Ecobank to pay US$39m dividend

The Pan-African banking group, Ecobank Transnational Inc, says it will disburse US$39m to its shareholders this year in dividends. The move was approved by the bank’s shareholders during the Annual General Meeting in Lome, Togo. The directors recommended payment of 0.4 percent per ordinary share totaling to US $39.7m based on the total number of shares outstanding as of December 31, 2010. According to the company’s annual report, total assets registered a growth of 16 percent which is attributed to 22 percent growth in deposits. The group generated revenues of US$900m at a growth rate of 3 percent. The chairman of the board of directors, Kolapo Lawson, said the bank will continue the strategy of increasing market share and revenues and, at the same time, plug any gap in the African footprint. “Having established a strong geographical platform for growth, we are now focused on the integration and optimisation of business to maximise shareholder value,” Kolapo said. The company shares issued were listed and traded on the three West African stock exchanges. They include Bourse Regionale des Valeurs Mobilieres in Abidjan, the Ghana Stock Exchange of Accra and the Nigerian Stock Exchange of Lagos. Addressing journalists in Lome shortly after the (AGM), Group Executive Officer Arnold Ekpe said the company’s strategy is to build shareholder value through growth, efficiency and diversification. “Overall, we believe that our strategy of diversification across geographies, customers and business has been a major factor in the improved performance of the group,” he said. He underscored that the bank will focus on improving risk management, customer service, growing sales and improving cost discipline. “We have taken steps to strengthen our risk management and controls and this will continue,” he said. . The bank intends to increase its branch network in Kenya, Nigeria, Ivory Coast and Cameroon. Ends

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Ecobank to pay US$39m dividend