Ecobank Nigeria has published, as of April 30, 2018, its financial statements as at December 31, 2017.
The recovery of Ecobank Nigeria is confirmed by the profound restructuring undertaken for a little over 2 years in the bank by the CEO, Charles Kié, and his teams.
The net result (in local currency) is 3.5 times higher than the previous year due to a drastic reduction in operating expenses and a better control of risks related to customers. The cost / income ratio has been reduced by more than 10 points in one year (to 51%) thanks, among other things, to the resizing of the workforce (more than 3,000 people have left the bank), at the close of more than 50 agencies, the rationalization of its car fleet (transport ubisation) and the sale of several real estate assets.
At the same time, the bank is rejuvenating its teams (a program to recruit 400 graduates from high schools started in February 2018) and is aggressively pursuing its market penetration with its unique digital offering. By 2020, the Ecobank Group (ETI) plans to open 100 million accounts through its mobile application (Ecobank Xpress Account) including 40 million from Nigeria.
