Ecobank Transnational, which has its headquarters in Lomé, Togo, and operates in 12 markets throughout West Africa, continues to post impressive growth. In 2003, its network expanded to 88 branches with the opening of 10 new outlets, and employee numbers rose from 1,670 to 1,726.
Total revenue for 2003 (the latest year for which figures are available) was up 34% to $157 million and pre-tax profit reached $84 million, up 60%. On a post-tax basis, profits increased by 82% to $30 million, a new record for the group. Ecobank reports that its priorities are to continue to improve the services it offers its customers through investment in its IT subsidiary, eProcess International, the launch of an internet bank and the expansion of an ATM network.