Ecobank Transnational Incorporated is experiencing a worrying fall in its price in the three markets where it is listed. The triple penalty of the market, in Lagos, Accra and Abidjan is to be linked with the performance of a group that has not paid dividends since 2017.

In Lagos, Ecobank Transnational Inc ended the week at N5.3, down 76.7% from the peak of N21.5 between August 8 and 10, 2018. On the Ghana Stock Exchange, the stock of the institution founded by the West African Chambers of Commerce closed on May 21 at 0.07 Cedis ($0.012), almost stalling for 52 weeks. At the Regional Stock Exchange (BRVM), the title of the lomé-based group (not to be confused with the paper of the subsidiary Ecobank Côte d'Ivoire, rather appreciated by the market), has been almost frozen for a year at 13 CFA francs ($ 0.024).

The listing of the first pan-African bank by the number of countries of presence (33) in the three financial centers reflects the feeling of the market vis-à-vis a bank that started from a beautiful idea before landing on the rigor of the African banking terrain and fragile monetary zones. With a total balance sheet of $25 billion, the bank is struggling to make profits commensurate with investments.

Indeed, in the first quarter of 2021, the Ecobank Group announced a profit before tax of $ 100 million, up 11% year-on-year, on a turnover of $ 409 million. EPS rose 8% to 0.209 US cents and ROTE* rose 15.7%. Despite these substantial efforts, it seems that the bank will need a massive injection of capital from its shareholders to finance its development in the coming years.