Ebank results in line with 10 year plan
While the bank has seen a hive of activity on its retail side, expenses also appeared to be raising in tandem and rose by 71%. On the plus side however, the bank has seen its client base rise 113%, client deposits rise 1326% and revenue raising by a 2059%. This was according to Chief Financial Officer Gerald Riedal who spoke on the bank’s results recently.
Said Riedal, “client sign-ups rose 113% while the value in growth of transactions has grown and the deposit book attracted phenomenal growth while. We are proud of the achievement. We are very well capitalised to do business expansion.”
Sharing the spotlight with his colleague, Chief Executive Officer, Michael Mukete was equally pleased, proudly telling observers that its client base grew 100%. According to him, Ebank now boasts approximately 50 000 clients.
Said Mukete, “we will continue to evolve and innovate in line with our future growth ambitions. As a start up bank we are satisfied with these results and remain confident about the future of our business model.”
He added that the results were in line with projections, stating that it was to be expected following required expenses necessary to establish banking infrastructure. Part of this now sees Ebank smart branches now having the ability to accept huge deposits, a key driver behind the establishment of the branches.
Mukete was equally upbeat about the new found competition in the sector and said that Ebank was would be able to challenge the traditional Big 4 banks.