Ecobank records fantastic profit growth

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Ecobank

The first quarter of 2014 has been great for Ecobank. This is due to the bank recording a growth in profits-after-tax of more than 200 percent. The banks post-tax profits have grown to Ksh27 million from a Ksh8 million recorded 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.

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.

The bank also recently kicked off a Graduate Trainee and Management programme aimed at enhancing human resource development to stay ahead of the curve of the dynamic banking sector that will see the bank recruit at least 50 graduates from Kenyan universities.

 

 

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