Buoyed by its return to the league of dividend paying companies to shareholders, the first since 2016, Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, says it is now poised sustainable long-term growth, as can be gleamed from its latest result showing that it is maximising operational efficiencies and successfully transforming its business.
Speaking at the 34th Annual General Meeting (AGM) of the company in Abidjan, Côte d’ Ivoire, its chairman, Alain Nkontchou, described the 2021 financial year as the group’s transformational year, for which rewarded “shareholders with a dividend for the first time since 2016.
According to him, “as we continue to deliver on our strategic imperatives, we are firmly positioned as the ideal partner for households and businesses to grow and succeed, and to foster Africa’s economic development, while continuing to grow our revenues and value.”
Also speaking at the event, Ade Ayeyemi, Chief Executive Officer, Ecobank Group, recalled “the group’s years of consistent and disciplined management, decisive action, investments in people and innovative technology are producing tangible results with 2021’s record growth in profits. Our scalable payments ecosystem endows us with low cost-to-serve and the readiness to facilitate the expected huge growth in payments and collections.
Ayeyemi stressed that the group’s first quarter results for 2022 provided a clear confirmation of its continuing strong and sustained performance trajectory reinforcing the bank’s reliability and capacity to successfully deliver on its Africa-focused purpose and support for the continent’s economies, regardless of the prevailing challenges.
“We are steadfast in our determination to win for all our stakeholders,” he noted.
Shareholders applauded the Group’s impressively strong performance in 2021, which was achieved despite the challenging environment. The Group’s profit for the year was $357 million compared with $88 million in 2020, although the latter was adversely affected by a goodwill impairment charge of $164 million. The Group’s net revenues increased by 4.6 per cent to $1,757 million.
Ecobank’s ‘AGM with the theme One Market. Endless possibilities,’ the group said in a statement, underlines the infinite possibilities offered by the African market, especially in the era of the AfCFTA. The Bank is ready to maximise this one market with endless possibilities with its customers and clients by providing support to trade and satisfying the financial needs of customers and clients, using its innovative solutions and services. With an unrivalled African footprint, strong balance sheet and ability to tap capital markets as necessary, Ecobank’s Commercial, Corporate and Investment, and Consumer Banking divisions’ continued and effective growth and impact is assured.
The Shareholders approved all the resolutions presented at the AGM, including the appropriation of profits, the renewal of the mandates of directors and the appointment of alternate auditors.