By Dipo Olowookere
Ecobank Group Chief Executive, Mr. Ade Ayeyemi, expressed satisfaction with the performance of the financial institution, saying that “years of consistent and disciplined management, decisive action, investment in innovative technologies and human resources produce tangible results”.
Speaking recently at the lender’s Annual General Meeting (AGM) in Abidjan, Ivory Coast, he said the company’s first quarter results for 2022 clearly confirmed the Group’s strong and sustained performance trajectory. Ecobank strengthening its reliability and ability to successfully deliver on its Africa-focused focus and support the continent’s economies no matter what challenges prevail, stating “We are unwavering in our determination to win for all our stakeholders” .
Commenting on the company’s performance in 2021, he revealed that “our scalable payments ecosystem gives us low cost to serve and the drive to facilitate the huge growth expected in payments and collections.”
“This, coupled with our intention to be the commercial bank for sub-Saharan Africa, makes us a key player in helping African businesses and economies maximize the enormous opportunities created by the African Continental Free Trade Area (AfCFTA ) “, he added.
In addition, the chairman of the Ecobank group, Mr. Alain Nkontchou, described the 2021 financial year as “a year of transformation for the group”.
“The Board of Directors is pleased to reward shareholders with a dividend for the first time since 2016. Our results show that we are maximizing operational efficiency and successfully transforming our business for long-term sustainable growth.
“As we continue to deliver on our strategic imperatives, we are firmly positioning ourselves as the ideal partner for households and businesses to grow and succeed, and to foster Africa’s economic development, while continuing to grow our incomes and our value,” he noted.
During the meeting, shareholders applauded the group’s impressive performance in 2021, which was achieved despite a difficult environment. They also approved all the resolutions presented to the General Meeting, including the allocation of profits, the renewal of directors’ mandates and the appointment of alternate auditors.
Group profit for the year was $357m, compared to $88m in 2020, although the latter was hit by a goodwill impairment charge of $164m as net income increased 4.6% to $1.757 billion.
Ecobank is the premier pan-African bank with operations in 33 African countries, including Nigeria, where it operates as Ecobank Nigeria Limited.