Ecobank Ghana PLC, in its annual general meeting for 2023, says the bank faced economic disruptions and challenges, including a significant loss due to the Domestic Debt Exchange Program (DDEP) modification.
However, the bank's leadership, management, and staff demonstrated resilience
and strategic foresight, enabling the bank to weather the storm and emerge
stronger.
The Board Chairman, Mr Samuel Ashitey Adjei, addressing the shareholders,
highlighted the bank's robust financial performance, with total revenue soaring
by 79.4% to GHS5.3 billion.
According to Mr Ashitey Adjei, this growth was attributed to increases in net
interest income and fee-based income, reflecting successful trade and cash
management initiatives.
“Despite operating expenses increasing by 22.7%, the bank's net interest income
remained the primary revenue driver, comprising 66% of the total”, he noted.
He also mentioned that Ecobank Ghana PLC demonstrated a strong financial
position, with total assets reaching GHS33.7 billion and customer deposits
growing by 29% to GHS26.3 billion.
He added that the bank's net loan book stood at GHS9.5 billion, emphasizing its
continued support for business growth; thus, the bank maintained healthy
capital ratios, with a capital adequacy ratio of 13.49% in December 2023,
exceeding regulatory requirements.
While the bank's commitment to paying dividends to shareholders remains strong,
the Board Chairman said the decision was made not to pay a dividend for the
calendar year under review, in line with the Central Bank's expectations and to
ensure the continued sustainability of the business.
“However, the board and management are confident that the strategy being
implemented will underpin the long-term growth of the company and lead to the
resumption of cash dividend payments in the near future”, he assured.
In addition to its financial achievements, he said, Ecobank Ghana PLC
demonstrated a robust commitment to corporate social responsibility,
contributing to various community initiatives, including the refurbishment of
schools, promoting ICT education, and supporting non-profit organizations such
as the Klick Africa Foundation.
“The story of Ecobank Ghana PLC in 2023 is one of resilience, strategic
foresight, and success, reflecting the collective strength of its leadership,
management, and dedicated staff in navigating challenges and achieving
commendable growth in the banking industry”, he underscored.
Source: peacefmonline