Shareholders of Ecobank Transnational Incorporated, parent company of the Ecobank Group, welcomed the company’s strong performance for the year 2014.

At the end of the year, Ecobank had $ 24.2 billion in total assets and $ 2.7 billion in total equity.

Shareholders approved the company’s accounts for 2014 and the appropriation of profit of $ 5.82 million for the year at Ecobank’s 27th Annual General Meeting in Dar es Salaam, Tanzania.

A statement from Ecobank said a sum of $ 0.87 million was transferred to special reserves and $ 4.85 million to retained earnings.

Mr Bashir Ifo, a director representing the ECOWAS Bank for Investment and Development, who completed his term of office, was reappointed for another three-year term.

Shareholders also ratified the co-option of Dolika Banda, Graham Dempster and Sheila Mmbijjewe as directors for a term of three years.

Alain Francis Nkontchou was also elected as a director on the board for a three-year term.

The firms Akintola-Williams Deloitte Nigeria, and Grant Thornton, Côte d’Ivoire were appointed as Joint Auditors for a one year term.

The meeting also approved the issue of bonus shares, out of retained earnings, of one ordinary share for every 15 ordinary shares held on the closure of the company’s share register, in accordance with the rules of the stock exchanges on which Ecobank’s shares are listed.

The new shares issued would rank equally with existing ordinary shares of the company. The meeting authorised the board of directors to determine the modalities for the issue as it deems appropriate.

Ecobank Group Chairman Emmanuel Ikazoboh said: “Our accounts for FY 2014 have shown a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders… customers and its dedicated staff. We can expect similar positive performance for 2015.”

Outgoing Ecobank Group CEO Albert Essien said: “Our diversified pan-African business model continues to serve us well, with encouraging underlying performance in our line of businesses and geographic areas of coverage. We are pleased with our cost efficiency gains, which led to our cost-income ratio improving in 2014 to 65.4 per cent from 70.1 per cent.”

Shareholders recognised the invaluable contributions of Essien, who, having reached the company’s mandatory retirement age of 60, retires from the company on June 30 after 25 years of meritorious service.

A new successor, Mr Ade Ayeyemi, has been appointed to replace Mr Essien and would assume office on the September 1. The General Meeting welcomed this appointment.

Ecobank Transnational Incorporated is the leading pan-African bank with operations in 36 countries across the continent.