At its 34th Annual General Meeting held today, 25th May 2022, in Abidjan, Côte d’Ivoire, shareholders of Ecobank Transnational Incorporated (“ETI”), the parent company of Ecobank Group, approved several resolutions, including payment of dividends for the first time since 2016.
Christiane Bossom, Group Corporate Communications Manager, in a statement, quoted Alain Nkontchou, Chairman of Ecobank Group as saying that 2021 was a transformational year for the Group and the Board was pleased to be rewarding it’s shareholders.
“Our results, said the Chairman, “show that we are maximising operational efficiencies and successfully transforming our business for sustainable long-term growth. As we continue to deliver on our strategic imperatives, we are firmly positioned as the ideal partner for households and businesses to grow and succeed, and to foster Africa’s economic development, while continuing to grow our revenues and value.”
The Chief Executive Officer, Ecobank Group, Ade Ayeyemi, also observed that the Group’s years of consistent and disciplined management, decisive action, investments in people and innovative technology were producing tangible results with 2021’s record growth in profits.
He declared: “Our scalable payments ecosystem endows us with low cost-to-serve and the readiness to facilitate the expected huge growth in payments and collections. This, coupled with our intent to be the trade bank for sub-Saharan Africa, makes us a key player in helping Africa’s businesses and economies to maximise the huge opportunities created by the African Continental Free Trade Area (AfCFTA).”
Ayeyemi added that the Bank’s first quarter results for 2022 provided a clear confirmation of Ecobank Group’s continuing strong and sustained performance trajectory reinforcing the Bank’s reliability and capacity to successfully deliver on its Africa-focused purpose and support for the continent’s economies, regardless of the prevailing challenges. “We are steadfast in our determination to win for all our stakeholders,” he noted.
Shareholders applauded the Group’s impressively strong performance in 2021, which was achieved despite the challenging environment.
The Group’s profit for the year was $357 million compared with $88 million in 2020, although the latter was adversely affected by a goodwill impairment charge of $164 million.
The Group’s net revenues also increased by 4.6 per cent to $1,757 million.
According to the statement by Group Corporate Communications Manager Christiane Bossom , Ecobank’s ‘One Market. Endless possibilities’ AGM theme underlines the infinite possibilities offered by the African market, especially in the era of the AfCFTA.
From this theme, the Bank is poised to maximise this one market with endless possibilities with its customers and clients by providing support to trade and satisfying the financial needs of customers and clients, using its innovative solutions and services. In addition, with an unrivalled African footprint, strong balance sheet and ability to tap capital markets as necessary, Ecobank’s Commercial, Corporate and Investment, and Consumer Banking divisions’ continued and effective growth and impact is assured.
The Shareholders approved all the resolutions presented at the AGM, including the appropriation of profits, the renewal of the mandates of directors and the appointment of alternate auditors.
Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group and the group employs about 13,000 people and serves over 32 million customers in the consumer, commercial and corporate banking sectors across 33 African countries.
The Group has a banking licence in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
ETI is listed on the Nigerian Stock Exchange in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.
