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Thursday, 18th May 2023 < * Home * Nigeria * National * Metro * World * Africa * Asia * Europe * US * Politics * Sport * Football * Boxing * Athletics * Tennis * Other Sports * Opinion * Editorial * Columnists * Contributors * Cartoons * Business * Appointments * Business News * Business RoundUp * Industry * Aviation * Capital Market * Communications * Energy * DrillBytes * Maritime * Money * Technology * Gadgets * Telecoms * Social Media * Technology * Guardian Life * Beauty * Culture * Events * Features * Food * Film * Love and Relationships * Music * Odd News * On The Cover * Spotlight * Style * Travel and Places * Wellness * What's New * Guardian Arts * Arts * Art House * Artfolk * Revue * Literature * Theatre * Visual Arts * Features * Gender * BusinessAgro * Education * Executive Motoring * Executive Briefs * Focus * Friday Worship * Health * Law * Media * Science * Youth Speak * Guardian Woman * Entrepreneurship * GW Fiction * Personality * Issues * WIMBIZ * Guardian Angels * Advocacy * Commentary * Corporate Social Responsibility * Philanthropy * Social Impact * Property * Environment * Mortgage Finance * Real Estate * Urban Development * Saturday Magazine * Youth Magazine * Just Human * Life & Style * Love & Life * Transition * Travel & Tourism * Celebrity * Brand Intelligence * Gardening * Weekend Beats * Sunday Magazine * Ibru Ecumenical Centre * Campus * CityFile * News Feature * Living Healthy Diet * Living Wellbeing * Newspeople * #EndSARS * Guardian TV * Home * Nigeria * National * Metro * World * Africa * Asia * Europe * US * Politics * Sport * Football * Boxing * Athletics * Tennis * Other Sports * Opinion * Editorial * Columnists * Contributors * Cartoons * Business * Appointments * Business News * Business RoundUp * Industry * Aviation * Capital Market * Communications * Energy * DrillBytes * Maritime * Money * Technology * Gadgets * Telecoms * Social Media * Technology * Guardian Life * Beauty * Culture * Events * Features * Food * Film * Love and Relationships * Music * Odd News * On The Cover * Spotlight * Style * Travel and Places * Wellness * What's New * Guardian Arts * Arts * Art House * Artfolk * Revue * Literature * Theatre * Visual Arts * Features * Gender * BusinessAgro * Education * Executive Motoring * Executive Briefs * Focus * Friday Worship * Health * Law * Media * Science * Youth Speak * Guardian Woman * Entrepreneurship * GW Fiction * Personality * Issues * WIMBIZ * Guardian Angels * Advocacy * Commentary * Corporate Social Responsibility * Philanthropy * Social Impact * Property * Environment * Mortgage Finance * Real Estate * Urban Development * Saturday Magazine * Youth Magazine * Just Human * Life & Style * Love & Life * Transition * Travel & Tourism * Celebrity * Brand Intelligence * Gardening * Weekend Beats * Sunday Magazine * Ibru Ecumenical Centre * Campus * CityFile * News Feature * Living Healthy Diet * Living Wellbeing * Newspeople * #EndSARS * Guardian TV Business News ETI PAYS $28M DIVIDEND AS SHAREHOLDERS OKAY BANK’S $500M CAPITAL RAISING By Helen Oji 18 May 2023 | 4:11 am Share on Facebook Share on Twitter Share on WhatsApp Share on Telegram Following sustained progress made in its 'Roadmap to Leadership’ strategy adopted in 2016, Ecobank Transnational Incorporation (ETI), the parent company of the Ecobank Group, yesterday, paid out a total dividend of $28 million to shareholders for the 2022 financial year. 55 Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 00:01/03:21 Ecobank • Investors’ appetite for consumer, bank stocks lift index by 0.3% Following sustained progress made in its ‘Roadmap to Leadership’ strategy adopted in 2016, Ecobank Transnational Incorporation (ETI), the parent company of the Ecobank Group, yesterday, paid out a total dividend of $28 million to shareholders for the 2022 financial year. AdChoices WERBUNG This is the second dividend declared by the bank after seven years of nonpayment of dividends. The bank resumed payment of dividends in 2021, recommending a total of $40 million to shareholders for the 2021 financial year, making it a cumulative dividend of $68 million in the last two years (2021 and 2022) since 2013. At the 35th yearly general meeting of the bank held in Lome, Togo, yesterday, the Chairman, Ecobank Group, Alain Nkontchou said the execution of the business model (Execution Momentum Strategy) for 2018 to 2020 extended to 2022 designed to generate long-term sustainable returns for shareholders has led to a cash dividend of $0.0011 per share to shareholders. Besides, shareholders approved the resolution authorising the bank to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate, alongside dividend payment for the 2022 financial year. Nkontchou said with the bank’s diversified business model’s resilience to adverse markets, focus on risk and control framework and discipline in cost management, the bank is now well positioned to pay dividends to shareholders in a sustainable manner. However, he stated that the dividend policy is formulated in a prudent and cautious manner to bring more stability to the bank, make the balance sheet stronger and ensure that the solidity of the bank is not impacted. According to him, the Group’s profit before tax, net revenue and total assets increased by 13 per cent, sex per cent and five per cent, to $540 million, $1,862 million and $29,004 million, respectively while the holding company’s (ETI) profit for the year was $222 million compared with $295 million in 2021. In addition, its return on tangible equity of 21.1 per cent in 2022 is the highest Ecobank has achieved in the last decade. To consolidate on the performance, he said the group has significantly invested in its digital platform, including mobile and internet banking, as well as created a robust payment infrastructure, noting that these achievements would enable the bank to accumulate more market share, reduce cost and improve efficiency. The Group Chief Executive Officer, Jeremy Awori said the bank achieved an improved performance despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring. According to him, the successes were attributable to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency, noting that these factors enabled the bank to navigate the adverse economic environment and absorb the impact of the debt restructuring. He said the bank would focus more on growing its large market which includes the transformation of the Nigerian business, consolidation of its leadership position in its key markets and transforming businesses in currently subscale markets. He added: “For the first quarter of 2023, our Group performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.” Meanwhile, the bulls strengthened their hold on the equities sector of the Nigerian Exchange Limited (NGX), yesterday, as investors’ appetite for consumer and banking stocks lifted the All-share index by 0.3 per cent. At the close of transactions, the all-share index (ASI) rose by 161.53 per cent, representing a gain of 0.31 per cent, to close at 52,580.86 points. Similarly, the overall market capitalisation value gained N88 billion to close at N28.631 trillion. The market’s negative performance was driven by price depreciation in large and medium-capitalised stocks which are; Nigerian Breweries, MRS Oil Nigeria, Cadbury Nigeria, Vitafoam Nigeria and Guaranty Trust Holding Company (GTCO). Analysts at GTI Securities Limited said: The Nigerian Stock market continued its positive dominance in the face of a worrisome inflation rate of 22.22 per cent. “We expect this strain to continue as investors focus on fundamentally sound companies, dividend payments and impressive first-quarter (Q1) 2023 results.” Analysts at Vetiva Dealings and Brokerage said: “We expect to see moderation in the bullish sentiment, as investors look to take profit on some recent gainers.” As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 18 losers. MRS Oil Nigeria recorded the highest price gain of 9.93 per cent to close at N37.10 kobo. Nigerian Breweries followed with a gain of 9.63 per cent to close at N38.7 and Cornerstone Insurance was up by 9.46 per cent to close at 81 kobo. FTN Cocoa processors rose by 8.82 per cent to close at 37 kobo, while Royal Exchange gained 8.33 per cent to close at 52 kobo. On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 7.69 per cent to close at 60 kobo. Sovereign Trust Insurance followed with a decline of 6.52 per cent to close at 43 kobo, while Transnational Corporation (Transcorp) lost 5.23 per cent to close at N2.90 kobo. Caverton Offshore Support Group declined 4.76 per cent to close at N1 while Wapic Insurance shed 4.44 per cent to close at 43 kobo. The total volume traded increased by 18 per cent to 680.796 million units, valued at N7.892 billion, and exchanged in 6,666 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 254.051 million shares valued at N1.418 billion. Access Holdings followed with 112.827 million shares worth N1.131 billion. Transcorp traded 63.391 million shares valued at N185.592 million. GTCO traded 59.992 million shares valued at N1.568 billion, while Zenith Bank transacted 31.697 million shares worth N794.384 million. IN THIS ARTICLE * Alain Nkontchou * Ecobank Group * ETI Share on Facebook Share on Twitter Share on WhatsApp Share on Telegram Diabetes Is Not From Sweets! Meet The Main Enemy Of Diabetes diabets.live | Sponsored Leiden Sie unter Knieschmerzen? Suchen Sie jetzt nach Behandlungsmöglichkeiten Knieschmerzen Behandlung | Suchanzeigen | Sponsored If You Have Nail Fungus, Do This Immediately EelHoe | Sponsored Invest in Amazon and others and create a second income. Calculate your earnings Top Invest Advisor | Sponsored This Is How Much A New Roof Should Cost In 2023 Search Ads | Sponsored [Story] Girl Finds Strange Eggs Under Her Bed - When Expert Sees It, He Turns Pale Interesticle | Sponsored AROUND THE WEB GERMAN EXPERT SHARES A STRANGE LOOPHOLE THAT CAN'T BE STOPPED Finance Times BLUTHOCHDRUCK AUF NATÜRLICHE WEISE LOSWERDEN CardioBalance CONTROVERSIAL VIDEO. HAVE YOU WATCHED IT YET? Secrets Revealed DIESE 2 GEMÜSE VERBRENNEN ÜBER NACHT BAUCHFETT! KetoExplode EINE LÄNGST VERGESSENE PILLE MACHT DIE ADERN SCHNELL WIEDER FREI Circulaxil PLASTIC SURGEY AND IMPROVEMENTS COST THEM TOO MUCH SurelyAwesome 74-JÄHRIGE OMA SCHOCKIERT ÄRZTE: VERGISS BOTOX, MACH DAS! DermaLab DIESER SELTSAME TRICK SAUGT GIFTSTOFFE & SCHMERZEN AUS DEM KÖRPER Nuubu ANCIENT JAPANESE WAY TO FREE YOUR BODY FROM TOXINS Nuubu Load More The content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent's Privacy Policy WANT YOUR CONTENT TO APPEAR ON SITES LIKE THIS? Increase Your Engagement Now! WANT TO REPORT THIS PUBLISHER'S CONTENT AS MISINFORMATION? Submit a Report Got it, thanks! Powered by pixfutureⓘ LATEST World More villages evacuated as Italy counts cost of deadly floods 6 mins ago Authorities in Ravenna issued an immediate evacuation order Thursday for three villages threatened by floods after heavy rains left nine people dead across northeastern Italy. Buses were being sent to help residents leave Villanova di Ravenna, Filetto and Roncalceci after the river Lamone burst its banks. Nearly two dozen rivers and streams have flooded across… * Facebook * Twitter * WhatsApp * Telegram Nigeria Labour Party Crisis: Apapa denies receiving N500m to destabilise the party 14 mins ago The factional National Chairman of the Labour Party, Mr Lamidi Apapa has denied receiving N500 million from any quarters in order to scuttle the case of the party at the Presidential Election Petition Court, (PEPC). * Facebook * Twitter * WhatsApp * Telegram Nigeria Gas supply challenges for GENCOS responsible for power shortage- Minister 22 mins ago Minister of State for Power, Jerry Agba on wednesday explained that challenges still associated with power shortages is as a result of gas supply issues, especially with Generation Companies (GENCOS). * Facebook * Twitter * WhatsApp * Telegram Nigeria FEC okays $4.7b Ondo, Snake Island, Burutu ports development 33 mins ago The Federal Executive Council (FEC) on Wednesday gave approval for port development projects worth $4,713,841,477 in Ondo, Lagos and Delta states. * Facebook * Twitter * WhatsApp * Telegram Nigeria Senate Presidency: Akpabio woos LP, NNPP 55 mins ago Senate Presidential candidate, Godswill Akpabio and his running mate, Barau Jibril on Wednesday took their campaign to the leadership of the Labour Party (LP) and that of the New Nigeria Peoples Party (NNPP). * Facebook * Twitter * WhatsApp * Telegram TRENDING GERMAN EXPERT SHARES A STRANGE LOOPHOLE THAT CAN'T BE STOPPED Finance Times BLUTHOCHDRUCK AUF NATÜRLICHE WEISE LOSWERDEN CardioBalance DIESE 2 GEMÜSE TÖTEN IHR BAUCHFETT ÜBER NACHT! KetoExplode EINE LÄNGST VERGESSENE PILLE MACHT DIE ADERN SCHNELL WIEDER FREI Circulaxil TOP 15 DER GEFÄHRLICHSTEN TIERE DER WELT, NUMMER 1 WIRD SIE ÜBERRASCHEN Actunimo The content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent's Privacy Policy WANT YOUR CONTENT TO APPEAR ON SITES LIKE THIS? Increase Your Engagement Now! WANT TO REPORT THIS PUBLISHER'S CONTENT AS MISINFORMATION? Submit a Report Got it, thanks! RELATED Nigeria Group raises the alarm over activities of land grabbers in Ojomu community 21 Apr The Centre For Human and Socio-Economic Rights (CHSR) has raised the alarm over continuous threat to public peace caused by unlawful activities of land grabbers in Ojomu community, Ajiran land, in the Eti-Osa Local Council of Lagos State. * Facebook * Twitter * WhatsApp * Telegram Capital Market Seven banking stocks close higher as investors’ funds add N92b 21 Apr Seven banking stocks closed higher at the end of yesterday’s transactions on the equities sector of the Nigerian Exchange Limited (NGX) * Facebook * Twitter * WhatsApp * Telegram Nigeria International Day: Nigerians spend N2.04 trillion yearly on malaria prevention, treatment 25 Apr Despite a series of intervention programmes against the malaria epidemic in recent times, Nigeria is apparently not winning the war against the deadly scourge, with an estimated sum of N2.04 trillion still routinely spent on treatments yearly. * Facebook * Twitter * WhatsApp * Telegram News Lagos community protests against lack of good roads, amenities 25 Apr Indigenes of Ajiran Community in Eti-Osa Local Council of Lagos, yesterday, protested against lack of motorable roads and basic amenities in the area. They also lamented that there is no school, hospital and market in the community... * Facebook * Twitter * WhatsApp * Telegram Capital Market Renewed bargain hunting in MTN, 32 stocks lift capitalisation by N137b 26 Apr Following renewed bargain hunting in MTN Nigerian and 32 stocks, the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as investors' wealth rose by N137 billion. * Facebook * Twitter * WhatsApp * Telegram Business Bank to support SMEs growth, improve technology adoption through fintech 25 Apr Ecobank TransNational Incorporated has stated that the bank is well positioned to play a key role in supporting the growth of Small and Medium Enterprises (SMEs) in Nigeria . The bank also expressed its commitment to stay ahead of trends in the industry by leveraging opportunities in the Financial technology space to improve its technology… * Facebook * Twitter * WhatsApp * Telegram x * Home * Nigeria * National * Metro * World * Africa * Asia * Europe * US * Politics * Sport * Football * Boxing * Athletics * Tennis * Other Sports * Opinion * Editorial * Columnists * Contributors * Cartoons * Business * Appointments * Business News * Business RoundUp * Industry * Aviation * Capital Market * Communications * Energy * DrillBytes * Maritime * Money * Technology * Gadgets * Telecoms * Social Media * Technology * Guardian Life * Beauty * Culture * Events * Features * Food * Film * Love and Relationships * Music * Odd News * On The Cover * Spotlight * Style * Travel and Places * Wellness * What's New * Guardian Arts * Arts * Art House * Artfolk * Revue * Literature * Theatre * Visual Arts * Features * Gender * BusinessAgro * Education * Executive Motoring * Executive Briefs * Focus * Friday Worship * Health * Law * Media * Science * Youth Speak * Guardian Woman * Entrepreneurship * GW Fiction * Personality * Issues * WIMBIZ * Guardian Angels * Advocacy * Commentary * Corporate Social Responsibility * Philanthropy * Social Impact * Property * Environment * Mortgage Finance * Real Estate * Urban Development * Saturday Magazine * Youth Magazine * Just Human * Life & Style * Love & Life * Transition * Travel & Tourism * Celebrity * Brand Intelligence * Gardening * Weekend Beats * Sunday Magazine * Ibru Ecumenical Centre * Campus * CityFile * News Feature * Living Healthy Diet * Living Wellbeing * Newspeople * #EndSARS * Guardian TV Follow Us * Home * About Us * Flights * Advertise With Us * Terms © 2023 GUARDIAN Newspapers. ALL RIGHTS RESERVED ADVERTISEMENT word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 Thursday, 18th May 2023 < * Home * Nigeria * National * Metro * World * Africa * Asia * Europe * US * Politics * Sport * Football * Boxing * Athletics * Tennis * Other Sports * Opinion * Editorial * Columnists * Contributors * Cartoons * Business * Appointments * Business News * Business RoundUp * Industry * Aviation * Capital Market * Communications * Energy * DrillBytes * Maritime * Money * Technology * Gadgets * Telecoms * Social Media * Technology * Guardian Life * Beauty * Culture * Events * Features * Food * Film * Love and Relationships * Music * Odd News * On The Cover * Spotlight * Style * Travel and Places * Wellness * What's New * Guardian Arts * Arts * Art House * Artfolk * Revue * Literature * Theatre * Visual Arts * Features * Gender * BusinessAgro * Education * Executive Motoring * Executive Briefs * Focus * Friday Worship * Health * Law * Media * Science * Youth Speak * Guardian Woman * Entrepreneurship * GW Fiction * Personality * Issues * WIMBIZ * Guardian Angels * Advocacy * Commentary * Corporate Social Responsibility * Philanthropy * Social Impact * Property * Environment * Mortgage Finance * Real Estate * Urban Development * Saturday Magazine * Youth Magazine * Just Human * Life & Style * Love & Life * Transition * Travel & Tourism * Celebrity * Brand Intelligence * Gardening * Weekend Beats * Sunday Magazine * Ibru Ecumenical Centre * Campus * CityFile * News Feature * Living Healthy Diet * Living Wellbeing * Newspeople * #EndSARS * Guardian TV * Home * Nigeria * National * Metro * World * Africa * Asia * Europe * US * Politics * Sport * Football * Boxing * Athletics * Tennis * Other Sports * Opinion * Editorial * Columnists * Contributors * Cartoons * Business * Appointments * Business News * Business RoundUp * Industry * Aviation * Capital Market * Communications * Energy * DrillBytes * Maritime * Money * Technology * Gadgets * Telecoms * Social Media * Technology * Guardian Life * Beauty * Culture * Events * Features * Food * Film * Love and Relationships * Music * Odd News * On The Cover * Spotlight * Style * Travel and Places * Wellness * What's New * Guardian Arts * Arts * Art House * Artfolk * Revue * Literature * Theatre * Visual Arts * Features * Gender * BusinessAgro * Education * Executive Motoring * Executive Briefs * Focus * Friday Worship * Health * Law * Media * Science * Youth Speak * Guardian Woman * Entrepreneurship * GW Fiction * Personality * Issues * WIMBIZ * Guardian Angels * Advocacy * Commentary * Corporate Social Responsibility * Philanthropy * Social Impact * Property * Environment * Mortgage Finance * Real Estate * Urban Development * Saturday Magazine * Youth Magazine * Just Human * Life & Style * Love & Life * Transition * Travel & Tourism * Celebrity * Brand Intelligence * Gardening * Weekend Beats * Sunday Magazine * Ibru Ecumenical Centre * Campus * CityFile * News Feature * Living Healthy Diet * Living Wellbeing * Newspeople * #EndSARS * Guardian TV More stories to check out before you go Keep on reading