Shareholders of Ecobank Ghana have approved GH¢0.62 per share dividend for the 2021 financial year, at the bank’s Annual General Meeting [AGM]today [6/10/2022].
The bank recorded a profit before tax of GH¢894 million, representing a growth of 14 percent. Total revenue also went up by 10 percent to GH¢2 billion.
Speaking at the AGM through a virtual platform, the outgoing Board Chair of the bank, Terence Darko attributed the good financial performance of the bank to its primary role of focusing on customer service.
He stated that the foresight of the board, management and staff of the bank reflected in its financial performance for 2021.
“The growth was mainly driven by 13 a percent increase in Net Interest Income and 24 percent rise in Net fees and Commission”, he said, adding that “Net trading income was down by 18 percent due to margin compressions”.
Mr. Darko explained that the Net interest income contributed 75 percent of the bank’s total revenue with Non-interstet income accounting for the remaining 25 percent.
“Our cost to income ratio of 46.2 percent was a reduction from the previous year’s of 47.9 percent” he added.
Looking ahead, Managing Director the bank, Dan Sackey stated that Ecobank’s execution momentum will see more acceleration in 2022.
According to him, the bank will leverage the momentum built in 2021 and continue to deliver on its mandate in 2022.
“We started 2022 well, with the same hope, fortitude and drive that we usually muster to usher in a New Year. We have clearly formulated our goals and have the means and capacity to meet them”, he assured.
He however stressed that the bank will not lose sight of the current global happenings to avert any shocks on its operations.
“It is important that our plans be set in the proper context of a global economy which has entered a period of profound uncertainty and fragility as the Bank of Ghana puts it”, he maintained.