Ecobank Transnational Incorporated has said that it had started to reap from the synergies from acquisitions in Nigeria and Ghana, exceeding its $300 million target for pretax profit for last year.
This is contained in the group’s financial result copied to Citi Business News
According to Ecobank, revenues grew by 46 % to $1.8 billion while pre-tax profits rose by 25% to $348 million.
Ecobank’s Group CEO Thierry Tanoh said “These very pleasing results reflect the successful integration of our two major acquisitions in Ghana and Nigeria, strong demand for retail banking services across our 33 country platform, increasing trade and commercial flows between Middle Africa and the rest of the world together with a strong performance of our dedicated staff”
He added that “We are closely focused on delivering cost efficiencies, whilst maintaining high levels of service and innovation. Overall, we are confident that 2013 will be another year of progress as we further strengthen and develop the Group to the benefit of all of our stakeholders.”
Laurence do Rego, Ecobank’s Group Executive Director, Finance and Risk, added: “Ecobank is strategically positioned to capture much of Africa’s organic growth, whilst our diversified business model is designed to mitigate risk.
We are now focused on maximizing the returns from our unique platform via a centralized approach to cost and risk management.”