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ETI posts $286.7m profit in 2012

By The Citizen

ECOBANK Transnational Incorporated (ETI)  has realised 42 per cent of its total revenue from its operations in Nigeria, last year.

The bank which is Pan African, said the volume of businesses coupled with the number of its branches in the domestic economy was a major driver of its bottom line.

Addressing stock brokersMonday at the bank's 'Facts Behind the Figures,' at the Nigerian Stock Exchange, the Group Chief Executive Office, Thierry Tanoh reiterated that the bank, with its presence in 33 countries, was poised to deliver outstanding customer services and long term shareholders value .

This, according to Tanoh would make the bank more competitive to become one of the top three Pan African bank.

He disclosed that the bank recently crossed the N20 billion mark for balance sheet, noting that for African to grow in terms of volume of business activities, there is need to develop intra African trade.

He added that with the fast changing business environment, business providers need patnership and synergies to unlock various business potentials.

'We are targeting a deposit growth of 20 per cent, 10 per cent loan growth, revenue growth and bring down our cost to income ratio below 70 per cent mark. We would continue to focus on our returns. We are poised to take position on the good outlook of Africa in the coming year. We want to be an employer of choice and able to attract the best.

'Moving forward, our growth will be mainly an organic growth with attention on market and customer service. We would become more reactive and innovative and reference point in customer service, strong long term diversified returns for shareholders in sub-saharan African.'

According to the ETI boss, the bank posted a profit after tax of $286.7 million for the year ended December 31, 2012, which according to him represents an increase of 39 per cent, up from $206million recorded in 2011.

He added that that the bank targets deposit and revenue growth of 20 and 50 per cent  in the next financial year.