Lomé (Togo), May 18, 2023 – Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting on Wednesday in Lomé, Togo.
At the meeting, shareholders approved the accounts and the appropriation of profits of the group for the year 2022.
In addition, the shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI.
The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.
The shareholders, also approved the resolution authorising the group 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,” he said.
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,” he said.
The ETI’s profit for the year was $222 million compared with $295 million in 2021.
The Group’s profit before tax, net revenue and total assets increased by 13 per cent, six per cent and five per cent to $540 million, $1,862 million and $29,004 million, respectively.
In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade.
For the first quarter of 2023, the Group’s performance results showed improvement 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 the largest in terms of countries of presence. (GBN)
