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VENTURES AFRICA – Pan-African lender Ecobank has been rated the leading bank in five African countries including Cameroon, Liberia and Mali, by the authoritative international financial publication, The Banker.
Ecobank Cameroon has over the years improved its product offering, particularly in mobile banking, electronic payment and internet services security, helping to drive its market share to about 75 percent of the deposits and loans on the national banking market.
Commenting on Ecobank’s ranking in Cameroon, The Banker notes that the country still has remnants of the 2008 international financial crisis, but the British publication affirms that, despite this environment, “Ecobank Cameroon has proven that it can make solid returns, even in that market.”
According to Business In Cameroun, the bank’s shares rising to 304 billion F.CFa ($613 million) at the 2012 fiscal year end, lends credit to the Financial Times-owned magazine’s verdict.
“Ecobank Cameroon’s net profits significantly increased by 100 percent to 1.65 billion F.CFa” for the same period.
Meanwhile, “the bank’s cost-revenue ratio moved from 57 percent to 53 percent, showing that its efforts to improve efficiency paid off.”
Ecobank, whose official name is Ecobank Transnational Inc., is a pan-African banking conglomerate, with banking operations in 33 African countries.