Ecobank Pays 2013 Dividend To SSNIT

 Mr. Dosso (left), presenting the cheque to Mr. Thompson.

Mr. Dosso (left), presenting the cheque to Mr. Thompson.

Ecobank Ghana has accredited the accounts of Social Security and National Insurance Trust (SSNIT) with a total amount of GH¢20,410,962.22 million as dividend for its shares for the year 2013.

The payment brings to GH¢40 million total amount of dividend the bank has in the last three years paid to SSNIT which has 16.19 per cent shares in Ecobank Ghana.

In mid 2011, SSNIT, which was the largest shareholder of TTB, transferred its 61 per cent shares to ECOBANK, the pan-African bank.

Speaking at the presentation ceremony in Accra yesterday, Ernest Thompson, Director General, SSNIT, said the dividend received from the bank was the highest it had received this year from its investments in listed equities this year.

He said SSNIT investments were performing very well except those in the manufacturing sector adding that SSNIT would consider re-directing the non-performing investments onto other high yielding investments.

Mr. Thompson described Ecobank as one of its cash cow and urged the management to sustain and improve the good performance.

He also asked Ecobank to make room for the representation of SSNIT on its board adding that discussions to this effect had already commenced.

SSNIT also has shares in Ecobank Transnational Incorporated, a Pan-African bank headquartered in Togo.

Mr. Lionel Van Lare Dosoo, Board Chairman, Ecobank stated that the bank was happy that the merger between TTB and Ecobank was yielding good results.

He said the bank would continue to initiate policies and measures that would help it to continue to produce good results.

Ecobank Ghana posted a 44 per cent growth in 2013 net profit to GH¢190.633 million, compared with GH¢132.557 million for the same period in 2012.

The bank also recorded 52 per cent growth in loans, while its revenue growth shot up by 40 per cent to GH¢589.7 million. By David Adadevoh

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