Today in Lomé, Togo, the premier pan-African bank, which is present in 35 African nations, conducted both its Extra Ordinary General Meeting and its 35th Annual General Meeting (AGM).
Shareholders approved the accounts and the 2022 profit allocation at the meeting.
Furthermore, the reelection of Mr. Simon Dornoo, Professor Enase Okonedo, Dr. George Donkor, Mr. Deepak Malik, and Ms. Zanele Monnakgotla as directors of ETI was approved by the shareholders. It was also approved for Mr. Jeremy Awori, the managing director, to be co-opted as a director.
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.
Speaking at the meeting, 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.”
Also, Jeremy Awori, Chief Executive Officer, Ecobank Group, recall that 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.”
According to MarketForces Africa, ETI made $222 million in profit this year as opposed to $295 million in 2021. The Group's net revenue, profit before taxes, and total assets all climbed by 6%, 5%, and 13% to $540 million, $1,862 million, and $29,004 million, respectively.
Furthermore, Ecobank's 2022 return on tangible equity of 21.1% is the greatest in the last ten years.
“For the first quarter of 2023, our Group 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”, management said.
When it comes to the number of countries in which it is present, Ecobank is by far the largest banking group in Africa.
It is well known for providing a wide spectrum of consumer, commercial, corporate, and investment banking clients with ongoing innovation and top-notch customer service.
The bank has made large investments in its digital capabilities, which include infrastructure for online and mobile banking as well as payments. By concentrating on digital banking, it may increase client reach, cut expenses, and boost productivity.
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