The Chairman of Ecobank Nigeria Plc, Mr. John Odeyemi, has said that the merger talk between the bank and First Bank was ongoing, but stressed that there was no concrete reports on it for now. He however, added that before the end of the year, the two banks would come out with a definite position on their merger talks if finally agreed upon by both parties.

Odeyemi gave this hint during the banks 20th yearly general meeting held in Lagos on Wednesday where a project after tax of N7.5 billion was declared for the financial year ended, December 31st, 2007 which represented a 109 per cent growth compared to the 2006 result.

With the declaration, the bank enjoyed a year of unprecedented growth in 2007 as its gross earnings grew by 90 per cent to N33 billion from N17 billion recorded in the preceding year. The bank's project before tax hit N10 billion, representing a 101 per cent increase over previous year's figures, while the operating ratios also recorded positive improvements. At N311 billion, the bank's balance sheet closed 136 per cent above the previous year's per cent to N33 billion from N17 billion recorded in the preceding year.

The bank's project before tax hit N10 billion, representing a 101 per cent increase over previous year's figures, while the operating ratios also recorded positive improvements. At N311 billion, the bank's balance sheet closed 136 per cent above the previous year's figure. With the positive result, the bank chairman said the bank has proposed in its usual form to double its performance in the year 2088 through the establishment of more branches from its current 215 to 300 branches before the end of the year.

He also added that improved staffing, facilities through training and re-training and increase in the level of its information technology in order to be able to meet the growing customers' demand. As for the year 2008, Odeyemi said, "it is for the bank to match forward and take its position by being among the first five largest banks in Nigeria through profit delivery, operational performance which is going to be on a along term bases," he declared.

In his own address, the Managing Director of the bank, Mr. Offong Ambah, corroborated the chairman's declaration of attaining over 300 branches before the end of the year. Ambah said the plan of the bank is to double performance in the year 2008 through (increase) and positive reflections in the balance sheet and the profit and loss account.

It was however unanimously agreed at the AGM by directors and shareholders that the bank should approach the stock exchange to raise the sum of N120 billion through offer for subscription to the general public with a preferential allotment to existing shareholders or rights issue to existing shareholders at an appropriate price.

The fund, according to Odeyemi, will be used to boost the bank's operation and widen its base in the country.