Burkina Faso: ECOBANK supports the patriotic support sund with a contribution of 500 Million CFA Francs
Following the call from the Head of State, President Ibrahim Traoré, to the Patriotic Support Fund to effectively combat terrorism, ECOBANK shareholders responded significantly by contributing a sum of 500 million CFA francs.
During the Annual General Meeting, held on Friday, April 19, 2024, at the Hotel Lancaster Ouaga 2000, shareholders examined the financial performance of ECOBANK Burkina for the fiscal year ended December 31, 2023, in Burkina Faso.
Despite a challenging economic environment marked by unfavorable international conditions and national challenges such as the security crisis, ECOBANK Burkina displayed strong financial results. Although the total balance sheet decreased by 11%, the bank saw a 6% increase in customer loans and a 4% increase in collected resources. Furthermore, the net income experienced a solid growth.
These solid performances were achieved despite the challenges encountered, including the security crisis and the sluggish economic activity, especially in the second half of 2023. In terms of market share, ECOBANK Burkina maintains its leadership position, ranking third in terms of balance sheet size and profitability, while rising to second place for collected resources.
Shareholders expressed their great satisfaction with the bank’s performance indicators, as well as its dividend distribution policy. The amount allocated to gross dividends for the fiscal year 2023 increased by 24% compared to the previous year.
As a sign of patriotic commitment, shareholders responded to the transitional president’s call by significantly contributing to the Patriotic Support Fund. This contribution demonstrates ECOBANK Burkina’s commitment to national security and the well-being of the country.
