Ecobank rebounds from 2013 loss

Ecobank made a turnaround from a Rwf563.1 million loss in 2013 to post a Rwf518.4 million after tax profit last year, the bank’s financial statement released Thursday indicates.
Ecobank headquarters in Kigali, Rwanda (Courtesy)
Ecobank headquarters in Kigali, Rwanda (Courtesy)

Ecobank made a turnaround from a Rwf563.1 million loss in 2013 to post a Rwf518.4 million after tax profit last year, the bank’s financial statement released Thursday indicates.

According to the statement, the bank performance was driven by increase in net interest to Rwf7.7 billion last year, from Rwf6.7 billion, and growth in net fee and commission incomes of Rwf3.2 billion  compared to Rwf2.3 billion in 2013.

The bank’s net foreign exchange income, however, declined from Rwf2.2 billion in 2013, to Rwf1.4 billion last year, a trend that cuts across all the other banks following the central bank’s profit margin capping on the segment.

The firms net operating income was at Rwf11 billion last year, up from Rwf9.2 billion in 2013, while its total operating expenses stood at Rwf10.1 billion at the end of 2014, up from Rwf9.8 billion in 2013.

The bank’s customer deposits increased by 34 per cent during the year to Rwf117.9 billion from Rwf88.1 billion at the end of 2013. Loans and advances also went up to Rwf89.1 billion from Rwf74.6 billion in 2013.

The bank, a subsidiary of Togolese banking giant, Ecobank Group, saw a 26.4 per cent growth in assets, from Rwf112.99 billion to Rwf142.8 billion, the statement indicated.

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