The Ghana Banking Awards held last Saturday at the plush Labadi Beach Hotel saw some banks win several awards. Ecobank Ghana Limited won the ultimate award for the night- bank of the year. It beat 27 other banks to win the coveted prize for the banking industry in Ghana. Organizers of the awards Corporate Initiative Ghana seeks to among others, give public recognition to the best performing banks in the various areas of banking, to see an enhanced financial sector in terms of products, processes and services, and stimulate healthy competition amongst the banks that would lead to improved quality of financial products and services.
According to organizers, the evaluation process is independent of the organizers of the awards. International accounting consulting firm, KPMG is the independent analyzer and its their evaluations are based on an objective and transparent methodology with a large sample base of consumers of banking services across Ghana. For example in 2006 the awards sampled the views of 3,500 individuals and this size has grown over the years.
To win an award at the Ghana Banking Awards, it should not be enough to be classified as the best in Ghana for that category. The winner should in addition obtain at least a 75% threshold; this is to safeguard an appreciable standard of performance from award winners.
In all, 19 commercial banks were honored for their distinguished services during the 2014 financial year. Ecobank Ghana Limited won the prestigious bank of the year award, and this brings to seven the number of times Ecobank has achieved this feat at the awards.
The theme for this year’s awards was: “Identifying and rewarding excellence in the banking services proposition.”
AWARD WINNERS
Bank of the Year: Ecobank Ghana Limited
Customer Care
2nd runner-up: Zenith Bank
1st runner-up: First Capital Plus
Winner: The Royal Bank
Advisory Services
2nd runner-up: Bank of Africa
1st runner-up: Cal Bank
Winner: The Royal Bank
Trade Finance
2nd runner-up: BSIC
1st runner-up: Stanbic Bank
Winner: Zenith Bank
Trade Deal of the Year
2nd runner-up: Zenith Bank Ghana
1st runner-up: First Atlantic Bank
Winner: Barclays
Long-term/Mortgage Finance
2nd runner-up: Zenith Bank Ghana
1st runner-up: UniBank Ghana
Winner: The Royal Bank
Household and Retail Finance
2nd runner-up: First Atlantic Bank
1st runner-up: Prudential Bank
Winner: The Royal Bank
Enterprise Finance
2nd runner-up: Prudential Bank
1st runner-up: CAL Bank
Winner: Ecobank Ghana
Agriculture, Forestry and Fishing
2nd runner-up: Ecobank Ghana
1st runner-up: UniBank Ghana
Winner: ADB Bank
Product Innovation
2nd runner-up: Barclays Bank
1st runner-up: ADB Bank
Winner: UniBank Ghana
Competitive Pricing
2nd runner-up: Ecobank Ghana
1st runner-up: GT Bank
Winner: Bank of Baroda
Corporate Social Responsibility CSR
2nd runner-up: Ecobank Ghana
1st runner-up: UniBank Ghana
Winner: Fidelity Bank
Financial Performance
2nd runner-up: UBA
1st runner-up: GCB
Winner: Ecobank Ghana
Bank Growth
2nd runner-up: First Atlantic Bank
1st runner-up: GT Bank
Winner: The Royal Bank
Most Active E-zwich Bank
2nd runner-up: Ecobank Ghana
1st runner-up: GCB
Winner: UT Bank
Promotion of Cashless Banking
The best Bank for the promotion of Cashless Banking was introduced this year as part of efforts by the GhIPSS to promote a cashless economy, where most transactions will be done through electronic payment systems.
2nd runner-up: GCB
1st runner-up: Ecobank Ghana
Winner: Zenith Bank
ECOBANK GHANA
Ecobank Ghana Limited started operation in February 19th 1990, as a merchant bank and became the first bank in Ghana to receive universal banking license from the Central Bank of Ghana when universal Banking was introduced in 2003. Ecobank Ghana currently has over 80 branches in Ghana and a head count of 1,463 employees as at June 2015.
Ecobank Ghana has grown consistently over the years to become the biggest and most profitable bank in Ghana. At the end of the financial year 2014, the bank had an asset size of GhS5.7billion and Profit Before Tax of GHS 309,613,000. The bank has over the years made good returns to its shareholders with Return on average equity (ROAE) and Return on average assets (ROAA) averaging above 35% and 4.7% respectively over the past 5 years. As at the end of 20114 ROAE was 47% with ROAA of 6.1%.
Ecobank Ghana has been the most profitable affiliate in the Ecobank Group and has experienced steady growth over the past twenty five years.
By: Paa Swanzy-Essuman || www.ghanatalksbusiness.com
