Shareholders at the Ecobank Transnational Incorporated (ETI) 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting on Wednesday approved the accounts and the appropriation of profits for 2022.<\/p>\n<\/p>\n
The meeting held at Lom\u00e9, Togo on Wednesday.<\/p>\n<\/p>\n
Ecobank Transnational Incorporated (ETI) is the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries.<\/p>\n<\/p>\n
In addition, shareholders 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, a statement by the company said.<\/p>\n<\/p>\n
The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.<\/p>\n<\/p>\n
Furthermore, shareholders 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.<\/p>\n<\/p>\n
Alain Nkontchou, Ecobank Group Chairman, said: \u201cEcobank is a powerhouse in the African banking landscape.<\/p>\n<\/p>\n
\u201cAnd it 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.<\/p>\n<\/p>\n
\u201cQuite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this.\u201d<\/p>\n<\/p>\n
Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: \u201cIn 2022, Ecobank demonstrated strong financial results and performance.<\/p>\n<\/p>\n
\u201cThis is despite the challenging economic conditions of high interest rates, inflation, and Ghana\u2019s debt restructuring.<\/p>\n<\/p>\n
\u201cThis success can be attributed to the bank\u2019s 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.\u201d<\/p>\n<\/p>\n
The holding company\u2019s (ETI) profit for the year was $222 million compared with $295 million in 2021.<\/p>\n<\/p>\n
The Group\u2019s profit before tax, net revenue and total assets increased by 13 per cent, six per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively.<\/p>\n<\/p>\n
In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade.<\/p>\n<\/p>\n
\u201cFor the first quarter of 2023, our Group performance results are showing momentum.<\/p>\n<\/p>\n
\u201cAs 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.\u2019\u2019<\/p>\n<\/p>\n
Source: News Agency of Nigeria<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Shareholders at the Ecobank Transnational Incorporated (ETI) 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting on Wednesday approved the accounts and the appropriation of profits for 2022.The meeting held at Lom\u00e9, Togo on Wednesd…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n