Ecobank’s 2023 total revenue soared by 79.4% to GHC5.3 billion despite economic disruptions | Banking/Finance

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.com

 

 

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