Banking for Africa's Tomorrow, Today
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Ecobank Group Annual Report 2018 Building
BUILDING AFRICA’S FINANCIAL FUTURE ECOBANK GROUP ANNUAL REPORT 2018 BUILDING AFRICA’S FINANCIAL FUTURE ECOBANK GROUP ANNUAL REPORT 2018 ECOBANK GROUP ANNUAL REPORT CONTENTS 05 Performance Highlights 08 Ecobank is the leading Pan-African Banking Institution 09 Business Segments 10 Our Pan-African Footprint 15 Board and Management Reports 16 Group Chairman’s Statement 22 Group Chief Executive’s Review 32 Consumer Bank 36 Commercial Bank 40 Corporate and Investment Bank 45 Corporate Governance 46 Board of Directors 48 Directors’ Biographies 53 Directors’ Report 56 Group Executive Committee 58 Corporate Governance Report 78 Sustainability Report 94 People Report 101 Risk Management 141 Business and Financial Review 163 Financial Statements 164 Statement of Directors’ Responsibilities 165 Auditors’ Report 173 Consolidated Financial Statements 178 Notes to Consolidated Financial Statements 298 Five-year Summary Financials 299 Parent Company’s Financial Statements 305 Corporate Information 3 ECOBANK GROUP ANNUAL REPORT 3 PERFORMANCE HIGHLIGHTS 5 ECOBANK GROUP ANNUAL REPORT PERFORMANCE HIGHLIGHTS For the year ended 31 December (in millions of US dollars, except per share and ratio data) 2018 2017 Selected income statement data Operating income (net revenue) 1,825 1,831 Operating expenses 1,123 1,132 Operating profit before impairment losses & taxation 702 700 Impairment losses on financial assets 264 411 Profit before tax 436 288 Profit for the year 329 229 Profit attributable to ETI shareholders 262 179 Profit attributable per share ($): Basic -
Bank Code Finder
No Institution City Heading Branch Name Swift Code 1 AFRICAN BANKING CORPORATION LTD NAIROBI ABCLKENAXXX 2 BANK OF AFRICA KENYA LTD MOMBASA (MOMBASA BRANCH) AFRIKENX002 3 BANK OF AFRICA KENYA LTD NAIROBI AFRIKENXXXX 4 BANK OF BARODA (KENYA) LTD NAIROBI BARBKENAXXX 5 BANK OF INDIA NAIROBI BKIDKENAXXX 6 BARCLAYS BANK OF KENYA, LTD. ELDORET (ELDORET BRANCH) BARCKENXELD 7 BARCLAYS BANK OF KENYA, LTD. MOMBASA (DIGO ROAD MOMBASA) BARCKENXMDR 8 BARCLAYS BANK OF KENYA, LTD. MOMBASA (NKRUMAH ROAD BRANCH) BARCKENXMNR 9 BARCLAYS BANK OF KENYA, LTD. NAIROBI (BACK OFFICE PROCESSING CENTRE, BANK HOUSE) BARCKENXOCB 10 BARCLAYS BANK OF KENYA, LTD. NAIROBI (BARCLAYTRUST) BARCKENXBIS 11 BARCLAYS BANK OF KENYA, LTD. NAIROBI (CARD CENTRE NAIROBI) BARCKENXNCC 12 BARCLAYS BANK OF KENYA, LTD. NAIROBI (DEALERS DEPARTMENT H/O) BARCKENXDLR 13 BARCLAYS BANK OF KENYA, LTD. NAIROBI (NAIROBI DISTRIBUTION CENTRE) BARCKENXNDC 14 BARCLAYS BANK OF KENYA, LTD. NAIROBI (PAYMENTS AND INTERNATIONAL SERVICES) BARCKENXPIS 15 BARCLAYS BANK OF KENYA, LTD. NAIROBI (PLAZA BUSINESS CENTRE) BARCKENXNPB 16 BARCLAYS BANK OF KENYA, LTD. NAIROBI (TRADE PROCESSING CENTRE) BARCKENXTPC 17 BARCLAYS BANK OF KENYA, LTD. NAIROBI (VOUCHER PROCESSING CENTRE) BARCKENXVPC 18 BARCLAYS BANK OF KENYA, LTD. NAIROBI BARCKENXXXX 19 CENTRAL BANK OF KENYA NAIROBI (BANKING DIVISION) CBKEKENXBKG 20 CENTRAL BANK OF KENYA NAIROBI (CURRENCY DIVISION) CBKEKENXCNY 21 CENTRAL BANK OF KENYA NAIROBI (NATIONAL DEBT DIVISION) CBKEKENXNDO 22 CENTRAL BANK OF KENYA NAIROBI CBKEKENXXXX 23 CFC STANBIC BANK LIMITED NAIROBI (STRUCTURED PAYMENTS) SBICKENXSSP 24 CFC STANBIC BANK LIMITED NAIROBI SBICKENXXXX 25 CHARTERHOUSE BANK LIMITED NAIROBI CHBLKENXXXX 26 CHASE BANK (KENYA) LIMITED NAIROBI CKENKENAXXX 27 CITIBANK N.A. NAIROBI NAIROBI (TRADE SERVICES DEPARTMENT) CITIKENATRD 28 CITIBANK N.A. -
Cash Country Service Listing April 2014
® WorldLink Payment Services Cash Country Service Listing April 2014 WorldLink® Cash payments is currently offered through Western Union and is thus required to follow the requirements and regulations of within the destination country of your beneficiary. Failure to meet those requirements will result in the payment being rejected. The information provided in the WorldLink Cash Country Service Listing includes updates sent to Western Union prior to:April 2014. The material contained in this Cash Country Service Listing is for informational purposes only, and is provided solely as a courtesy by WorldLink. Although WorldLink believes this information to be reliable, WorldLink makes no representation or warranty with respect to its accuracy or completeness. The information in this Cash Country Service Listing does not constitute a recommendation to take or refrain from taking any action, and WorldLink is not providing any tax, legal or other advice. Citigroup and its affiliates accept no liability whatsoever for any use of this material or any action taken based on or arising from anything contained herein. The information in this Cash Country Service Listing is subject to change at any time according to changes in local law. WorldLink is not obligated to inform you of changes to local law. Citibank Europe plc (“Citibank Europe”) may, at its discretion, reasonably modify or amend this Cash Country Service Listing from time to time, which modification or amendment will become binding when your organization receives a copy of it. These materials are confidential and proprietary to Citigroup or its affiliates and no part of these materials should be reproduced, published in any form by any means, electronic or mechanical including photocopy or any information storage or retrieval system nor should the materials be disclosed to third parties without our express written authorization. -
Has Gse Played Its Role in the Economic Development of Ghana?
CAPITAL MARKET 23 YEARS AND COUNTING: HAS GSE PLAYED ITS ROLE IN THE ECONOMIC DEVELOPMENT OF GHANA? 1st CAPITAL MARKET CONFERENCE BY EKOW AFEDZIE, DEPUTY MANAGING DIRECTOR MAY 10, 2013 INTRODUCTION Ghana Stock Exchange (GSE) was established with a Vision: -To be a relevant, significant, effective and efficient instrument in mobilizing and allocating long-term capital for Ghana’s economic development and growth. INTRODUCTION OBJECTIVES - To facilitate the Mobilization of long term capital by Corporate Bodies/Business and Government through the issuance of securities (shares, bonds, etc). - To provide a Platform for the trading of issued securities. MEMBERSHIP OF GHANA STOCK EXCHANGE GSE as a public company limited by Guarantee has No OWNERS OR SHAREHOLDERS. GSE has Members who are either corporate or individuals. There are two categories of members:- - Licensed Dealing Members - 20 - Associate Members - 34 HISTORICAL BACKGROUND 1968 - Pearl report by Commonwealth Development Finance Co. Ltd. recommended the establishment of a Stock Exchange in Ghana within two years and suggested ways of achieving it. 1970 – 1989 - Various committees established by different governments to explore ways of bringing into being a Stock Exchange in the country. HISTORICAL BACKGROUND 1971 - The Stock Exchange Act was enacted. - The Accra Stock Exchange Company incorporated but never operated. Feb, 1989 - PNDC government set up a 10-member National Committee on the establishment of Stock Exchange under the chairmanship of Dr. G.K. Agama, the then Governor of the Bank of Ghana. HISTORICAL BACKGROUND July, 1989 - Ghana Stock Exchange was incorporated as a private company limited by guarantee under the Companies Code, 1963. HISTORICAL BACKGROUND Nov. -
Integrated Report & Financial Statements2017 2017 | Integrated Report & Financial Statements
INTEGRATED REPORT & FINANCIAL STATEMENTS2017 2017 | INTEGRATED REPORT & FINANCIAL STATEMENTS REPORT 2017 | INTEGRATED Family Bank Towers, Muindi Mbingu Street | P.O. Box 74145 - 00200, Nairobi, Kenya | Tel: 254-2-3252 445/0703095 445 Email: [email protected] | Website: www.familybank.co.ke 1 2 FAMILY BANK LIMITED INTEGRATED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 1 ABOUT THE INTEGRATED REPORT AND AUDITED FINANCIAL STATEMENTS 2017 Family Bank Limited is pleased to present its annual Integrated Report, which covers the period from 1 January 2017 to 31 December 2017. This report contains comprehensive information of our financial performance, stakeholders, governance, material issues, risks and opportunities and how these influence our strategic initiatives. In this report, Family Bank demonstrates how we create and sustain value through our business. This report is compiled and presented in accordance with the Corporate Governance Guidelines and Codes of Conduct prescribed by the Central Bank of Kenya, the Corporate Governance Guidelines of the Capital Markets Authority (CMA), the Continuing Listing Obligations of the CMA as required by the Nairobi Securities Exchange and the Global Reporting International (GRI). We have implemented the framework as far as practical and our approach to integrated reporting will continue to evolve over time, in line with the framework. Our Annual Financial Statements were prepared in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act, 2015. We received external assurance from our auditor, PWC Kenya on the fair presentation of these annual financial statements. See the Independent Auditor’s Report on pages 58 to 61. -
Banking for Africa's Tomorrow, Today
Banking for Africa’s tomorrow, today Ecobank Group Annual Report 2017 Select Service Transfer Payee Akua Joyce Idris Amount: $35.00 PIN: SEND Banking for Africa’s tomorrow, today Ecobank Group Annual Report 2017 2017 Annual Report 2 Contents Contents 3 Performance Highlights 04 2017 Performance Highlights 06 A leading pan-African Bank 08 Business Model 09 Our Pan-African footprint 10 Board and Management Reports 12 Group Chairman’s statement 14 Group Chief Executive’s review 17 Consumer Bank 25 Commercial Bank 27 Corporate and Investment Bank 29 Corporate Governance 32 Board of Directors 34 Directors’ biographies 36 Directors’ report 41 Corporate Governance report 43 Sustainability report 58 People report 66 Risk Management 70 Business and Financial Review 102 Financial Statements 120 Statement of Directors’ responsibilities 122 Auditors’ report 123 Consolidated financial statements 128 Notes to consolidated financial statements 133 Five-year summary financials 213 Parent Company’s financial statements 214 Corporate Information 218 Executive management 220 Share capital overview 222 Holding company and subsidiaries 225 Shareholder contacts 226 Customer contact centers 227 2017 Annual Report 4 Our 2017 results were substantially better than in 2016 with marked improvements from all our three divisions, especially in our Corporate and Investment Bank. Ecobank achieved substantial cost savings as we ‘right-sized’ our businesses whilst we also restricted lending as we embedded greater discipline into our risk management procedures and took decisive -
5Th Ghana CEO Summit Magazine
ADVERT 1 Programme 09:30 – 11:00AM. SESSION ONE – KEYNOTE SPEECHES The 5th Ghana CEO Summit - Programme Outline – MONDAY 17TH –TEUSDAY 18TH MAY 2021 09:30 – 11:00AM. SESSION ONE – KEYNOTE SPEECHES Day 1 - MONDAY 17TH 09:30 – 11:00AM. SESSION ONE – KEYNOTE SPEECHES Expert Insight: Dr. Bright C. Mawudor PHD, Practice Lead, Managed Security Services & Consulting (MEA), Intelligent Security, Dimension Data. Topic - C-Level Engagement in Building Organizational Cyber Resilience in the Covid-19 Era Keynote Speaker I: Dr. K. K. Sarpong, CEO, GNPC. Topic: Digital Transformation: Resetting the Corporate Governance Agenda for a Post-Pandemic Economic Resilience Keynote Speaker II: Mr. Emmanuel Antwi-Darkwa, Chief Executive, Volta River Authority (VRA). Topic – “Powering Ghana’s Digital Agenda with Clean & Sustainable Energy”. SIGA Statement: Hon. Stephen Asamoah Boateng, Director General, State interests and Governance Authority (SIGA). Speech – Mr. Kofi Adomakoh, CEO, GCB Bank. Presentation - Mr. Enoch Entsua-Mansah, CEO, Eris Properties. Keynote Speaker III: Mr. Moses Baiden Jnr, CEO, Margins Group. Topic - The Power of Digital Identities in Resetting Ghana’s Economy. PFABG Keynote Speaker IV: Dr. Maxwell Opoku-Afari, First Deputy Governor, Bank of Ghana. Topic - Resetting Ghana’s Economy: Policy response & Strategies for building a resilient Economy Post-Covid pandemic. Sponsor Presentations and Videos Co ee Break & Networking. 11:00AM – 12 NOON. SESSION TWO – SUMMIT OPENING & PRESIDENTIAL DIALOGUE 5TH GHANA CEO SUMMIT SPEECH: Mr. Ernest De-Graft Egyir CEO, Chief Executives Network Ghana. PRESIDENTIAL SPEECH BY H. E. PRESIDENT NANA AKUFO-ADDO. The President Of The Republic Of Ghana. The Special Guest Of Honour. OFFICIAL OPENING OF THE 5TH GHANA CEO SUMMIT, CORPORATE EXHIBITION, GROUP PHOTOGRAPH & DIALOGUE WITH THE PRESIDENT OF THE REPUBLIC OF GHANA. -
The Republic of Ghana the Africa Country Series
2016 The Africa Country Series The Republic Of Ghana The Africa Country Series The Republic Of Ghana May 2016 Acknowledgements Team Leader: Samir S. Amir Lead Researcher: Falak Hadi Disclaimer The findings, interpretations and conclusions expressed herein do not necessarily reflect the views of the Board of Directors and Members of the Pakistan Business Council or the companies they represent. Any conclusions of analysis based on ITC, IDB, CTS, UNCTSD and WTO data are the responsibility of the author(s) and do not necessarily reflect the opinion of the WTO, IMF or UN. Although every effort has been made to cross-check and verify the authenticity of the data, the Pakistan Business Council, or the author(s) do not guarantee the data included in this work. All data and statistics used are correct as of 28th February 2016, and may be subject to change. Unless otherwise stated, all monetary amounts are given in USD (millions). For any queries or feedback regarding this report, please contact [email protected] or falak@ pbc.org.pk ii The Republic of Ghana The Pakistan Business Council: An Overview The Pakistan Business Council (PBC) is a business policy advocacy forum, representing private- sector businesses that have substantial investments in Pakistan’s economy. It was formed in 2005 by 14 (now 52) of Pakistan’s largest enterprises, including multinationals, to allow businesses to meaningfully interact with government and other stakeholders. The Pakistan Business Council is a pan-industry advocacy group. It is not a trade body nor does it advocate for any specific business sector. -
Registration Document 2014
EQUIPMENT HEALTHCARE CONSUMER GOODS Registration Document 2014 Société anonyme (French Joint-stock company) with a Supervisory Board and a Management Board With share capital of €10,459,512 Head office: 18, Rue Troyon, 92316 Sèvres, France Registered in the Nanterre Trade and Companies Registry Under number 552 056 152 REGISTRATION DOCUMENT including the annual financial report 2014 This document is a free translation into English of CFAO’s original Document de Référence (hereinafter referred to as the “Registration Document”), which was prepared in French and filed with the French financial markets authority (Autorité des marchés financiers – AMF) on April 20 , 2015 , in accordance with Article 212-13 of the AMF’s General Regulations. Only the French version of this Registration Document is legally binding. The French Registration Document may be used in the context of a financial transaction only if it is accompanied by a securities Note approved by the AMF. It was prepared by the issuer and its signatories therefore assume responsibility for its content. Copies of this English translation of the French Registration Document are available at CFAO’s registered office: 18, Rue Troyon, 92316 Sèvres, France. This document may also be consulted on the website of the AMF (www.amf-france.org) and on the website of CFAO (www.cfaogroup.com). REGISTRATION DOCUMENT 2014 - CFAO 1 General General This Registration Document also includes: ■ the annual management report of the Company’s Management Board, which must be submitted to the shareholders’ Meeting ■ the annual financial report that must be prepared and published called to approve the financial statements for each fiscal by all listed companies within four months following the end of year, pursuant to Articles L. -
Relationship Between Cost Efficiency and Non-Performing Loans of Commercial Banks in Kenya
RELATIONSHIP BETWEEN COST EFFICIENCY AND NON- PERFORMING LOANS OF COMMERCIAL BANKS IN KENYA BY WAINAINA ESTHER NYAMATU A RESEARCH PROJECT SUBMITTED FOR PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF A MASTER OF BUSINESS ADMINISTRATION DEGREE, UNIVERSITY OF NAIROBI NOVEMBER 2016 DECLARATION I declare that this project is my original work and has never been submitted for a degree in any other university or college for examination/academic purposes. Signature: …………………………………….. Date:………………………………… WAINAINA ESTHER NYAMATU D61/76925/2014 This research project has been submitted for examination with my approval as the University Supervisor. Signature…………………………………….…. Date………………………………….. Dr. Duncan Elly Ochieng’, PhD, CIFA Lecturer, Department of Finance and Accounting University of Nairobi ii ACKNOWLEDGEMENTS I would like to acknowledge and extend by heartfelt gratitude to the following persons who have made the completion of this project possible; my supervisor Dr. Duncan Elly Ochieng’ for his vital encouragement and support, all faculty staff and most especially to my family, friends and to God who made all things possible. iii DEDICATION To my family for standing beside me during this entire study period; Further to my friends who continuously supported me and lastly to my Employee and colleagues at work for encouragement toward successful completion of this course. iv ABSTRACT In third world countries, efficiency of the banking system is particularly vital because the banking organization serves as the central nerve for the total financial development in terms of economic growth. A large bulk of non-performing loans in failing institutions has been named as the source of bank and thrift decline and that a significant predictor of insolvency is statistically asset quality. -
Challenges of Strategy Implementation at Ecobank Kenya Limited
CHALLENGES OF STRATEGY IMPLEMENTATION AT ECOBANK KENYA LIMITED PHYLLIS AYUMA WETANGULA A MANAGEMENT RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE MASTER OF BUSINESS ADMINISTRATION (MBA) DEGREE AT THE SCHOOL OF BUSINESS, UNIVERSITY OF NAIROBI OCTOBER 2010 DECLARATION STUDENT’S DECLARATION I declare that this project is my original work and has never been submitted for a degree in any other university or college for examination/academic purposes. Signature: ……………………………………………..Date:………………………………… PHYLLIS AYUMA WETANGULA REG. NO: D61/70251/2008 SUPERVISOR’S DECLARATION This research project has been submitted for examination with my approval as the University Supervisor. Signature…………………………………….….Date………………………………….. JEREMIAH KAGWE LECTURER: UNIVERSITY OF NAIROBI ii DEDICATION I dedicate this work in loving memory of my late parents Mr. David Habwe and Mrs. Ruth Asami Habwe who impressed on me the importance of education and encouraged me to pursue further studies. Mum, Dad, I miss you, but I am sure wherever you are, you are proud of me. I also dedicate this study to my loving husband Hon. Moses Wetang’ula and children, Sylvia, Eugene, Alvin, Fidel and Pauline who gave me enormous support financially and through encouragement, and sacrificed family time together to ensure I achieved my dream of obtaining a Masters Degree. May the Almighty God bless you all. iii ACKNOWLEDGEMENT I take this opportunity to give thanks to the Almighty God for seeing me through the completion of this project. The work of carrying out this investigation needed adequate preparation and therefore called for collective responsibility of many personalities. The production of this research document has been made possible by invaluable support of many people. -
Effect of Digital Disruption on the Financial Performance of Commercial Banks in Kenya: a Case of Ecobank Bank Kenya Limited
EFFECT OF DIGITAL DISRUPTION ON THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN KENYA: A CASE OF ECOBANK BANK KENYA LIMITED BY: LILIAN AOKO PETERS A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (MBA) SCHOOL OF BUSINESS THE CATHOLIC UNIVERSITY OF EASTERN AFRICA NAIROBI, KENYA SEPTEMBER 2017 ii DEDICATION I dedicate this work to my parents. I thank them for their encouragement and support to ensure completion of my work. May God bless abundantly. iii ACKNOWLEDGEMENT I would first like to thank my supervisors for their wonderful collaboration and guidance. You have supported me greatly and are always willing to help. I would particularly single out Prof. Robert Arasa, for the excellent cooperation. You definitely provided me with the support and guidance that I need to choose the right direction and successfully complete my dissertation. I would also like to thank my parents for their wise counsel and sympathetic ear. You have always been there for me and encourage me in my studies. Finally, there are my colleagues at Ecobank Kenya Limited and classmates for the support each provided by deliberating over our problems. Thank you very much, everyone. iv ABSTRACT This study set out to establish the effect of digital disruption on the financial performance of commercial banks in Kenya, with a focus on Ecobank Kenya Limited. To achieve this, the study sought to identify the effect of Digital Competition, Industrial Convergence, Technological Innovation and Social Digital Trends on the financial performance of Ecobank measured by ROA. A total of 322 employees at Ecobank formed the target population of the study which adopted a descriptive research design that allowed them to provide as much information about the topic as possible.