The resolution authorizing the issuance of additional Tier 1 and Tier 2 qualifying subordinated debt as well as senior ranked debt was approved by the shareholders of the Pan-African financial institution at the Extra Ordinary General Meeting (EGM).
Shareholders previously approved a $28 million dividend payout for the entire fiscal year ending December 31, 2022, or 0.11 cents per common share, at the 35th Annual General Meeting (AGM).
In his remarks at the EGM, Ecobank Group Chairman Alain Nkontchou emphasized that market conditions will determine whether to raise the capital this year. The board had already approved a loan to refinance a current loan that was due in 2024.
In contrast to $295 million in 2021, the holding company’s (ETI) profit for the year was $222 million.
Additionally, the return on tangible equity in 2022 was 21.1%, the highest Ecobank has achieved in the last decade.