Ecobank’s profit lifts on frugality

ECOBANK Transnational’s profit climbed last year as the lender curbed hikes in expenses. Net income more than doubled to $394.8 million (R4.8 billion) from $147.8m in 2013, the bank said yesterday. “The focus on driving efficiencies in our businesses paid off, with operating expenses up 6 percent,” chief executive Albert Essien said. The bank’s cost-to-income ratio, a measure of efficiency, improved to 65 percent from 70 percent. – Bloomberg