By Chinwendu Obienyi
The Chief Executive Officer, Ecobank Group, Jeremy Awori, has stated that the group’s financial prudent strategy is responsible for its positive performance in the 2023 financial year.
Awori disclosed this during Ecobank Transnational Incorporated (ETI)’s , parent company of the Ecobank Group 36th Annual General Meeting (AGM) which held in Lomé, Togo recently.
The Group had achieved profit before tax of $581 million, up by 8 per cent from $540 million recorded in 2022. In constant currency (i.e. 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.
Similarly, the group recorded a record low cost-to-income ratio of 54.9 per cent. The results led to shareholders applauding the group’s strong performance which includes it’s revenue exceeding $2 billion mark for the first time in nearly 10 years.
Commenting on the group’s strong performance, Awori noted that the results demonstrates a the competitive advantages of the group’s resilient, diversified business model and the early results of its new growth, transformation and returns strategy.
He said, “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.”
Corroborating Awori, Chairman, Ecobank Group, Alain Nkontchou, 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.”
Shareholders also at the AGM, 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.
Immediately after the General Meetings, the Board of Directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated. He will be taking over from Alain Nkontchou.
Ndiaye is the Chief Executive Officer and Founding Partner of AFIG Funds, a leading private equity fund management company focused on Africa. He has a proven track record of leadership and the creation of shareholder value and a deep commitment to Ecobank’s mission and strategic agenda.
Commenting, Ndiaye said, “I have long admired Ecobank Group’s successful development across Africa, and I am looking forward to working with Jeremy and ETI’s Board to steer the Bank through the next and exciting phase of its journey. With its strong foundation and numerous competitive advantages, I see Ecobank as strongly positioned to accelerate its growth trajectory and play an even greater role in driving the continent’s economic development in this era of rapid technological changes.”
Jeremy added that: “With his strong experience and knowledge, particularly in investing in financial services, Papa Ndiaye’s appointment as ETI’s Chairman is a significant step in reinforcing our position as the leading pan-African banking Group. We are excited about the future under his guidance and look forward to achieving our Growth, Transformation and Returns strategy, while enhancing our service delivery.”