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Ecobank Records High Profit Growth

Ecobank Kenya has recorded a growth in profits-after-tax of more than 200 percent in the first quarter of 2014 compared to the same period last year. The banks post-tax profits grew to Ksh27 million from a Ksh8 million the previous year. 

“We have significantly grown our balance sheet, revenues and branch network and it is only rational that we ratchet up our human resource capacity in readiness for growth,” said Mr Ehouman Kassi, the Ecobank Kenya Managing Director.

Ecobank Group injected KSh2.1 billion (USD 25 million) as additional capital in Ecobank Kenya in June 2013 to accelerate growth, after the Pan-African lender posted its strongest financial performance in its 25 years of operation of a record 46% growth in revenue.

The bank has been on an expansion streak and has grown its branch network to 29 in Kenya, with Mr Kassi hinting that the optimum operating capacity would be 40 to 50 branches countrywide.

Ecobank Kenya recently acquired Iroko Securities with a capital of less than $100,000 (Sh8.7 million) last year which it plans to convert into an investment bank. The bank has since raised the initial capital to the requisite minimum of Ksh250 million which is a pre-condition of being licensed as an investment bank by CMA.

Ecobank Kenya has recently rolled out a raft of new services that include the revamped online banking platform that is accessible 24/7. The mobile banking platform offers access to the most basic phone and the most sophisticated mobile handsets such as Android and windows access. The Ecobank Kenya App on the Google store offers quick access to the customers who change their devices.

About Enock Kiprono

Enock Kiprono is the founder of Fenesi.com & Dealpoa.com. He loves to connect with entrepreneurs that are success driven, passionate, action-taking whose goal is to make a difference in the business world!

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