Dipo Olowookere
By Dipo Olowookere
The chief executive of Ecobank Group, Mr Jeremy Awori, has said last year, the lender “demonstrated strong financial results and performance despite the challenging economic conditions of high-interest rates, inflation, and Ghana’s debt restructuring.”
At the 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting of the company held in Lomé, Togo, on Wednesday, he attributed this “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 added.
Business Post reports that in the 2022 accounting year, Ecobank posted a net profit of $222 million compared with $295 million in 2021.
Its profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1.8 billion and $29.0 billion, respectively.
In addition, the return on tangible equity of 21.1 per cent in 2022 was the highest Ecobank has achieved in the last decade.
For the first quarter of 2023, the performance results are showing momentum as the firm continues to benefit from its pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.
Also addressing shareholders at the meeting yesterday, the Chairman of Ecobank, Mr Alain Nkontchou, 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.”
At the gathering, shareholders approved the accounts and the appropriation of profits for 2022 and voted for the re-election of Mr Simon Dornoo, Professor 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.
Furthermore, shareholders approved the resolution authorising to raise of 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.
