With a profit before tax of GH894 million, Ecobank Ghana has become one of the most lucrative banks in the nation.
This is a 14 percent increase.
The bank increased its overall income by 10% to GHC 2 billion. The increase in net interest income, which rose by 13% to GH1.5 billion, and the increase in net fees and commissions, which rose by 24% to GH317.6 million, were the key contributors to the growth in total revenue.
This was accomplished by increasing earning asset volumes, which were fueled by the bank's robust deposit growth of 12% to GH13.2 billion in 2021, the highest in the banking industry.
Daniel Sackey, the managing director of Ecobank Ghana, stated that the bank has maintained a rigorous risk management posture to guarantee that it would enhance its asset quality metrics on the margins of the bank's virtual Annual General Meeting in Accra.
The main ingredients to our success, according to Mr. Sackey, are "all these, paired with a solid risk management framework, which is meant to assure a reduction in non-performing loans."
Strong total asset growth of 13% to GH17.93 billion and owners' equity increase of 10% to GH2.7 billion last year contributed to the bank's expansion.
With GH5.7 billion (or 14%), Ecobank Ghana had the largest loan book at the end of 2021.
favourable trends
The Managing Director stated that the bank's first quarter performance in 2022 had been good, and that the growth trend will continue to be favourable, but that challenges from present inflationary pressures and supply chain disruptions should be considered.
"We are aware of the government's attempts to deal with rising inflationary pressures and their negative impact on the macroeconomic situation," he stated.
Although we anticipate a rebound in the medium- to long-term, Mr. Sackey continued, "in the short-term, we are dedicated to working with our customers to help them as they navigate this challenging phase.
Technology investment
He said that in 2021, the bank made big modifications to two important systems - Ecobank Online and Omnilite - and spent a lot of money on technology.
"We've also modernised and reconfigured our Contact Center to become a multilingual and multicultural customer engagement centre that answers to and supports our customers 24 hours a day, seven days a week," he said.
A number of digital transactions have increased by 36% as a result of the investment as a whole, compared to a 7% growth in in-branch transactions in 2021.