Ecobank Transnational Says Full-Year Profit Climbs 57%

Ecobank Transnational Inc. (ETI), the Lome, Togo-based owner of banks in sub-Saharan Africa, said full-year profit rose 57 percent to $206.8 million as it curbed losses and boosted revenue.

Net interest income in the year through December climbed to $583.4 million from $474.8 million a year earlier, the company said in a statement e-mailed by the Ghana Stock Exchange today.

The results are attributable to “strong growth in revenue and efficient management of cost,” said Derrick Mensah, a research analyst SIC Financial Services Ltd., said by phone from Accra, the capital, today. Impairment losses on loans and advances narrowed to $85.7 million in 2011 from $101.5 million a year earlier, the company said.

Ecobank Transnational’s shares rose 9.1 percent in Ghana to 12 pesewas by the close. In Lagos, Nigeria’s commercial capital, the stock gained 0.2 percent to 11 naira.

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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