• Wednesday, June 19, 2024
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Ecobank shareholders laud Group’s strong performance in 2023

Ecobank gets shareholders nod for N840bn capital raise

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, on Thursday held its 36th Annual General Meeting in Lomé, Togo, which was followed by an Extraordinary General Meeting.

Shareholders applauded the Group’s strong performance in 2023 with its net revenues exceeding $2 billion mark for the first time in nearly 10 years.

They also noted that this performance was achieved in the face of significant macro-economic headwinds such as high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.

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The Group achieved profit before tax of $581 million, up 8 per cent from $540 million in 2022.

In constant currency (that is excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent.

The Group recorded a record low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman, Ecobank Group, said: “2023 was an encouraging year for our Group. Our organisation has shown resilience in a rapidly changing operating environment.

The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “Ecobank delivered a strong performance in 2023, demonstrating the competitive advantages of our resilient, diversified business model and the early results of our new Growth, Transformation and Returns strategy.We demonstrated financial prudence by carefully managing our shareholders’ capital, ensuring customer satisfaction at every touchpoint, and making informed decisions about pricing our assets and liabilities. We are confident that our strategy is paving the way for our continued success and growth.”

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The AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Executive Directors succeeding the retiring Directors. Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office