Benin
Published: 02 September, 2004
Ecobank Benin
Despite a 23% rise in Tier 1 capital, Ecobank Benin’s profit numbers failed to excite the judges. Net profits were up just 3% in 2003, compared to a 21% jump the previous year. As a result, return on equity slipped to 39% to 33%. However, Ecobank still managed to retain the mantle as most profitable bank in Benin.
Tipping the balance for the judges in favour of Ecobank was the bank’s ongoing investment in information technology and the roll-out of related products and services. The objective is meaningful straight-through processing capabilities. In an under-developed market like Benin, Ecobank’s advanced computer processing platform has a direct bearing on service quality and market share.
In addition, says Christophe Lawson, managing director of Ecobank, new income streams have been generated through structured corporate financing solutions, tapping business opportunities in the privatisation of the cotton and telecommunication sectors.
