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Eco Bank Nigeria
Plc on Tuesday released its audited results for the year end 31
December, 2009 revealing a loss before tax of N5.944 billion and a loss
after tax of N4.588 billion, disclosed Jibril Aku, its managing
director yesterday at a press conference.

Mr. Aku said the
bank had faced challenges just like every other bank in the industry
following the banking industry crisis and the required provisioning for
non performing loans.

“A major reason for
the results is from the Fees and Commission section (which consists of
trade transactions, payment turnover, compensation) which rose to N17
billion, from N10 billion the previous year and the provisioning we had
to do.” The bank had an increase in its turnover to N59, 864.0 billion
from N55.156.0 billion in its financial year end, 31 December, 2008.
Fixed assets also rose to N21.382 billion from N18.818 billion in
December 2008. Cash and other balances however fell to N9.524 billion
from N18.768 billion in December 2008. Other credit balances fell to
N38, 297 billion from N89.966 billion in December 2008 but the banks
working capital increased by about 400 per cent from N33.416 billio in
December 2008 to N172.442 billion in December 2009.

Mr. Aku said the
bank did not really suffer any imbalance arising from the common year
end as it has usually closed its books in December, yearly.

Moving forward

The managing
director said the bank has experienced a few changes in the last one
year, including the takeover of a new managing director, the
introduction of three executive directors from other countries to shore
up its Nigerian base and meet the present challenges.

“There were also changes in the local board like the board chairman and so on and some other people have also joined the board.

“We have slightly
amended our businesses, following the happenings in the industry. Our
services are now divided into two, corporate banking and domestic
banking. The credit process is stronger now. There are now more
portfolio reviewers, stress testing have improved, it’s a whole new
remake now of the credit process to tighten it”.

“We want to promote
the strength that we have. We hope that we see very strong trade links
in Africa very soon. Our companies in about 30 African countries and
alliances with NED Bank in South Africa and a representing company in
Dubai and Eco Bank France are positioning us to be able to bridge
financial businesses within and outside Africa.

Mr. Aku became the
bank’s helmsman in March this year taking over from Offong Ambah who
was elevated to Group Executive Director, Ecobank Transnational
Incorporated in charge of Ecobank Capital.

Prior to this appointment, Mr. Aku was the Executive Director in charge of Treasury & Financial Institutions.