Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


ETI targets 50% revenue growth

09 April 2013, 12:10

Lagos  - The Group Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Mr Thierry Tanoh, said on Monday that the bank was targeting a 50 per cent revenue growth this financial year.

Making the disclosure at the bank's ``Facts Behind the Figures'' forum at the Nigerian Stock Exchange (NSE) in Lagos, Tanoh said that the bank's revenue appreciated by 46 per cent last year.

The News Agency of Nigeria (NAN) reports that the bank posted gross earnings of N362.14 billion for the financial year ended Dec. 31, 2012 against the N235.97 billion recorded in 2011.

Its profit after tax stood at N45.49 billion in contrast to the N32.27 billion declared in 2011, indicating an increase of 40 per cent.

The bank's net asset appreciated to N339.92 billion, compared with N233.39 billion in 2011.

Commenting on the 2012 result, Tanoh attributed the growth to successful integration of its major acquisitions in Ghana and Nigeria and strong demand for retail banking services across its 33 country platforms.

He said that the Nigerian market contributed 40 per cent of the bank's revenue in the 2012 financial year.

Tanoh said that increased trade and commercial flows between Middle Africa and the rest of the world as well as the performance of the bank's staff contributed to the growth recorded.

The chief executive officer said that the bank would remain reactive to the yearning of its customers through strong innovations.

He, however, assured shareholders increased reruns on their investment in the years ahead.

Tanoh stated that the bank had finalised its integration with the former Oceanic Bank, noting that customers could withdraw their money from any branch.

Earlier, the Chief Executive Officer of the NSE, Oscar Onyema, commended the management of the bank for its achievements.

Onyema said that ETI  was among the first quoted companies that embraced the corporate governance policy.

He urged the bank to work closely with the Federal Government to unlock the inherent potential in the Nigerian economy.


Tags nse

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...