BUY UGANDA VANILLA BEANS                                                                                   Soybean Oil and Soya Cake/Meal in Uganda

Ecobank declares increased dividends

Thursday July 7, 2011

SHAREHOLDERS of Ecobank Transnational Inc, the parent company of the Ecobank Group are to receive a 33% increase in dividend payments this year following a resolution approved at the group’s annual general meeting (AGM) on June 29 at their new headquarters in Lome Togo.

Addressing shareholders at the AGM, the Group chairman, Kolapo Lawson said; “Having established a strong geographical platform for growth, we are now focused on the integration and optimization of business to maximise shareholder value. We will continue our strategy of increasing market share and revenues whilst plugging any gaps in our pan-African footprint.”

Reviewing Ecobank’s 2010 financial results, the Group Chief Executive, Arnold Ekpe said: “Overall, we believe that our strategy of diversification across geographies, customers and businesses has been a major factor in the improved performance of the Group.” Ekpe also pointed out that there was a marked improvement in the underlying performance of Nigeria, Ecobank’s main subsidiary, whilst a number of the Group’s start-up operations significantly reduced their losses or became profitable.

In 2010, Ecobank generated revenues of $900m and profit after tax doubled to $132m. The Group’s total assets surpassed the $10b mark for the first time, driven largely by a 22% growth in deposits.

Ecobank now operates in 35 countries Uganda inclusive and has 755 branches and offices.

Dele Alabi, the Ecobank Uganda managing director and David Twahirwa its Uganda chairman said the Uganda segment has since expanded to eight branches for the short time it has been here from January 2009. The Board Chairman said the best years for Ecobank lie ahead as the benefits of expansion, growth and its unique operating model are fully realised.

By Isaac Omodingin Lome Togo: The New Vision Newspaper

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to On the Equity Market : Africa Uganda Stock Markets News .





Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page

then...

feel free to ask our business travel consultants.



Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.