Ecobank Ghana Forecasts Sustained Profit Growth on Lower Costs
- Lender is looking to digital services to help reduce expenses
- West African bank expects to beat 3% earnings estimate in 2019
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Ecobank Ghana Ltd. is counting on an increase in deposits and rising use of its digital services to lower costs and help sustain profit growth after a knockout 2018 for earnings.
The West African country’s second-largest lender is reaping the rewards of what the International Monetary Fund predicts will be the world’s fastest expanding economy this year. Lower interest rates are set to spur lending, while a regulatory cleanup that weeded out weaker banks has bolstered confidence in the industry after the balance sheets of remaining lenders were strengthened.