Ecobank Transnational Incorporated recorded a six percent slump in revenue in dollar terms from $533,898 in 2015 to $502,339 in the first quarter of 2016 .
However, in cedi terms, revenue went up by 4% from GHC1, 861,855 in the first quarter of 2015 to GHC1, 932,364 in 2016. This was largely due to the poor performance of the cedi against the dollar.
Ecobank Chief Executive Officer, Ade Ayeyemi said the result was a reasonable performance “in light of the very difficult and tough operating market conditions.
He said despite the challenges, the bank has a revised strategy and a simplified operating model to serve its customers and ensure efficient running of the bank.
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“Cost discipline remains a priority, especially in this revenue challenged environment, Ayeyemi said. "And despite a slight deterioration in our costincome ratio to 66.1%, we remain focused on reducing cost, while simultaneously investing in people, processes and systems, for the future."
Mr Ayeyemi concluded: “we remain vigilant as we continue to navigate the company through these challenging period. And are confident in our strategic aimed at ensuring we generate sustainable long-term performance.”