Ecobank Ghana announces sterling financial results at 2023 AGM
Ecobank Ghana has announced sterling financial results, remaining the biggest bank in Ghana.
The bank emerged topmost on income, growing its total revenue by an enviable 79.4% to GH₵5.325billion at the end of December 2023.
Ecobank also ended the year under review with the biggest balance sheet, as total assets grew by 29.9% to GH₵33.662billion with shareholders equity also reaching GH₵3.662billion, representing a growth of 35.3% above the prior year.
As has been characteristic of Ecobank, both total assets and owners equity were the highest in the industry.
Similarly, Ecobank also recorded the highest deposits as well as loans and advances to customers as its loanbook grew by 7.4% to GH₵9.517billion, while deposits went up by 29% to reach GH₵26.338billion within the period.
The Board Chairman of Ecobank Ghana, Mr Samuel Ashitey Adjei informed shareholders at the AGM that despite the adverse market conditions, the bank’s balance sheet remained robust throughout the year, showcasing a solid financial footing.
He indicated that the bank’s overall Capital Adequacy Ratio of 13.49%, surpassed the prudential minimum of 10% as of December 31, 2023.
He also noted that with a return on average assets of 2.1% and a return on equity of 20%, Ecobank has been consistent in delivering sustainable value to its shareholders.
On technology, Mr Adjei said: “I am pleased to report that digital transactions now account for more than 95% of our volume, and the transaction fulfilment rate has significantly increased, compared to the previous year. Our commitment to leveraging technology has not only strengthened our defences against emerging threats but has also enhanced our services, providing an unparalleled experience for our customers. As we move forward, we remain dedicated to staying at the forefront of technological innovation, ensuring sustainable growth and value creation for our shareholders.”
Mr Adjei further indicated that: “At Ecobank Ghana, our dedication to responsible banking and sustainability is unwavering, underscored by key initiatives that exemplify our embrace of Environmental, Social and Governance principles. Ecobank Ghana PLC obtained the IFC EDGE Certification for our head office building to affirm our commitment to environmentally conscious practices.
“We acknowledge the importance of reducing our ecological footprint and remain devoted to finding innovative solutions for sustainable energy use and resource efficiency. As a certified EDGE Standard achiever, the bank excelled in various metrics, showcasing a remarkable 34% energy savings, 24% water savings, and an impressive 85% reduction in embodied energy in materials.”
He concluded by telling shareholders that Ecobank received significant recognition, receiving a total of 19 awards from six prestigious awarding bodies locally and internationally.
On her part, the former Acting Managing Director of the bank, Ms Joana Mensah said: In 2023, Ecobank continued to play a pivotal role in the financial journeys of its customers, with an unyielding dedication to supporting their diverse financial needs and aspirations.
She intimated that the bank’s commitment to excellence was manifested in the processing of approximately 77 million transactions, spanning both physical branches/offices and advanced digital platforms.
The excited Joana emphasized that: “I am delighted to share that in 2023, an impressive 87% of our customers expressed satisfaction with their Ecobank experience. This marks a significant increase from the 83% satisfaction rate recorded in the previous year.
“Furthermore, 88% of our customers conveyed their intention to recommend Ecobank to friends and relatives, reflecting a commendable 2% growth, compared to 2022.
“Our transformative efforts in enhancing customer experience throughout 2023 were deeply rooted in our organizational values and a distinctive customer-centric ethos ingrained in every employee.”
Joana concluded that: “In a rapidly evolving world, we firmly believe that the delivery of exceptional service experiences is not only integral to sustaining but also expanding our business. As we look to the future, we remain committed to further investing in technology, training, and innovative solutions to ensure that Ecobank continues to be a beacon of customer excellence.”
Addressing shareholders on the significance of the new brand campaign launched by the bank in january 2024, the incumbent Managing Director of Ecobank Ghana and Regional Executive of Anglophone West Africa, Mrs Abena Osei-Poku said; “We introduced the new brand campaign to reinforce our Pan-African positioning and signify the next phase of our Pan-African journey. For this journey, “A Better Way” emphasizes the bank’s commitment to innovation, efficiency and providing customer-centric solutions, while “A Better Africa” highlights Ecobank’s role in contributing to the economic development, sustainability, and prosperity of the African continent. We therefore commit to doing things differently from what we have done in the past.
