Shareholders at the annual and extraordinary general meetings of Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, have expressed enthusiasm with the Group’s strong performance in 2023, particularly exceeding the $2 billion net revenue mark for the first time in almost a decade.
At the meeting held in Lomé, Togo, the Group reported a pre-tax profit of $581 million, an 8% increase from 2022. Adjusted for currency fluctuations, the profit increase was even more significant at 34%. Ecobank also achieved a record-low cost-to-income ratio of 54.9%.
This achievement came despite economic challenges like inflation, high interest rates and currency depreciation.
Following the meetings, the Board appointed Papa Madiaw Ndiaye as ETI’s new Chairman, succeeding Alain Nkontchou. Ndiaye brings extensive experience in private equity and a strong commitment to Ecobank’s mission. He stressed his admiration for Ecobank’s growth trajectory and pledged to collaborate with the Board to lead the bank through its next exciting chapter.
Ecobank recently launched its Growth, Transformation and Returns strategy to create long-term shareholder value. The approach focuses on strengthening leadership in key markets, improving performance in specific areas, and expanding core banking businesses.
Also, shareholders at the AGM approved all presented resolutions, including financial statements, profit allocation, director renewals, and new director appointments. These new directors replace those who completed their terms.
The general meetings highlighted Ecobank’s strong financial performance and strategic direction. The appointment of a new chairman with relevant experience further positions the bank for continued success in Africa’s evolving economic landscape.