Ecobank wins Best Bank Financial Services Sector awards

Accra, Ecobank Ghana emerged the Best Bank in the Financial Services Sector (Banking) at the just ended sixth AGI awards held in Accra.

With this, Ecobank has swept all the major awards organized locally and internationally this year.

A statement from the Bank said the award made Ecobank the most decorated and most successful banking institution in Ghana, having previously won the CIMG Bank of the Year, CIG Best Bank of the Year and Euromoney Best Bank of the year.

This feat is unparalleled, as no single bank has annexed all these key awards in a single year.

These achievements have largely been as a result of the Bank’s stellar performances over the years, and, for the 2016 financial year, in particular.

Ecobank closed the year with owners’ equity of over GH964 million, total assets of GH8,056.87 million, profit before tax of GH462.6 million, with 15.29 per cent capital adequacy ratio.

The Bank has over the years, made good returns to its shareholders with return on average equity (ROAE) and Return on Average Assets (ROAA) averaging above 35per cent and four per cent respectively over the past five years. The Bank’s ROAE was 35.4 per cent and ROAA was 4.4 per cent for 2016.

To reciprocate the love and kindness of society and the environment, the Bank pledged to conduct its business ethically, while making substantial annual contributions towards helping to uplift the less privileged, less endowed and deprived people, institutions, communities and the planet, as a way of discharging its corporate social responsibility (CSR).

The Bank accordingly increased its CSR disbursements to GH3.38 million in 2016, which was 19 per cent higher than the amount spent the prior year.

The Bank’s CSR is focused mainly on education, health, financial inclusion and other socio-cultural events and community development programmes.

Going forward, the Bank intends to continue leveraging its biggest balance sheet size to introduce more convenient, accessible and reliable products and services in line with its mission.

Ecobank will also intensively drive its digital agenda, which has so far seen the Bank release four innovative phone-enabled services, which include; the Ecobank Mobile APP, Scan + Pay QR Code, TBill4All and the Ecobank Xpress Account.

These products enable customers to do banking on the go, saving them the much needed time to concentrate on their businesses while at the same time decreasing their transactional costs for banking.

Source: Ghana News Agency