Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group – the leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extraordinary General Meeting, today in Lomé, Togo.
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Simon Dornoo, Professor Enase Okonedo, Dr. George Donkor, Deepak Malik and Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director – Jeremy Awori – as a director, was also ratified.
Furthermore, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.
Alain Nkontchou, Ecobank Group Chairman, said: “Ecobank is a powerhouse in the African banking landscape and is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area. Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this”.
Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “In 2022, Ecobank demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring. This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive”.
The holding company’s (ETI) profit for the year was US$222million compared with US$295million in 2021. The group’s profit before tax, net revenue and total assets increased by 13 percent, 6 percent and 5 percent to US$540million, US$1.86billion and US$29billion, respectively.
“In addition, the return on tangible equity of 21.1 percent in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, our group’s performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.”
Ecobank is one of the leading banking groups in Africa and by far the largest in terms of countries of presence. It is renowned for its continuous delivery of innovation and excellence in customer service to its broad range of Consumer, Commercial, Corporate and Investment Banking customers. The bank has significantly invested in its digital capabilities, including mobile banking, Internet banking and payments infrastructure. This focus on digital banking enables it to reach more customers, reduce costs and improve efficiency.
