Ecobank Group bags $540m profit-before-tax, $1.86bn net revenue for 2022

Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group which has a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extraordinary General Meeting recently in Lomé, Togo.

At the meeting, the shareholders approved the accounts and the appropriation of profits for 2022.

In addition, the 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.

The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.

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.

In a statement, Mr 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.”

Also, Group CEO Jeremy Awori 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.”

The holding company’s (ETI) profit for the year was $222 million compared with $295 million in 2021.

The Group’s profit-before-tax, net revenue and total assets increased by 13%, 6% and 5%, 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, the Group performance results are showing momentum, the statement noted, as it continues to benefit from its Pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.

Source: classfmonline