APA – Lagos (Nigeria)
Ecobank Transnational Incorporated (ETI) has declared a profit of $222 million for the 2022 financial year.
According to the statement by the bank after the Annual General Meeting and Extra Ordinary General Meeting of the holding company on Wednesday in Lome, Togo, the profit recorded in 2022 was higher than $295 million posted in 2021.
It added that 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% in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, our 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,” it said.
The resolutions approved at the meeting included the approval of the accounts and the appropriation of profits for 2022 by the shareholders and 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, while shareholders also approved the resolution authorising 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.
Speaking at the meeting, Alain Nkontchou, Ecobank Group Chairman, 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.”
Commenting of the performance of the bank, Jeremy Awori, Chief Executive Officer, Ecobank Group, said: commented: “In 2022, Ecobank demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring. 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.”
Ecobank Transnational Incorporated, the parent of the Ecobank Group, is one of the leading banking groups in Africa and by far the largest in terms of countries of presence. It is renowned for its continuous delivery of innovation and excellence in customer service to its broad range of Consumer, Commercial, Corporate and Investment Banking customers.
With a presence in 35 African countries, Ecobank has significantly invested in its digital capabilities, including mobile banking, internet banking and payments infrastructure. This focus on digital banking enables it to reach more customers, reduce costs and improve efficiency.
GIK/APA