VENTURES AFRICAEcobank Transnational Incorporated (ETI) submitted audited results for the year ended 31st December 2011 to the Nigerian Stock Exchange showing gross earnings at N186.5 million as against N135.8 million in 2010 results.

Ecobank’s profit after tax  grew by 62 per cent, N32.3 million compared to N19.9 million in 2010, while the Net Asset Value stood at N233.4 million compared to N194.7 million in 2010.

The bank’s Board of Directors recommended a dividend of $4 cents (N6.3) per share. The closure of register is on May 23, 2012, while payment date is June 5, 2012.

Ecobank recently completed the acquisition of Oceanic Bank International. ETI acquired 100 per cent of Oceanic last September, with the shares of Oceanic Bank delisted from the official list of the NSE, while shareholders got one share in ETI for every 5.16 Oceanic shares owned.

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