ECOBANK Transnational Incorporated (ETI) held its 36th Annual General Meeting (AGM) in Lomé, Togo, followed by an Extraordinary General Meeting (EGM).
Shareholders applauded the Group’s strong performance in 2023, with its net revenues exceeding $2 billion for the first time in nearly 10 years.
They also noted that this performance was achieved in the face of significant macroeconomic headwinds such as a high inflationary and interest rate environment, local currency depreciation and geopolitical tensions.
The Group achieved a profit before tax (PAT) of $581 million, up eight percent from $540 million in 2022. In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency, the US dollar), the increase in profit before tax is 34 percent. The Group recorded a record low cost-to-income ratio of 54.9 percent.
Alain Nkontchou, Chairman of Ecobank Group, stated that 2023 was an encouraging year for the Group. The organisation has shown resilience in a rapidly changing operating environment.
“The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually,” he stated.
Jeremy Awori, Ecobank Group’s Chief Executive Officer, stated that the bank had a strong performance in 2023, showcasing the competitive advantages of a resilient and diversified business model and the early results of the new growth, transformation and returns strategy.
“Ecobank exhibited financial prudence by effectively managing shareholders’ capital, ensuring customer satisfaction at every touchpoint and making well-informed decisions regarding the pricing of assets and liabilities. The group is confident its strategy lays the groundwork for continued success and growth,” he disclosed.
Fillings at the exchange noted that the shareholders at the AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Executive Directors to succeed the retiring Directors. Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office.
Immediately after the general meetings, the Board of Directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated. He is taking over from Alain Nkontchou.
Papa Ndiaye is the Chief Executive Officer and Founding Partner of AFIG Funds, a leading private equity fund management company focused on Africa. He has a proven track record of leadership, creating shareholder value and a deep commitment to Ecobank’s mission and strategic agenda.
Ndiaye, the new Chairman of ETI, said, “I have long admired Ecobank Group’s successful development across Africa. I look forward to working with Jeremy and ETI’s Board to steer the Bank through the next and exciting phase of its journey.
“With its strong foundation and numerous competitive advantages, I see Ecobank as strongly positioned to accelerate its growth trajectory and play an even greater role in driving the continent’s economic development in this era of rapid technological changes.”
Jeremy stated that Papa Ndiaye’s appointment as ETI’s chairman is a step in reinforcing the group’s position as the leading pan-African banking Group. This is especially true when investing in financial services due to his strong experience and knowledge. The group is excited about the future under his guidance and looks forward to achieving a growth, transformation, and returns strategy while enhancing service delivery.
Ecobank has recently implemented its new growth, transformation and returns strategy to create shareholder value and deliver sustainable growth. The strategy’s multiple initiatives and actions include entrenching its leadership position in affiliates in which it has high market shares, transforming its business performance in Nigeria and subscale markets, solidifying its leadership in corporate and investment banking, growing its commercial banking and consumer banking businesses and increasing volumes and total value on its payment ecosystem.
The shareholders approved all the resolutions presented at the AGM, including the approval of the accounts, the appropriation of the profits, the renewal of directors’ mandates and the election of directors.
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