Ecobank shareholders laud strong company performance

Ecobank Transnational Incorporated, parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, concluded its 27th Annual General Meeting in Dar es Salaam, Tanzania on Friday.

Shareholders welcomed the company’s strong performance for the year ended 31 December 2014. At the end of the year, Ecobank had US$24.2 billion in total assets and US$2.7 billion in total equity.

Shareholders approved the company’s accounts for 2014 and the appropriation of profit of USD 5.82 million for the year. A sum of USD 0.87 million was transferred to special reserves and USD4.85 million to retained earnings.

Mr Bashir Ifo, a director representing the ECOWAS Bank for Investment and Development, who completed his term of office, was reappointed for another three-year term.

Shareholders also ratified the co-option of Dolika Banda, Graham Dempster and Sheila Mmbijjewe as directors for a term of three years respectively. Alain Francis Nkontchou was also elected as a director on the board for a three-year term.
The firms Akintola-Williams Deloitte Nigeria, and Grant Thornton, Côte d’Ivoire were appointed as Joint Auditors for a one year term.

The meeting also approved the issue of bonus shares, out of retained earnings, of one ordinary share for every fifteen ordinary shares held on the closure of the company’s share register, in accordance with the rules of the stock exchanges on which Ecobank’s shares are listed. The new shares issued will rank equally with existing ordinary shares of the company. The meeting authorised the board of directors to determine the modalities for the issue as it deems appropriate.

Ecobank Group Chairman Emmanuel Ikazoboh said: “Our accounts for FY 2014 have shown a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders gathered here, customers and its dedicated staff. We can expect similar positive performance for 2015.”

Outgoing Ecobank Group CEO Albert Essien said: “Our diversified pan-African business model continues to serve us well, with encouraging underlying performance in our line of businesses and geographic areas of coverage. We are pleased with our cost efficiency gains, which led to our cost-income ratio improving in 2014 to 65.4 percent from 70.1 percent.”

Shareholders recognised the invaluable contributions of Essien, who, having reached the company’s mandatory retirement age of 60, retires from the company on June 30 after 25 years of meritorious service. A new successor, Mr Ade Ayeyemi, has been appointed to replace Mr Essien and will assume office on the 1st of September, 2015. The General Meeting welcomed this appointment.