Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Ghana has recommended the payment of a dividend of $28.0 million for shareholders for the full year 2022.

This is equivalent to $0.11 per ordinary share.

According to the Group Chairman, Alain Nkontchou, the Group continued its strong progress in 2022.

“Our group delivered a strong set of financial results in 2022, despite the difficult operating environment. The group return on tangible equity was 21.1%, which is the highest we have achieved in the last decade”.

For the consolidated group, net revenues increased by 6% to $1.862 billion and profit before tax increased by 13% to $540 million.

Profit available to ETI shareholders was $286 million, up 9% from $262 million in the previous year, resulting in improved diluted earnings per share of 1.16 US dollar cents, compared to 1.06 US dollar cents in 2021.

The Group Chairman added that the bank’s balance sheet is liquid and adequately capitalised.

As of December 2022, its Tier 1 capital ratio was 10.2%, versus 10.7% in December 2021, and its total capital adequacy ratio (CAR) was 14.2%, compared to 14.8% in 2021

Outlook

For the outlook, the Board Chairman expressed excitement about the opportunities for the organisation, though it recognise that the operating environment remains challenging.

“Despite the ongoing uncertainty caused by the consequences of the war in Ukraine and the inflationary pressures in various economies where we operate, we remain confident in our ability to adapt and succeed.”

Ecobank Group’s focus this year will be on accelerating growth, reinforcing and streamlining the internal processes and leveraging on its technology platform.

It has increased its market share in several geographies and the bank is in the top three banks in 15 countries.