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Ecobank Transnational Incorporated AGM slated for May 17th, on the back of a strong 2022 performance Shareholders of Ecobank Transnational Incorporated (ETI) will on May 17th 2023 meet in Lomé, Togo for the 35th Annual General Meeting and an Extraordinary General Meeting to among others, approve annual accounts, reelect board directors as well as appropriate company profits.

by The CEO Magazine Team
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Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group⏤a major Pan-African bank with banking operations in 33 countries across the continent. The Group also has a licensed operation in Paris and representative offices in Addis Ababa, Beijing, Dubai, Johannesburg and London.

According to a public notice by ETI, signed by Madibinet Cisse, the Group General Counsel and Company Secretary, the meeting will be held at Ecobank Pan African Centre’s Conference Centre, on 2365 Boulevard du Mono, starting at 10.30 am GMT.

Following the AGM, there will also be an Extraordinary General Meeting whose main agenda is fundraising. 

The AGM and Extraordinary General Meeting take place against ETI’s solid financial performance in 2022.

According to the 2022 Annual Report, the consolidated Group, net revenues increased by 6% to US$1,862 million and profit before tax increased by 13% to US$540 million. Profit available to ETI shareholders was US$286 million, up 9% from US$262 million in the previous year, resulting in improved diluted earnings per share of 1.16 US dollar cents, compared to 1.06 US dollar cents in 2021. 

The parent company’s profit for the year was US$222 million.

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The Board of Directors has recommended the payment of a dividend of 0.11 US dollar cents (US$0.0011) per ordinary share, equivalent to a total amount of US$28.0 million. Over the last two years, the Group will have paid a cumulative dividend of US$68 million.

The Group’s balance sheet increased by US$1.4 billion, or 5%, to US$29.0 billion in 2022.

This will also be the first AGM by Jeremy Awori, as Group Chief Executive Officer. He joined the Group in March 2023 following the retirement of Ade Ayeyemi in February 2023.  Mr. Adeyemi assumed the Group CEO role in September 2015. 

In his first letter to shareholders, published in the 2022 Annual Report, Jeremy Awori reiterates his commitment to building on the achievements of his predecessor and “delivering value to our shareholders” as well as “ensuring disciplined attention to the basic requirement of running an efficient and sound banking group”.  

Ecobank Group’s top 10 shareholders who, combined, own 81.78% are Nedbank Group Limited (21.22%), Qatar National Bank (20.10%), Arise B.V (14.10%), Government Employees Pension Fund/PIC (13.48%), Social Security And National Insurance Trust (3.86%) Moon Investments Ltd (3.18%), The Bank Of New York Mellon (2.59%) Enko Opportunity Growth Fund Ltd (1.60%), ECOWAS Bank For Investment & Development (0.97%) and Mikeade Investment Company Limited (0.67%). The remaining group of institutional and retail investors own the remaining 18.22% shareholding.