Ecobank Group Releases 2008 Results

4 May 2009
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Ecobank (Lome)
press release

Pan-African bank increases revenues by 60 percent

The Ecobank Group is pleased to release its results for 2008. The group posted an all round strong performance for the year. Gross revenues rose more than 60 percent from US$697 million in 2007 to US$1.2 billion in 2008. Profit before tax fell slightly from US$191 million in 2007 to US$162 million in 2008.

This slight drop was despite the international financial crisis and the drop in the value of the bank's local currencies relative to the dollar. The group's asset base grew considerably from US$6.6 billion to US$8.3 billion. The number of Ecobank branches and offices also increased from 450 to 610 across its vast network, and the group bolstered its steadily growing customer base from 1,202,271 customers in 2007 to 1,841,934 customers in 2008.

"These encouraging figures position the Ecobank Group for better results for our investors," says Arnold Ekpe, Group Chief Executive Officer of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group. "Despite the backdrop of much turmoil in international financial markets, we are today a stronger bank, poised to make continued returns for our shareholders."

About ECOBANK (www.ecobank.com)

Incorporated in 1985, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent regional banking group in Africa. It currently operates in 27 African countries, namely: Benin, Burkina-Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo-Brazzaville, Côte d'Ivoire, Democratic Republic of Congo, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Togo and Uganda.

ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group is owned by more than 140,000 shareholders including institutional investors. It has over 11,000 employees from 29 different countries in over 600 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

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