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People Before Profit

Muslims the world over will this week, though many have started, enters into the holy month of Ramadan. As a matter of fact, some businessmen tend to use the period to make more profit to the detriment of the poor and needy. As Muslims, many would expect a drastic reduction in the prices of basic commodities to make the period more reasonable for the people especially the poor and needy. There have already been mixed reactions as to current state of escalation of prices of basic commodities in...

Who’s Making Profit By Making the Weapons?

Many of our readers will be shocked by the announcement made by the Secretary of State for Interior, Honourable Ousman Sonko, that there are an estimated ten million (10,000,000) firearms in the West African sub-region. This is an extraordinary number and has the potential to wreak havoc and mayhem in our sub-region. It is very heartening however to see that the government is taking the issue so seriously. We must be very alert to this clear and present danger. The stability we enjoy in The...

Another record year for Ecobank

For Ecobank 2007 was another record breaking year in terms of performance, as the bank reaches new levels with assets growth of 87% to US$ 6.6 billion. Its revenues increased by 56% to US$ 544 million and pre-tax profit rose by 47% to US$ 191 million. This  also positioned Ecobank as the leading Pan African banking group with an unparalleled reach and a unique operating platform. Speaking at the bank’s 20th annual general meeting held in Accra, Mandé Sidibé, the Ecobank group chairman, said in...

TRUST BANK PROFITS FALL BY 65% While total assets increased by 14%

A 65% drop in post-tax profit has been recorded in 2007 by of Trust Bank Limited (TBL). According to the 2007 annual report released by the bank, profit after tax dropped from D116,134 million in 2006 to D40,468 in 2007. This highlight in the drop of profit was blamed on the revaluation losses of D103 million. Meanwhile the total asset of the bank increased by 14% from D2.3 billion to D2.6 billion. TBL chairman, Ken Afori Atta, informed the 10th Annual General Meeting at the Kairaba Beach...

Boost for ECOBANK

Unimpeachable reports reaching the Daily Observer has it that, ECOBANK Group has posted a record results for 2007 as its total assets grew by 87% to US$6.6 billion . According to reports , the bank’s gross revenues before interest expenses increased by 66% to US$697 million and profit before tax and after exceptional items catapult from US$129 million to US$191 million. The Group according to reports has maintain its accounts in US dollars and its results are in accordance with International...