ECOBANK shows strong performance

ECOBANK has shown its strong performance for the year ended 31 December 2014 with US Dollars 24.2 billion in total assets and US dollars 2.7 billion in total equity.

Shareholders approved the company’s accounts for 2014 and the appropriation of
profit of USD 5.82 million for the year. A sum of USD 0.87 million was transferred to special reserves and USD 4.85 million to retained earnings.

This was revealed in Dar es Salaam over the weekend whereby Ecobank Transnational Incorporated (Ecobank), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, concluded its 27th Annual General Meeting (AGM).

During AGM, Mr 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.

Shareholders also ratified the co-option of Dolika Banda, Graham Dempster and Sheila Mmbijjewe as directors for a term of three years respectively.

Alain Francis Nkontchou was also elected as a director on the board for a three-year term. The firms Akintola-Williams Deloitte Nigeria, and Grant Thornton, CÙte d’Ivoire were appointed as Joint Auditors for a one year term.

The meeting 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. The meeting authorised the board of directors to determine the modalities for the issue as it deems appropriate.

“Our accounts for financial year 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,” Ecobank Group Chairman Emmanuel Ikazoboh noted