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Sierra Leone Business: ECOBANK Microfinance posts 105% jump in Profits Before Tax

ECOBANK Microfinance has posted a massive jump of 105% in its Profits Before Tax (PBT) for the year 2016, moving from Le1.3billion in 2015 to Le2.7billion in 2016, with an increase of Le1.4billion.
The Loans and Advances, which is the core business of the Bank, grew by 31% from Le24.8billion in 2015 to Le32.8 billion in 2016 marking an increase of Le7.9billion.
The Fees and Commissions, which are revenue, accrued from the loans and advances increased by Le840million from Le2.3billion in 2015 to Le3.1billion in 2016.
However deposits from customers dropped by a significant Le129million from Le192million in 2015 to Le63million in 2016. This might be indicative of a shift from savings, which is handled primarily by the parent ECOBANK to purely micro finance.
The Investment in Securities, which may largely be treasury bearer bonds or government’s domestic borrowing instruments jumped by a significant 92% or Le6.8billion from Le7.3billion in 2015 to Le14.2billion in 2016.
Monday July 31, 2017.

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