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Home Business Ecobank Kenya Records More Than 200 percent Profit Growth

Ecobank Kenya Records More Than 200 percent Profit Growth

by Caroline Vutagwa
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Ecobank Kenya has recorded a growth in profits-after-tax of more than 200 percent in the first quarter of 2014 compared to the same period last year. The banks post-tax profits grew to Ksh27 million from a Ksh8 million 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 Ehouman Kassi, the Ecobank Kenya Managing Director.

He said the steady capital flow from the Group has powered the Kenyan subsidiary continued expansion of footprint to enhance its branch network. Ecobank Group injected KSh2.1 billion (USD 25 million) as additional capital in Ecobank Kenya in June 2013 to accelerate growth, after the Pan-African lender posted its strongest financial performance in its 25 years of operation of a record 46% growth in revenue.

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.

Mr Kassi said the bank is currently building its capacity in a rapidly changing era of where banking services are greatly influenced by internet and mobile banking. “These changes will continuously push banks into new horizons that bring forth both opportunities and threats that we need to mitigate,” said Mr Kassi.

The bank 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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