Cameroon: Ecobank Counts Its Achievements

The assessment was made during the 31st Annual General Meeting of the Group in Lomé, Togo.

Ecobank Transnational Incorporated, ETI, has made remarkable strides in its financial performance for 2018. The Pan-African banking group’s three business segments; commercial, consumer as well as corporate and investment banking traded gainfully leading to a 51 per cent increase in profit as against last year moving from USD 238 million in 2017, to USD 436 million in 2018 and generating a return on tangible equity of 21 per cent.

Though profit before tax on corporate and investment banking is same as that of 2017 (USD 268 million), that of consumer banking increased from USD 46 million to USD 62 million while commercial banking that suffered a loss of USD 32 million in 2017, extraordinarily bounced up to USD 29 million in 2018.

Presenting the 31st Annual General Meeting (AGM) report in the ETI Head Office in Lomé Togo, Group Chairman, Emmanuel Ikazoboh, qualified stakeholders as esteemed which is telling of their continues commitments towards the Group’s triumph. Apart from shareholders continues investments and steadfastness; Group Chairman equally attributed the 2018 ETI landmark achievement to the board of directors, ma nagement team and all ecobankers for their indefatigable strive to achieve success.

To a greater extent, digitalisation is one of the greatest instruments that the Pan-African banking group used to attain this height. "We have embraced digitalisation with a fierce passion as we are keenly aware of the impact that technology, particularly financial technology is having on the banking industry. We have developed some amazing digital products that are enriching our customers’ experience," the Chairman poised. The Ecobank Mobile App, according to Emmanuel Ikazoboh, is helping the Group to meet their vision of bringing economic development and financial integration to Africa.

To further stepup Group’s performance, shareholders opined that youth-friendly products be introduced, Ecobank branches be increased in countries like Nigeria, agriculture be financed and new recovery strategies be derived. With the huge profit margin, stakeholders unanimously resolved that the USD 322 million profit after tax should be preserved so as to position the company for a sustainable future growth with a return on equity above the cost of equity.

The approval of the 2018 account, the renewal of the mandates of directors (Ade Ayeyemi, Dr Catherine Ngahu, and Mfundo Nkuhlu), the ratification of the co-option of directors and the renewal of the appointment of the joint auditors were […]

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