Ecobank declares $201m profit for 2020

Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group, which operates across 34 countries, held its 33rd Annual General Meeting (AGM) and Extraordinary General Meeting virtually on Thursday, 27 May 2021 at which it was announced that the pan-African bank raked in some $201 million as profit.

Ecobank Group Chairman Alain Nkontchou said: “I became Chairman of the Ecobank Group in June 2020 when our world was dealing with the Covid-19 pandemic”.

“We offered our support in numerous ways to customers, employees, communities, health authorities and governments”, he noted, adding: “Through our multiple distribution channels and the substantial investments in technology, we were able to offer seamless continuity of service”.

The bank, he said, is “intent on growing our business and will remain at the forefront of trade, payments, remittances and financial inclusion by continually leveraging technology and appropriate partnerships.”

Mr Ade Ayeyemi, Chief Executive Officer, Ecobank Group, for his part, remarked: “We have invested and focused significantly in ‘Building Back Better’ to position us for long-term growth and sustainability”.

“We will be driving our execution momentum agenda towards utilising these investments to deliver revenue expansion and the generation of long-term growth and return of capital for the company and its shareholders.”

Shareholders applauded the Group’s progress in 2020 and how it rose to the challenging environment.

The profit for the year at ETI, the holding company, was $201 million compared with $184 million in 2019.

For the consolidated Group, net revenues increased 4 per cent to $1,680 million.

Ecobank said the gradual shift from physical to digital channels among consumers accelerated with the pandemic, which has changed the way of working in so many ways.

The bank said with its technology investments over the years, “we were prepared and ensured that we steadfastly provided our customers with 24/7 access to their financial services’ needs”.

For example, “our call centres were open, and Rafiki, our artificial intelligence (AI) self-help bot, supported routine banking services”, Ecobank noted in a statement, adding: “Our full suite of banking services remained available on all our digital platforms: mobile, online, Omni Plus and Omni Lite”.

All the resolutions presented at the AGM were approved, including the renewal of the mandates of Messrs Alain Nkontchou, Brian Kennedy and David O’Sullivan as directors for another three years.

The shareholders also ratified the co-option of Mr Herve Assah as Director for a term of three years ending on the third anniversary of his co-option as Director.

The mandates of the Joint Auditors Deloitte Nigeria and Grant Thornton, Côte d’Ivoire, for a term of six years, were renewed subject to the amendment of the Articles of Association of the Company.

The AGM was followed by an Extraordinary General Meeting at which the shareholders voted to amend the relevant section in the Company’s Articles of Association to only reflect the appointment of auditors by the company in general meeting.


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