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Ecobank shows strong performance in 2014

Ecobank Group chairman Emmanuel Ikazoboh is optimistic about the banks future performance. (Image source: Ecobank Group)

Ecobank Transnational Incorporated, parent company of the Ecobank Group, has ended the year ended 31 December 2014 with US$24.2bn in total assets and US$2.7bn in equity

Shareholders of the company welcomed and approved the company’s strong performance at its 27th annual general meeting (AGM) in Dar es Salaam, Tanzania last week.

Other important numbers announced were a profit of US$5.82mn, US$0.87mn that was transferred to special reserves and US$4.85mn in retained earnings. The AGM 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.

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 added, “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 per cent from 70.1 per cent.”

The AGM also welcomed the appointment of Ade Ayeyemi as the new CEO and he will assume office on the 1 September 2015. 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.

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