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Ecobank Transnational Full-Year Profit Gains After Acquisitions

Ecobank Transnational Inc. (ETI), the lender that operates in more African countries than any other, said full-year profit rose 39 percent, boosted by acquisitions in Nigeria and Ghana.

Profit after tax rose to $286.7 million in 2012 from $206.8 million a year earlier, the Lome, Togo-based bank, said in an e- mailed statement today. Revenue advanced 46 percent to $1.8 billion and total assets increased 16 percent to $20 billion.

Ecobank acquired Trust Bank Ltd. (TRBK), a closely held Ghanaian lender, in January last year and merged it with its local unit to create the biggest lender by assets in the West African country. It also bought Oceanic Bank International Plc, a Nigerian lender that had been bailed out by the central bank, in February last year.

“The expected synergies resulting from the landmark acquisitions in Nigeria and Ghana are beginning to come through,” Laurence do Rego, the lender’s executive director for finance and risk, said in the statement.

Ecobank’s shares traded in Lagos, Nigeria’s commercial capital were little changed at 13.8 naira at the 2:30 p.m. close, taking the stock’s gain to 22 percent this year, compared with the 19 percent rise of the Nigerian Stock Exchange All- Share Index. (NGSEINDX)

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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