Mr. Emmanuel Ikazoboh, the Chairman of Ecobank Transnational Incorporated (ETI), assured stakeholders that efforts are being intensified to sustain the positive performance recorded by the financial institution going forward.
Ikazoboh, who said this while presenting the bank’s 2018 financial report at the 31st annual general meeting (AGM) held in Lome, Togo, noted that after posting a loss in 2016, ETI bounced back into profit in 2017 and consolidated on that performance in 2018 by growing its profit after tax by 46 percent to 136 billion naira.
According to the Chairman, the results reflected the continued discipline in cost management, commitment to risk management and the ongoing clean-up of the bank’s credit portfolio. He said the efficiency or cost-to-income ratio has steadily improved to 61.5 percent in 2018 despite tepid revenue growth.
Ikazoboh said regardless of the improvement recorded in the year under review and the importance of paying dividends to shareholders, the board has taken a decision not to pay dividends to shareholders. He attributed the decision to factors such as the impending regulatory capital requirements of the group and the need to build the holding company’s liquidity buffers.
He assured that dividends would be paid to shareholders as a soon as the bank has a strong balance sheet and solid capital base.
Also speaking, the Group Chief Executive Officer, ETI, Mr. Ade Ayeyemi, described the bank’s financial results in 2018 as remarkable in many ways, saying it reflects the meaningful and significant progress they made in the execution of “our Roadmap to Leadership strategy”.