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Shareholders of Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group, recently approved the resolution authorising the pan-African bank 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.
Furthermore, the shareholders at the 35th Annual General Meeting (AGM) which held in Lomé, Togo, also approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr. Simon Dornoo, Prof. 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.
Speaking during the meeting, the Group Chairman, ETI, Alain Nkontchou, said that 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 oppourtunities created by the African Continental Free Trade Area.
He further added that the bank remains the solution for SMEs and corporates as the strength of its borderless payment, collection, working capital and financing solutions exemplifies this. For his part, the Chief Executive Officer, Ecobank Group, Jeremy Awori, said that the bank in 2022, demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation and Ghana’s debt restructuring.
Awori said, “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.
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 per cent in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, the 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”.
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