Ecobank profit before tax up 38pct in FY14

Ecobank profit before tax up 38pct in FY14

HARARE, March 27, (The Source) – Ecobank Zimbabwe reported a 38 percent growth before tax to $3,3 million for the full-year ended 31 December 2014 driven by growth in deposits.

The deposits grew by 33 percent to $111 million which enabled the company to grow its loan book.

“This enabled the bank to grow its loan book and drive a 20 percent rise in net interest income,” said the company in statement accompanying its results on Friday.

Loans and advances stood at $132 million from 95 million in the prior year.

“The 27 percent growth in fees and commissions was underpinned by the increase in arrangement fees earned on the growing loan book and facility fees on off-balance sheet trade finance structures made possible by the bank’s access to lines of credit within and outside the Ecobank Group,” said the bank.

The bank said it will invest in electronic channels by deploying more off-site ATMs and POS devices.