Ecobank Zambia Managing Director Kola Adeleke says the bank has now been recognised as the fastest growing bank in Zambia.
Mr Adeleke said Ecobank recorded a 65 percent growth in assets in 2016 against the banking sector’s 8 percent and posted a 30 percent Profit Before Tax.
He said Ecobank has now grown its deposits to K1.5 billion with 7 branches, 258 Point of Sale machines and over 40 ATMs dotted across the country.
Mr Adeleke stated that Euromoney recently recognised Ecobank as the best digital bank in Africa for its technological innovation.
He said Ecobank Zambia has grown from a loss of 25 million in 2009 posting, its worst loss in 2012 of 76 million before breaking even in 2014 with a profit of K8 million.
Mr Adeleke said the bank has continued on the profitable trajectory closing 2016 with a pretax profit of K42 million, becoming the seventh most printable bank in Zambia.
Mr Adeleke said the bank’s performance is exceeding the expectations of all shareholders and has turned round its 2009 negative operating income of K2 million Kwacha to 173 million Kwacha operating income at close of 2016.
The Ecobank Managing Director was speaking on Saturday evening during a dinner party hosted for outgoing Bank Chairman Titus Kalenga and Board Director Augustine Chiti who have retired from the Board.
Mr Adeleke said the commitment from Mr Kalenga and Mr Mulenga ensured that the bank posted impressive growth adding that the bank is now a moving train targeting to attain a 4 billion Kwacha balance sheet.
Mr Adeleke paid tribute to the duo for their leadership and moving the bank to one of the most formidable banks in Zambia.
And outgoing Ecobank Zambia Board Chairman Titus Kalenga said he joined the Board six years ago when the bank was facing a lot of hardships but that team work ensured that those hardships were handled.
Mr Kalenga said he is happy that he is leaving the bank when there are positive things happening and encouraged Management to keep on keeping on and support the incoming Board Chairperson Chileshe Kapwepwe.
Ecobank is not the fastest growing bank in the sense of the word bank- that title goes to mobile phone banking! The day of Commercial Banks thinking they are the one and all depository of people’s funds is long gone. Commercial banks in Zambia charge you for giving them your money! How silly and stupid this Modus Operandi is in developing countries such as ours! I give you my hard earned money and you want to charge me crazy fees instead of you paying to keep it! You can go to H3LL!!! Mobile banking makes so much more sense these days than this burroshiiiit!
And you think mobile banking is free? They can not offer a free service and for every service my friend you have to pay.Include that in your 2020 vision!
best digital bank in Africa. Ecobank has the best mobile App.
great Bank. Superb client services!!!keep it up!!
Bank 419
wenyo!
Best mobile banking services ever offered and flexible accounts.
With the Ecobank Mobile Banking Application i Bank anywere…..with access to my accounts 24/7. I pay my bills transfer cash, manage my accounts. It’s been an amazing experience. And I was able to open an Xpress account instantly.