Ecobank’s total turnover recorded a 16 per cent growth to $10.5 billion in 2010, the institution said in its latest report released in Lome, the capital of Togo.
"These good results were achieved despite the negative impacts of the exchange rate," the president of the bank’s administration council, Kolapo Lawson, said on Wednesday.
He told the annual meeting of the bank that the 16 per cent growth was mainly supported by a 22 per cent increase in the deposits.
The group of 35 countries including 32 in Africa recorded a net profit of $76.5 million with a special reserve of $11.5 million. With the impressive results, the bank’s shareholders will get a 33 per cent increase on their dividends, which will now stand at $0.04 against $0.03 in 2009. The group expects further expansion in Africa, Asia, Europe and Americas.
