The Ecobank Ghana Plc is poised for sustainable growth and profitability, despite incurring a loss in the 2022 financial year, Chairman of the Board of Directors of the bank, Samuel Ashitey Adjei, has stated.
He said impairment charge on the government bonds due to the domestic debt restructuring in 2022 resulted in a net impairment charge of GH¢1.7 billion, and a loss of GH¢27. 2 million before tax payment, compared with the pre-tax profit of GH¢893.73 million in 2021.
Addressing the 2022 annual general meeting of the bank last Friday, Mr Adjei said, “We are confident in the resilience and potential of our institution, and we look forward to a bright future together.”
The Chairman of the Board of Directors said total revenue of the bank increased by 40.3 per cent to GH¢2. 97 billion.
The growth in revenue, he said, was mainly driven by increases in net interest income and fee-based income, as well as the successful implementation of trade and cash management initiatives.
Mr Adjei said net interest income grew by 65 per cent to GH¢2.5 billion.
“Our balance sheet remained strong with total assets of GH¢25. 9 billion, growth of 44.5 per cent from the previous year,” Mr Adjei stated.
The Chairman of the Board said customers’ deposits reached GH¢20. 4 billion, up by 54.4 per cent, driven by improved product offering and increase in customer confidence in the Ecobank brand.
He said the bank’s supportive digital channels and active customer engagements also contributed to the deposit growth.
“Despite the economic challenges, we continue to support business growth, as evidenced by our net loan book of GH¢8. 9 billion, which is one of the largest in the industry,” Mr Adjei said.
The Managing Director of Ecobank Ghana Plc, Mr Daniel Sackey, in his address, said the bank was positioned for strong growth going forward despite the challenges last year, due in part, to the domestic debt exchange programme arising out of the International Monetary Fund (IMF)’s programme.
“Notwithstanding the shocks, I am pleased to report to our valued shareholders that your Bank, Ecobank Plc, Is very strong and resilient and remained a significant player in the market,” he stated.
Mr Sackey said management of the bank would continue to monitor developments in the economy and adapt and continuously strive to provide the best services to customers.
BY KINGSLEY ASARE
