Ecobank has recorded total income of GH¢1.02billion in 2015, representing a 19 percent increment over 2014’s earnings which stood at GH¢857.7million.

In a year that was bedevilled by an energy crisis, currency depreciation, rising inflation and the signing of an International Monetary Fund (IMF) bailout, Ecobank’s over-GH¢1billion income is an industry record.

Edward Botchway, the bank’s Chief Financial Officer, explained that even though it recognises that 2015 was a difficult year Ecobank still found ways to innovate and rise to the challenge.

“At Ecobank, in the midst of all these, the target we set for ourselves was to record GHc1billion in revenue and we attained it -- and that is the first time in Ghana: no bank has achieved this and it is a key milestone for us,” he said.

Despite recording a modest 3 percent gain in profit before tax, from GH¢446.9million in 2014 to GH¢458.6million in 2015, several revenue lines recorded impressive growth to provide a well balanced financial performance.

The bank’s net loans and deposits increased by 15 percent and 14 percent respectively with total assets now standing at GH¢6.6billion from GH¢5.7billion in 2014, to further strengthen the bank’s position as the country’s biggest bank.

“Our profitability and growth sustainability is not only a vision but hugely resultant of excellent management disciplines, an unrelenting focus on execution, consistent management of risks, competitive product sets, and outstanding customer service,” Mr. Botchway added.

The bank’s loans and advances to customers grew by 15 percent to GH¢3.1billion, depicting the bank’s commitment to its clients and supporting business development in Ghana…supported by a customer deposit increment of 14 percent from GH¢4.8billion from GH¢4.2billion in 2014.

Ecobank also achieved a return on average equity and assets of 38.1 percent and 5.2 percent respectively -- with the bank’s share price also increasing by 3 percent to underline investor confidence.

“If you look at how we attempted to run the bank in 2015, the operational efficiency was a key issue for us. We have found ways to be more efficient and manage our cost better, and I think in challenging times that is what a bank needs to do. The year-on-year growth of cost dropped from 42 percent to 19 percent in 2015,” he added.

He noted that Ecobank expects a better 2016. “Even though there are issues of elections, we are committed to ensuring that in the midst of all of these we are ensuring the best product-offerings to satisfy our customers,” he added.

NPLs across the industry rose sharply, with Ecobank recording 16.60 percent in 2015 from a low of 2.6 percent in 2014; but Mr. Botchway remains optimistic about 2016.

”This year should be a good year, and we expect to improve on our 2015 performance and reduction in NPLs by the end of this year. Across the board, some of the declines seen in top banks in 2015 will drop. The issues in the loan portfolio are being resolved and so the focus is on growing the business. External constraints will also be addressed, and that should help us solve the NPLs,” he stated.