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Ecobank Ghana Profit Rose 20% in 2011 as Loan Income Grew

Ecobank Ghana Ltd., a unit of Lome-based Ecobank Transnational Inc., said profit in 2011 increased 20 percent as it earned more from loans.

Net income rose to 72.4 million cedis ($41 million), the company said in a statement e-mailed by the Ghana Stock Exchange today. Net interest income, the money banks make from loans, climbed 18 percent 128.6 million cedis.

“The bank employed a very robust risk management system that enabled it to grow its loan book significantly without much impairment,” Randy Mensah, a stock trader at Databank Financial Services Ltd. in Accra, said by phone today.

Loans and advances to customers grew 71 percent to 849.9 million cedis while impairment costs climbed 7 percent to 6.2 million cedis, according to the statement.

The lender will pay a dividend of 0.24 cedi per share on May 18, according to a separate statement. That’s an increase of 20 percent, data compiled by Bloomberg show.

Shares of Ecobank were unchanged at 3.15 cedis as of close of trading in Accra.

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