Annual Report 2007 - Investing In Africa

Nigeria
2007 2006 Variance
US$’000 US$’000
Total Revenue 215,472 113,971 89%
Profit before tax 79,982 40,296 98%
Total assets 2,806,318 990,312 183%
Loan and advances 1,047,072 424,375 147%
Deposit from customers 1,888,216 656,931 187%
Nigeria remains Africa’s most populous country
with a GDP of US$135 billion in Sub Saharan
Africa, outside South Africa growing at a rate of
about 6%. In 2007 the continued high oil price
levels as well as strong performance from non
oil sectors enabled the country to sustain its
high growth rate.
Ecobank Nigeria took advantage of the growing
economy to reposition itself in the
Nigerian banking industry. In 2007, the
subsidiary acquired the assets and liabilities of
Hallmark Bank. It also intensified expansion of
its branch network and other outlets. This translated
into triple digit balance sheet growth
impacting positively on both revenues and profits.
As a result of Ecobank Nigeria’s performance in
2007, the region was the leading contributor to
the group’s results. It accounted for 42% of the
profit before tax (2006: 29%)of the group and
total assets represented 43% (2006: 28%) of the
group’s assets.
Ecobank Nigeria will continue to develop its
business and acquire more market share in
Nigeria. The subsidiary will combine acquisition
and organic growth in its expansion in the
coming years.
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... The Pan African Bank