As directors appoints Madiaw Ndiaye as new chairman.
Shareholders Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, have stated that the bank’s new Growth, Transformation and Returns strategy is paving the way for continued growth with its net revenues exceeding $2 billion mark for the first time in nearly 10 years.
At the 36th Annual General Meeting and Extraordinary General Meeting.in Lomé, Togo yesterday, the shareholders applauded the bank for the improved performance, noting that it was achieved in the face of significant macro-economic headwinds, especially high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.
Besides, 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.
The directors appointed Papa Madiaw Ndiaye as the incoming Chairman of Ecobank Transnational Incorporated immediately after the General Meetings to take 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.
Reviewing its performance earlier, the Chairman, Ecobank Group,Alain Nkontchou, said the group achieved profit before tax of $581 million, representing 8 per cent increase from $540 million recorded in 2022. In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), while the increase in profit before tax is 34 per cent. He added that the group recorded a record low cost-to-income ratio of 54.9 per cent.
“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.”
The Chief Executive Officer, Ecobank Group, Jeremy Awori said the bank demonstrated financial prudence by carefully managing its shareholders’ capital, ensuring customer satisfaction at every touchpoint, and making informed decisions about pricing its assets and liabilities.
“We demonstrated financial prudence by carefully managing our shareholders’ capital, ensuring customer satisfaction at every touchpoint, and making informed decisions about pricing our assets and liabilities. We are confident that our strategy is paving the way for our continued success and growth.”
“With his strong experience and knowledge, particularly in investing in financial services, Papa Ndiaye’s appointment as ETI’s Chairman is a significant step in reinforcing our position as the leading pan-African banking Group. We are excited about the future under his guidance and look forward to achieving our Growth, Transformation and Returns strategy, while enhancing our service delivery.”
ETI’s new Chairman, Papa Ndiaye 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.
