Pan-African banking group Ecobank said on Monday its 2014 pretax profit rose 144 percent year-on-year to 86.44 billion naira ($434 million). Last year, it reported a PBT of N35billion.

Profit after tax grew 167 per cent to $394.8 million (up by 179 per cent to NGN65.7 billion. The bank’s total assets also went up by 8 per cent to $24.2 billion (up 25% to NGN4,501.8 billion)

Revenue also rose to 379.25 billion naira from 319.6 billion naira the previous year, the bank said in a statement, and also proposed a bonus issue of one for every 15 shares.

The bank did not give a reason for the increase in earnings. And it is also not prescribing dividend payment.

Commenting on these results, Group Chief Executive Officer Albert Essien said: “Our performance in 2014 was a great example of the benefit of our diversified business model. In what was a tough operating environment, we remained focused on the importance of serving the financial needs of our customers across Middle Africa.

“We grew customer loans by $890 million or 8%, and deposits by $947 million or 6%, particularly in core current account deposits, despite the adverse impact of US dollar’s appreciation to our key functional currencies.

“Revenues increased 14 per cent from the prior year and were in line with our guidance. The focus on driving efficiencies in our businesses paid off, with
operating expenses up 6%, and the cost-income ratio (CIR) improving to 65.4% versus 70.1% in the prior year. Additionally, all our geographic clusters increased revenues higher than operating expenses and and improved their cost-income ratios.”

Essien concluded: “We further strengthened our capital base with Group-wide Tier 1 capital increasing approximately $981 million. Our Tier 1
capital ratio was 18.3% versus 13.0% in the prior year and total capital ratio was 20.4%.

“Going forward, we remain confident in the prospects for growth in Africa and in our dedicated staff, and are positioning the company for longterm success to achieve outstanding results for all our stakeholders.

The bank’s AGM will take place in Dar es Salaam, Tanzania on 19 June.