1. Ecobank Group’s 2023 Net Revenues Exceed $2 Billion Mark, Reflecting Strong Performance
The Ecobank Group achieved a significant milestone in 2023, with its net revenues surpassing the $2 billion mark for the first time in nearly a decade. Shareholders applauded the Group’s resilience and robust performance amidst challenging macro-economic conditions, including high inflation, interest rates, currency depreciation, and geopolitical tensions. Despite these hurdles, the Group reported a profit before tax of $581 million, marking an 8% increase from the previous year. Notably, in constant currency, profit before tax surged by an impressive 34%.
2. Record Low Cost-to-Income Ratio of 54.9% Demonstrates Ecobank Group’s Financial Prudence
Ecobank Group achieved a record low cost-to-income ratio of 54.9% in 2023, showcasing the Group’s financial prudence and operational efficiency. Despite facing macro-economic headwinds, the Group effectively managed its expenses relative to its income, demonstrating its commitment to sustainable financial performance and value creation for shareholders.
3. New Non-Executive Directors Appointed as Ecobank Group Strengthens Board Composition
The Ecobank Group announced the appointment of Papa Madiaw Ndiaye, Louis Adande, and Terence G. Sibiya as Non-Executive Directors, succeeding retiring Directors. This strategic move aims to strengthen the Group’s board composition and enhance governance practices as it continues to navigate evolving market dynamics and pursue growth opportunities across its operations.
4. Jeremy Awori, CEO of Ecobank Group, Highlights Success of Growth, Transformation, and Returns Strategy
Jeremy Awori, Chief Executive Officer of Ecobank Group, emphasized the success of the organization’s Growth, Transformation, and Returns strategy in driving strong performance in 2023. Awori highlighted the competitive advantages of Ecobank’s resilient and diversified business model, along with the early results of its strategic initiatives. Under Awori’s leadership, the Group demonstrated financial prudence, customer-centricity, and informed decision-making, positioning itself for continued success and sustainable growth in the future.
5. Ecobank Group AGM Approves Strategic Changes as Retiring Directors Transition
The Annual General Meeting (AGM) of Ecobank Group approved strategic changes, including the appointment of new Non-Executive Directors and the retirement of existing Directors. Papa Madiaw Ndiaye, Louis Adande, and Terence G. Sibiya were appointed to the board, succeeding retiring Directors Alain Nkontchou, Mfundo Nkuhlu, and Hervé Assah. These changes reflect the Group’s commitment to enhancing board effectiveness, diversity, and governance standards to support its long-term growth and value creation objectives.
