Alain Nkontchou, Ecobank Group Chairman said at the bank’s 35th annual general meeting (AGM) held in Lomé, Togo on Wednesday that the bank is fledged to play its role as the powerhouse in the African banking landscape.
“Ecobank is the solution for SMEs and corporations. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this,” he said.
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.
Shareholders used the meeting to vote for the re-election of Mr 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.
Shareholders also 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.
Jeremy Awori, Chief Executive Officer, Ecobank Group, said in 2022, Ecobank demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana's debt restructuring.
According to him, the 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.
He said the holding company’s (ETI) 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, 6 per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively. In addition, the return on tangible equity of 21.1 present in 2022 is the highest Ecobank has achieved in the last decade.
“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,” he added.
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.
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise.
The Group was established in 1985 with a pan-African vision and mandate to drive financial integration. Today, Ecobank Group is present in 39 countries, including 35 in sub-Saharan Africa, an affiliate in France and representative offices in the United Kingdom, the United Arab Emirates and China.
Its unique pan-African platform provides a single gateway for payments, cash management, trade and investment across the continent and beyond.
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