This article was created with support from Ecobank
During EGM, shareholders voted to approve approval of all regular and exceptional resolutions presented: approval of the 2024 account, transfer of the gross profits to profits for the year, and renewal of the mandate of Dr. Aikato Agne Puye and Dr. Asim Kushushi.
The shareholders also approved the association's amendments regarding Ms. Esther Tibesa's new director, the appointment of additional auditors, funding up to US$250 million, and the requirement for mandatory public offerings to acquire shares.
The support lies behind Ecobank's record profits and strong revenues and profits in 2024, with the group achieving profits ahead of a tax increase of 13% from USD 581 million in 2023.
The group also recorded a record return on tangible stocks of 32.7% from 24.9% in 2023, with a lowest cost-to-revenue ratio of 53.0%, down from 53.9%. This performance was provided despite a challenging economic environment characterized by rising high inflation rates, currency depreciation in many sub-Saharan African markets, and tightening restrictions in Ghana, Nigeria and Zimbabwe.
Despite its aggressive performance, the board has made the difficult decision not to pay dividends this year, focusing on strengthening its balance sheet and protecting the banks from headwinds.
Commenting on the decision, Eti, chairman of Papa Madiaw Ndiaye, explained: Since becoming chairman last June, it has been equipped to grow sustainably, provide strong returns and increase value.
In his own comments, Jeremy Awori, CEO of Ecobank Group, said, “The strong performance of Ecobank in 2024 reflects the positive outcomes from the competitive advantage, competitive advantage and innate diversification that footprint offers across 33 countries. Its focus on services, as well as markets in key countries.
Ecobank is continuing its momentum by significantly increasing the benefits and availability of its multi-award-winning “Ellevate” gender finance solutions for women entrepreneurs. In continuing its pledge to transform financial services on the continent using advanced technology, Ecobank signed a partnership with B2B cross-border trade payment platform Xtransfer, deploying comprehensive transnational financial services to small and medium-sized enterprises (small and medium-sized enterprises), promoting trade between China and African countries. These advancements recognize the Ecobank award this year, which won the AFAWA Award, and banks supporting women-led businesses at the African Banker Awards 2025.
