International Commercial Bank
It was another bumper year for International Commercial Bank in Guinea, with profits up 72% in 2005 to GFr3.5bn ($818,000).
As a consequence of this strong performance, the bank was also able to report a sharply improved RoE, rising from 25.4% in 2004 to 36.3% last year.
Significant developments in 2005 included expansion of the branch network and a tie up with Travelex. Substantial investment in staff development also filtered through into better frontline performance.
“Profits have again surged this year, up 80% in the first three quarters of this year compared to last year. This has mainly been the result of growth in deposits, loans and foreign exchange dealing. Driving this has been branch expansion and an improvement in service standards which has expanded the customer base,” says CEO Seshagiri Rao.
