It also ratified the co-option of Abdulla Al Khalifa (representing Qatar National Bank), Ade Ayeyemi (Ecobank Group Chief Executive Officer) and Mfundo Nkuhlu (representing Nedbank Group Limited) as directors. During its 28th Annual General Meeting, Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group declared a dividend of $48.2 million (Sh4.88 billion) breaking a two year dry spell. Majority of the shareholders expressed disappointment at the jump in bad debts, which is turning out to be an issue in the banking sector. Under the year in question, the group, which operates in more than 30 countries in Africa, realised a 73 per cent jump in its non-performing loans (NPL). Updated Tue, June 21st 2016 at 00:07 GMT +3LOME: Ecobank management was on Friday put to task by its shareholders to explain rising non-performing loans for the lender’s 2015 financial year results.

Source: Standard Digital June 20, 2016 21:11 UTC