Ecobank Transnational Incorporated (“ETI”),
the parent company of the Ecobank Group, the leading pan-African bank with
operations across 33 African countries, today held its 34th Annual General
Meeting (AGM) in Abidjan, Côte d’ Ivoire.
Alain Nkontchou, Chairman Ecobank Group said: “2021 was a
transformational year for the Group and the Board is pleased to be rewarding
shareholders with a dividend for the first time since 2016. Our results 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.”
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, further observed:
“The Group’s years of consistent and disciplined management, decisive
action, investments in people and innovative technology are producing tangible
results with 2021’s record growth in profits. 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).”
Ade 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 increased by 4.6 per cent to $1,757 million.
Ecobank’s ‘One Market. Endless possibilities.’ AGM theme underlines
the infinite possibilities offered by the African market, especially in the era
of the AfCFTA. The Bank is ready 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. 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.
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