Ecobank transnational incorporated increases turn-over by 19 percent

By NdumbeBell  Joseph Gaston in Douala

Ecobank Transnational Incorporated or the Ecobank group has recently released a report of their 2022 performances. This includes transactions of their 33 African subsidiaries and other ratios.

The Togolese group states that the turn over or net banking income for 2022 stood at FCFA 1.161,428 billion as compared to the 2021 performance of FCFA 940.756 billion, an increase of 19 percent.

The net income recorded in December 2022 grew from FCFA 194.437 billion in 2021 to FCFA 228.75 billion, an increase estimated at 15 percent in income and expenditure.

The balance sheet figures which, they recorded from the assets made up of fixed assets, stocks, receivables, cash etc and the other hand, liabilities such as share capital, reserves, results, debts etc of Ecobank group indicated growth of nearly 13 percent. That is, in actual terms rose from FCFA 15.519 billion in 2021 to that of FCFA 17.838 billion in 2022. The group is said to have claimed that because of an improvement of the group’s operating ratio that stands at 56.4 percent in 2022, they generated a profit before tax of FCFA 336.88 billion reflecting an increase of 27 percent.

According to information said to be sourced from Silka Finance, the Ecobank group noted that “the group has also strengthened its commitments to its economics with a transformation rate increasing from 48.6 percent in 2021 to 52.86 percent at the end of December 2022”.

On the 2022 performances and contributions of the 33 African Subsidiaries grouped regionally, the countries of Central, East and South Africa are reported to have contributed 31 percent of their Gross National Product (GNP) and the countries of the West Africa Economic and Monetary Union (UEMOA in French) 31 percent while (excluding Nigeria), English-Speaking West African Countries recorded 30 percent.

In an interesting twist, despite these achievements the records indicated that bonuses of shareholders were instead reduced to 31.25 percent.

In what was responsible for these achievements despite the international context, Ecobank Transnational Incorporated stated that globally, the results indicated their resilience to shocks.

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