**As Shareholders Laud Return to Profitability
By Dipo Olowookere
Group Chief Executive of Ecobank Group, Mr Ade Ayeyemi, has expressed satisfaction with outcome of the bank’s digitalisation policy.
Mr Ayeyemi, while speaking at the 30th Annual General Meeting (AGM) of Ecobank Transnational Incorporated, parent of the Ecobank Group, in Lomé, Togo yesterday, said with that done, the lender can now focus giving more returns to shareholders.
The bank’s chief said he was glad that the financial institution was becoming the better choice of people in Africa.
“Our digitisation strategy is rapidly yielding results that are putting Ecobank firmly on its path to becoming the digital bank of choice across its pan-African territories.
“Additionally, having ‘right-sized’ the business and ‘fixed the basics’, Ecobank is leveraging its inherent strengths as middle Africa’s leading financial platform to the benefit of all its stakeholders as a strong and sustainable bank as it promotes economic development and financial integration across the African continent,” Mr Ayeyemi said.
Also speaking at the AGM, Chairman of Ecobank, Mr Emmanuel Ikazoboh, said “Ecobank enjoyed a return to profitability in 2017 as the strengthening of underwriting and risk management processes began to
address our legacy credit issues.
“There were substantial improvements in the financial performance of our Consumer Bank and Corporate and Investment Bank divisions and the Board is confident that the foundations are now in place to enable the
sustainable growth that will create shareholder value throughout Ecobank.”
During the meeting, shareholders welcomed Ecobank’s return to profit for the year to December 31, 2017 as they approved all the resolutions at the AGM, which included the ratification of the co-option of Messrs
Monish Dutt, Brian Kennedy and David O’Sullivan as Directors. They are nominees of the International Finance Corporation, Nedbank Group and Qatar National Bank respectively.
The firms Deloitte and Touche, Nigeria and Grant Thornton Côte d’Ivoire were re-appointed as Joint Auditors for a one-year term.
