Chisango appointed Ecobank chair

HARARE - Business Fortunate Chisango has been appointed Ecobank Zimbabwe (Ecobank) chairperson.

He takes over from David Whatman who stepped down after serving his term in line with the financial group’s corporate governance charter.

Chisango comes on board at a time Ecobank is expected to maintain its profit levels after the bank’s post-tax profit increased more than three-fold to $11,4 million in the half year to June 2017 from $3,4 million in previous comparable period on the back of increased in income and improved operational efficiencies.

During the same period, total operating income more than doubled to $25,5 million from $12,5 million, driven by a surge in both funded income and non-interest income.

Net interest income increased by 70 percent to $12,9 million while non-interest income rose 43 percent to $10,1 million.

Ecobank increased its holding of Treasury Bills by 48,4 percent to $90,7 million from $61,1 million in the comparable period last year.

Chisango is a qualified chartered accountant and a member of the Institute of Chartered Accountants of Zimbabwe.

- Financial Gazette


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