, disclosed this at the bank’s virtual Annual General Meeting in Accra on Friday.

He said 2020 was a difficult one, following the emergence of the highly contagious coronavirus across the globe.

Many countries imposed lockdowns on non-essential services and border restrictions, leading to supply chain disruptions and lower demand for certain goods and services.

Mr Darko said notwithstanding these challenges, the Bank continued its relentless pursuit of improving shareholder returns through efficient and accessible financial products and services to customers.

The Board Chairman said at the height of the imposed restrictions on the movement of people, more than 60 per cent of the bank’s workforce were able to work remotely has been well equipped with the necessary technology.

Mr Darko said the existing systems improved resilience in accommodating large-scale remote working due to the long-term investment in technology.

Mr Darko said the benefits of the central bank’s financial sector clean-up activities have begun to trickle in, and this was evident in the presence of a resilient banking industry that has to date managed to withstand the adverse effects of the pandemic.

“Overall, the impact of the pandemic on the financial sector’s performance seems moderate as banks remain liquid, profitable, and well-capitalized,” he said.

Mr Darko said as part of the bank’s Corporate Social Responsibility, the bank, together with the Ecobank Foundation, supported the Ghana Covid-19 Private Sector Fund with ¢1.3 million towards the construction of a 100-bed Infectious Disease Centre in Accra and the provision of personal protective equipment to the Noguchi Memorial Institute for Medical Research.

He said in recognition of the bank’s commitment, diligence and efficiency, Ecobank Ghana earned several local and international awards including CIMG Hall of Fame Best Bank, global Banking and Finance award 202- Best Investment Bank in Ghana 2020, and Ghana Business Awards- Company of the year 2020.

The bank would continue to dwell on its vision by building a world-class Pan-African bank and contribute to the economic development and financial integration in Ghana,’’ Mr Darko added.

A dividend of 55 Ghana pesewas per share was recommended for payment and approved by shareholders.

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