Annual Report 2007 - Investing In Africa

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Financial Highlights In thousands of US dollars, except per share, ratio and headcount data. At year end 2007 2006 %Change Assets 6,550,224 3,503,739 87% Loans and advances to customers 3,117,036 1,919,366 62% Deposits from customers 4,714,327 2,500,178 89% Shareholders' equity 513,548 382,088 34% Total equity*** 651,760 482,315 35% Book value per share (cents)* 38.12 30.45 25% Non - performing loans to total loans (%) 6.0 7.9 24% Headcount (number) 8,057 5,860 37% Network (number)** 450 305 47% For the year Revenues 543,988 348,464 56% Loan loss provision 19,148 13,091 46% Profit before tax 190,570 129,299 47% Profit after tax 138,936 86,365 61% Profit attributable 107,373 69,350 55% Basic earnings per share (cents)* 7.97 5.53 44% Diluted earning per share (cents) 7.71 5.53 39% Dividend per share (cents) 2.0 1.5 33% Return on average equity (%) 24.0 23.0 Return on average assets (%) 2.8 3.0 Other Data Risk - based capital ratios (%): Total 15.7 19.0 Tier 1 15.5 19.0 Number of ordinary shares outstanding (Number in thousands)* Average 1,347,034 1,253,709 As at 31 December 1,347,034 1,344,464 * Restated for 1 for 1 split issue and 1 for 5 bonus share issue in 2007 ** Excluding ATMs, POSs and alliance locations *** Including minority interest 5 ... The Pan African Bank
Annual Report 2007 Chairman’s Address I am very pleased to present this address on the occasion of the 20th anniversary of our group. 2007 was a year of transformation for Ecobank in several ways. Our performance as a group reached new levels and we successfully positioned the group as the leading pan African banking group with an unparalleled reach and a unique operating platform. Financial Results 6 Our performance in 2007 continued the positive trend of the previous year. Total assets grew by 87% to US$6.6 billion. Revenues increased by 56% to US$544 million and profit before tax rose by 47% to US$191 million. Profit after tax increased by 61% to US$139 million. In spite of the significant investments in growth, we were able to maintain our return on equity at 24%. As a result of the improved performance, we are proposing a dividend per share of 2.0 cents, an increase of 33% over the previous year and also a stock split to make the price of the shares more accessible to the generality of our African shareholders and improve liquidity in the stock. Strategy We continue to be guided by our strategic objective of building shareholder value through improvements in efficiency, building scale and growth. During year 2007, we added five more countries to bring the total number of countries in which we are present to 20. As a result, we are now present in more African countries than any other banking group in Africa. In Nigeria, we continued our strategy to build scale by acquiring one additional failed bank during the year. We have significantly improved our market position and our performance in this important market. We remain open to opportunities for combining with other banks not only in Nigeria but across all the countries in which we operate. We significantly grew our businesses across the board. In addition to significant improvement in our asset base, our customer base topped the 1 million mark for the first time and our branch and offices network increased to 450. Our shared services centre in Accra is now operational and several services such as account opening, expense processing and payments are now being handled centrally. When fully operational, we expect the centre to revolutionize efficiency across the group and to enable strategic cost reduction. Corporate Governance Kofi Bucknor left the board following the disposal of Kingdom Holding's interest in the company. We thank him for his insight and contribution to the development of the group. At the management level, Christophe Jocktane Lawson stepped down from the board to assume responsibilities for our international expansion. We thank him for his services and we look forward to his contribution to the internationalization of the group.
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Annual Report 2007 Notes 120
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