Ecobank hits US$581 million profit before tax in 2023

The ETI, the parent company of the Ecobank Group, held its 36th Annual General Meeting in Lomé, Togo on Thursday, which was followed by an Extraordinary General Meeting.

Shareholders applauded the Group’s strong performance in 2023 with its net revenues exceeding US$2 billion mark for the first time in nearly 10 years.

In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent. The Group recorded a record low cost-to-income ratio of 54.9 per cent.

Alain Nkontchou, Chairman, Ecobank Group, said: “2023 was an encouraging year for our Group. Our organisation has shown resilience in a rapidly changing operating environment. The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “Ecobank delivered a strong performance in 2023, demonstrating the competitive advantages of our resilient, diversified business model and the early results of our new Growth, Transformation and Returns strategy.

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

Immediately after the General Meetings, the Board of Directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated.

He is taking over from Alain Nkontchou. Papa Ndiaye is the Chief Executive Officer and Founding Partner of AFIG Funds, a leading private equity fund management company focused on Africa.

He has a proven track record of leadership and the creation of shareholder value and a deep commitment to Ecobank’s mission and strategic agenda.

Papa Ndiaye, ETI’s new Chairman, said: “I have long admired Ecobank Group’s successful development across Africa, and I am looking forward to working with Jeremy and ETI’s Board to steer the Bank through the next and exciting phase of its journey.

“With its strong foundation and numerous competitive advantages, I see Ecobank as strongly positioned to accelerate its growth trajectory and play an even greater role in driving the continent’s economic development in this era of rapid technological changes.”

Ecobank has recently implemented its new Growth, Transformation and Returns strategy to create shareholder value and deliver sustainable growth. The strategy’s multiple initiatives and actions include entrenching its leadership position in affiliates in which it has high market shares; transforming its business performance in Nigeria and in subscale markets; solidifying its leadership in Corporate and Investment Banking; growing its Commercial Banking and Consumer Banking businesses; and growing volumes and total value on its payment ecosystem.

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