ECOBANK Transnational Incorporated
Plc has filed its audited reports for the
year ended December 31, 2015 indicating
a profit after tax decline of 68 percent to
N21.3 billion from N65.7 billion in 2014.
Though, profit before tax was also down
53 percent to N40.6 billion from N86.4
billion in the previous year, revenue
for the group increased by 11 percent to
N542.7 billion, while total assets for the
group was up four percent to N4,694.3
billion. Deposits from customers also
grew albeit marginally by one percent to
N3.274.0 billion.
Other extracts from the financial
statement showed that loans and advances
to customers was down two percent to
N2.232.2 billion, while operating profit
before impairment losses decreased by 11
percent to N146.0 billion as total equity
grew by two percent to N502.9 billion.
The group’s management has
proposed a 0.2 US cents as dividend to its
shareholders for the year with payment
date scheduled for August 2, two weeks
after the annual general meeting on June
17 in Lomé, Togo.
The company noted that shareholders
will be paid the naira equivalent of
proposed dividend using the closing
exchange rate as of December 31, 2015
which is about 40 kobo per share.
The Group’s CEO, Ade Ayeyemi, said:
“Our 2015 results were disappointing.
We did a comprehensive review of
our processes and portfolio leading
to elevated impairment charges in the
fourth quarter. Impairment losses were
significantly increased by $265 million
to $532 million. This was unacceptable
to us, and we have taken drastic steps
to address asset quality and strengthen
our processes. Also, we were faced with
a difficult operating environment due to
the slowdown in economic growth across
Africa, as a result of lower commodity
prices. These developments affected both
households and businesses. Our costincome
ratio was 64.9%, flat compared to
prior year.
“Our diversified business model
is a source of competitive strength
and stability. In the last few months,
management and I have worked to
revise our strategy and operating model
around our customers, our products,
and our geographical footprint. We
have made some management changes
and developed a strategic plan aimed at
ensuring we generate sustainable longterm

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