Ecobank shareholders laud Group’s robust efficiency in 2023

Ecobank Transnational Integrated (ETI), the guardian firm of the Ecobank Group, on Thursday held its thirty sixth Annual Normal Assembly in Lomé, Togo, which was adopted by an Extraordinary Normal Assembly.

Shareholders applauded the Group’s robust efficiency in 2023 with its web revenues exceeding $2 billion mark for the primary time in practically 10 years.

Additionally they famous that this efficiency was achieved within the face of serious macro-economic headwinds akin to excessive inflationary and rate of interest setting, native foreign money depreciation, and geopolitical tensions.

Learn additionally: Why we should protect the independence of the Central Bank

The Group achieved revenue earlier than tax of $581 million, up 8 per cent from $540 million in 2022.

In fixed foreign money (that’s excluding the adversarial results of translating native currencies into ETI’s reporting foreign money the US greenback), the rise in revenue earlier than tax is 34 per cent.

The Group recorded a file low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman, Ecobank Group, stated: “2023 was an encouraging 12 months for our Group. Our organisation has proven resilience in a quickly altering working setting.

The Board is happy with what our staff across the continent and in our associates in different areas have achieved, collectively and individually.”

Jeremy Awori, Chief Govt Officer, Ecobank Group, commented: “Ecobank delivered a powerful efficiency in 2023, demonstrating the aggressive benefits of our resilient, diversified enterprise mannequin and the early outcomes of our new Development, Transformation and Returns technique.We demonstrated monetary prudence by fastidiously managing our shareholders’ capital, guaranteeing buyer satisfaction at each touchpoint, and making knowledgeable choices about pricing our property and liabilities. We’re assured that our technique is paving the best way for our continued success and progress.”

Learn additionally: Things to know about the Heritage bank crises

The AGM additionally permitted the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Govt Administrators succeeding the retiring Administrators. Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after finishing their phrases of workplace