Ecobank records $658m pre-tax profit in 2024

Ecobank Group has reported a record profit before tax of $658 million for the full year ended December 31, 2024, representing a 33% increase at constant currency, according to its audited financial results released today.

The pan-African banking giant also posted net revenues of $2.1 billion, an 18% rise at constant currency, and earnings per share of 1.36 US cents, up 16% year-on-year.

The Group’s return on tangible equity (ROTE) reached a record 32.7%, up from 24.9% in 2023, while its cost-to-income ratio (CIR) improved to 53%, reflecting disciplined cost management, strong fee and commission growth, and successful geographic diversification.

Profit after tax attributable to Ecobank Transnational Incorporated (ETI) shareholders rose to $333 million, marking a 16% increase from the prior year. Tangible book value per share also grew by 4% to 4.20 US cents.

“We delivered strong earnings and returns despite a challenging macroeconomic environment characterized by high inflation, currency depreciation across African markets, and tighter regulatory conditions in key countries such as Ghana, Nigeria, and Zimbabwe,” said Jeremy Awori, CEO of Ecobank Group.

Awori highlighted the impact of the bank’s Growth, Transformation, and Returns (GTR) strategy, emphasizing that the Group had “established solid foundations for our businesses to grow now and in the future.”

Ecobank’s performance was underpinned by a 25.1% contribution of fee and commission income to overall revenues, up from 23.5% in 2023, with card revenue alone growing 14% to $91 million. The bank launched its Premium Infinite Card in eight markets and introduced a new business line—Payments, Remittances, and Banking as a Service (BaaS)—in partnership with cross-border fintech players like XTransfer, TransferTo, and Nium.

Customer deposits grew by 17% at constant currency to $20.4 billion, aided by a strategic shift to low-cost current and savings accounts, which boosted the CASA ratio to 86.4% from 83.4% in 2023. Gross loans, however, declined by 5% year-on-year to $10.5 billion, as the Group adopted a more conservative lending approach and proactively increased reserves for expected credit losses.

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The Consumer & Commercial Banking segment saw a 9% rise in active customers and improved product penetration, while the Corporate & Investment Banking unit recorded a 25% increase in wholesale payments via OMNI Plus and a 24% rise on RapidCollect, totaling $73 billion and $7.8 billion, respectively.

Regionally, UEMOA led in profitability with a profit before tax (PBT) of $345 million, followed by Central, Eastern, and Southern Africa (CESA) at $297 million. Nigeria, despite macroeconomic headwinds, posted a marginal profit of $5 million, with plans for continued transformation underway.

Awori added: “We are redefining banking across Africa by connecting customers to opportunities across borders, platforms, and financial ecosystems. Our diversified footprint across 33 African markets continues to be a key competitive advantage.”

The bank also strengthened its capital adequacy ratio to 15.8% under Basel II/III, up from 15.0%, and maintained a healthy liquidity profile, with a loan-to-deposit ratio of 53% and a loan-to-assets ratio of 37.6%.

Concluding, Awori thanked Ecobank employees across all markets, saying, “Together, we are building a future-ready institution that will unlock further value for our shareholders, support our clients, and drive inclusive growth across the continent.”