Ecobank's comeback on course

Albert Essien, CEO, Ecobank Group

Ecobank Transnational (ETI) had a strong first quarter, despite last year’s corporate governance issues that gained much media attention and culminated in the dismissal of key board members.

The financial results for this year’s first quarter, published on May 1, show net revenue was up 2% year on year to $534 million, and profit before tax was up $155 million, 33% compared with the previous year.

For the full financial year of 2014, revenue for ETI was up 14% to $2.3 billion, and profit before tax was up 134% to $519.5 million.

“We are very proud of ETI’s results so far this year, which follow on from a very successful 2014,” says Laurence do Rego, group executive director, finance and risk at Ecobank.

Read more: Africa: Ecobank’s comeback on course /Euromoney magazine