Ecobank records 238pc profit jump after capital boost

Ecobank Kenya had a 238 per cent growth in profits-after-tax in the first quarter of 2014.

The bank’s after-tax profit hit Sh27 million, up from Sh8 million in the same period last year.

“We have significantly grown our balance sheet, revenues and branch network and it is only rational that we ratchet up our human resource capacity in readiness for growth,” said Mr Ehouman Kassi, Ecobank Kenya managing director.

Mr Kassi said steady capital flow from the group had powered the Kenyan subsidiary’s continued expansion to enhance its branch network.

Ecobank Group injected Sh2.1 billion ($25 million) as additional capital into Ecobank Kenya in June 2013 to accelerate growth.

BRANCH NETWORK

The bank has been on an expansion strategy and has increased its branch network to 29 in Kenya.

Mr Kassi said the expansion could see an additional 21 new branches.

Ecobank Kenya recently acquired Iroko Securities, giving it a foothold in investment banking.

The bank recently starated a graduate trainee and management to enhance human resources. It plans to recruit at least 50 graduates from Kenyan universities.

ONLINE BANKING

Ecobank Kenya has recently introduced a raft of services that include revamped online banking.

This can be accessed by even the most basic phone.

The Ecobank Kenya App on the Google store offers quick access to customers who change their devices.
Ecobank runs the largest network in Africa, with a footprint in 35 countries.

The bank, he said, is committed to expanding its business.