Ecobank targets 20% growth in deposit

Ecobank Transnational Incorporated on Tuesday announced a 20 per cent target growth in its deposit base for 2013.

A statement made available to our correspondent showed that the bank was also targeting a revenue growth of 15 per cent plus and cost-to-income ratio of below 70 per cent.

In addition, the group has targeted a cost-to-income ratio of below 60 per cent for 2015.

'The group recently introduce Ecobank's senior management to an audience of major shareholders and research analysts, and provided detailed insights into the Group's current operations and its strategic objectives going forward,' the statement said.

The statement quoted the Group Chief Executive Officer, ETI, Mr. Thierry Tanoh, as saying, 'We were delighted to welcome buy-and-sell-side representatives from across Africa, the United Kingdom, the Middle East and the United States here in Lomé, Togo. It gave us an excellent opportunity to demonstrate the strength and depth of our divisional and regional management teams to a wider international audience.

'We believe passionately in Africa's long-term growth potential and, over time, look forward to unlocking the true value of our unique pan-African footprint to the benefit of all of our stakeholders.'

The bank pointed out that by focusing on its strategic priorities of customer service, shareholder value and becoming an employer of choice, it would achieve the target.