Ecobank profits drop 46%

Ecobank Rwanda recorded a Rwf171.2 m shortfall in net profits in 2010 from Rwf366.7m in 2009 representing, a 46 per cent drop. The bank’s 2010 financial statement indicates that it realised a net profit of Rwf195.4m  as liabilities increased by 50.6 per cent from Rwf52.6b to Rwf79.3b.

Ecobank Rwanda recorded a Rwf171.2 m shortfall in net profits in 2010 from Rwf366.7m in 2009 representing, a 46 per cent drop.

The bank’s 2010 financial statement indicates that it realised a net profit of Rwf195.4m  as liabilities increased by 50.6 per cent from Rwf52.6b to Rwf79.3b.

The statement further indicates, the bank’s operating income increased from Rwf6.1b in 2009 to Rwf8.2b in 2010 and its total comprehensive income in 2010 fell by 91.8 per cent from Rwf1.6b in 2009 to Rwf136.5m in 2010.

To strengthen its international operations, Ecobank Group on Thursday opened up a London branch which will act as the UK representative office of EBI SA, Ecobank’s French subsidiary.

The London representative office will be the latest addition to Ecobank’s international distribution platform which includes an affiliate in Paris, Dubai and Johannesburg. The Group plans to open offices in New York and Beijing soon.

Both Ecobank Capital and Ecobank Corporate Banking, the Group’s international wholesale banking arm focused on trade finance, payments and transfers, foreign exchange and correspondent banking will be represented in London.

Ecobank aims to capitalise on operational synergies and cross-selling opportunities between its corporate banking, treasury and investment banking businesses.

“Arguably, the long-term investment case for Africa now is stronger than it ever has been, with foreign direct investment in the Continent forecast to reach US$150b (Rwf88.9 trillion) by 2015,” Ecobank Group Executive, Dele Babade said.  

Ends

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