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Ecobank Transnational Incorporated, a Pan-African banking group, has secured shareholder approval to declare a dividend of $48.2 million for the 2015 full year ended on December 31, 2015.

The shareholder approval was secured during ETI’s Annual General Meeting and Extraordinary General Meeting held at the weekend at the company’s head office in Lome, Togo. The dividend payment translates to two cents per share.

In March this year, ETI had issued a profit warning ahead of the release of its 2015 full-year result because of higher impairment charges on the bank’s non-performing loans.

For the 2015 full year, ETI said its pre-tax profit fell 53 percent year-on-year to N40.59 billion ($205 million) in 2015 while gross revenues rose 11 percent year-on-year to N542.71 billion ($2.11 billion) in 2015.

“Our financial results were poor and clearly not representative of the earnings potential of our diversified pan-African business model,” Emmanuel Ikazoboh, ETI’s Group Chairman, said during the AGM.

ETI’s Board of Directors passed a resolution that the nominal value of the company’s ordinary shares be increased from 2.5 cents per share to 50 cents per share.

This will be done by consolidating every 20 ordinary shares held into one new ordinary share each and issuing in replacement, new ordinary shares of 50 cents each. With the share consolidation, dividend per share would translate to 4 cents per share.