Ecobank Transnational Incorporated Applauded for Strong Performance in 2023

Ecobank recently implemented its new Growth, Transformation, and Returns strategy to create shareholder value and deliver sustainable growth.

Ecobank Transnational Incorporated (“ETI”) held its 36th Annual General Meeting in Lomé, Togo, followed by an Extraordinary General Meeting. Shareholders applauded the Group’s impressive performance in 2023, with net revenues exceeding the US$2 billion mark for the first time in nearly 10 years, despite significant macro-economic challenges.

The Group achieved a profit before tax of US$581 million, up 8 per cent from US$540 million in 2022. In constant currency, the increase in profit before tax is 34 per cent. Additionally, the Group recorded a record low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman of Ecobank Group, expressed satisfaction with the Group's resilience in a rapidly changing operating environment and commended the collective and individual efforts of employees across the continent.

Jeremy Awori, Chief Executive Officer of Ecobank Group, attributed the strong performance to the competitive advantages of the Group's resilient, diversified business model and the early results of its new Growth, Transformation, and Returns strategy. He emphasized the importance of financial prudence, customer satisfaction, and informed decision-making in driving success and growth.

The AGM approved the appointments of Papa Madiaw Ndiaye, Louis Adande, and Terence G. Sibiya as Non-Executive Directors, succeeding retiring Directors. Alain Nkontchou, Mfundo Nkuhlu, and Hervé Assah stepped down from the Board after completing their terms of office.

Following the General Meetings, Papa Madiaw Ndiaye was appointed as the incoming Chairman of Ecobank Transnational Incorporated, succeeding Alain Nkontchou. Papa Ndiaye, the Chief Executive Officer and Founding Partner of AFIG Funds, expressed confidence in Ecobank's growth trajectory and its role in driving the continent’s economic development.

Jeremy Awori welcomed Papa Ndiaye's appointment, highlighting his experience and knowledge in financial services investment as a significant reinforcement of Ecobank's position as a leading pan-African banking Group.

Ecobank recently implemented its new Growth, Transformation, and Returns strategy to create shareholder value and deliver sustainable growth. The strategy includes initiatives to entrench leadership positions, transform business performance, solidify corporate and investment banking, and grow volumes and total value on its payment ecosystem.

All resolutions presented at the AGM, including the Approval of the Accounts, Appropriation of Profits, renewal of mandates of Directors, and election of Directors, were approved by the Shareholders.