Ecobank Transnational Incorporated Plc (ETI) has started to reap the benefits of the new strategies it has put in place to reposition the Pan-African financial institution by posting strong results for fiscal 2020.
The ETI posted a profit of 201 million dollars (83.01 billion naira) in 2020, compared to 184 million dollars (75.99 billion naira) recorded in 2019, as the group’s consolidated net income increased by 4 % to 1,680 million dollars (693.82 billion naira).
The exchange rate used is N412.99 per dollar.
Ecobank Group Managing Director, Ade Ayeyemi presented the report in a statement from Group Head, Corporate Communications Adenike Laoye following his AGM held in Lomé, Togo.
The statement was made available to the Nigeria News Agency (NAN) on Friday, indicating that the bank has adopted a virtual strategy for the extraordinary AGM.
Ayeyemi said the bank has invested and focused significantly in “Building Back Better” to be positioned for long-term growth and sustainability.
“We will direct our execution momentum program towards using these investments to increase revenues and generate long-term growth and return of capital for the company and its shareholders.
“Shareholders praised the Group’s progress in 2020 and the way in which it has been able to adapt to a difficult environment.
“Profit for the year at ETI, the holding company, was $ 201 million compared to $ 184 million in 2019″.
“For the consolidated group, net revenues increased 4% to $ 1,680 million. The gradual shift from physical to digital channels among consumers has accelerated with the pandemic, which has changed the way we do business in so many ways”.
“Through our technology investments over the years, we have been prepared and made sure to provide our clients with 24/7 access to their financial services needs,” he said.
He clarified that all resolutions presented to the AGM were approved, including the renewal of the mandates of MM. Alain Nkontchou, Brian Kennedy and David O’Sullivan as directors for three additional years.
According to him, the shareholders also ratified the co-option of Mr. Hervé Assah, as Director for a three-year term ending on the third anniversary of his co-option as Director.
He specified that the mandates of the joint auditors, Deloitte Nigeria, and Grant Thornton, Côte d’Ivoire for a period of six years have been renewed, subject to the modification of the articles of association of the company.
The general meeting was followed by an extraordinary general meeting in which the shareholders voted to amend the relevant section of the company’s articles of association to reflect only the appointment of the auditors by the company at a general meeting.
Ecobank group chairman Nkontchou said the bank managed to record the feat despite the challenges of the COVID-19 pandemic.
“We have offered our support in many ways to customers, employees, communities, health authorities and governments”.
“Thanks to our multiple distribution channels and substantial investments in technology, we have been able to provide seamless service continuity”.
“We intend to grow our business and will remain at the forefront of commerce, payments, remittances and financial inclusion by continually leveraging the right technology and partnerships,” he said.
(NAN)