ETI approves dividend increase

By Agency reporter Thursday, 17 Jun 2010

Shareholders of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, will receive a 50 per cent increase in dividend payments this year following a resolution approved by the group‘s Annual General Meeting in Kenya on June 11, 2010.

Addressing shareholders, the Group Chairman, Mr. Kolapo Lawson, said, ”We are very pleased to be holding our annual meeting in Nairobi.“As you may all be aware, Ecobank is not only the leading pan-African bank with a presence in more countries in Africa than any other bank in the world, but is currently the only bank that is present in all the countries of the East Africa Economic Community. As a pan-African bank, we have shareholders from over 30 African countries, including Kenya, and it is our intention, over time to hold our AGM in the various regions in which we are present.”

Outlining Ecobank‘s performance in 2009, the Group Chief Executive, Mr. Arnold Ekpe, said, ”Depreciation in major currencies, start-up costs for newly established subsidiaries, restructuring costs for newly acquired subsidiaries and impairment provisions in some of our major countries had affected the results.”

He further said the overall slowdown in African economies during the year arising from the global economic and financial crisis, had also been a factor in the group‘s financial results. In 2009, Ecobank achieved revenues of $873m, total assets over $9bn, and profit after tax of $65m. The group operates in 30 countries and has 750 branches and offices.

The board informed shareholders that Ecobank‘s geographical expansion phase was now coming to an end and that the focus in 2010 going forward would be on consolidating and optimising operations and leveraging the platform the group had built over the years.