Ecobank
Burkina Faso enjoyed economic growth of more than 7% in 2005 and the country’s banking sector took full advantage. But it was Ecobank that emerged the winner, reporting a healthy 12% increase in net profits to CFA Fr2.7bn ($4.8m) on assets of CFA Fr85.4bn, which were up 15% on the year before.
As a result, Ecobank was able to report a tidy 42% RoE. The judges also noted the steady improvement in other key operating ratios: NPLs declined from 11% to 8% in 2005 while the cost/income ratio improved to 43% from 46%.
According to managing director Aboubacar Garba Youssoufou, the main developments for Ecobank in Burkina Faso were the installation of ATMs, and the launch of internet and telephone banking.
