Accra, Ghana//-Ecobank Transnational Incorporated (ETI) has posted impressive financial results in the year ended 31st December 2024.
According to the CEO of Ecobank Group, Jeremy Awori, “2024 was a pivotal year for our Growth, Transformation, and Returns (GTR) strategy. We established solid foundations for our businesses to grow now and in the future.
He added that they delivered strong earnings and returns despite a challenging macroeconomic environment characterized by high inflation, currency depreciation across African markets, rising interest rates, and tighter regulatory conditions in key countries such as Ghana, Nigeria, and Zimbabwe.
“Our return on tangible equity (ROTE) reached a record 32.7%, underscoring the strength of our pan-African franchise and disciplined execution.
Earnings per share increased by 16%, while tangible book value per share grew by 4%. Excluding the adverse impact of foreign exchange rates, we achieved a record profit before tax of $658 million, up 33% year-on-year, while net revenue rose by 18% to $2.1 billion”, he stated in the bank’s 2024 audited financial statement.
Mr Awori stated: “Our cost-to-income ratio improved and remained healthy at 53%, reflecting ongoing operational efficiencies.
Our balance sheet remains robust. We grew our deposit base by approximately $3.0 billion in constant currency, reaching $20.4 billion, driven by a strategic shift toward low-cost, stable current and savings accounts, which improved our CASA ratio to 86.4% and reduced funding costs”.
Considering the challenging macroeconomic environment in some key markets, the bank adopted a more conservative and prudent approach to lending, which strengthened its liquidity position and increased reserves for expected credit losses.
“We also enhanced our capital adequacy ratio by 80 basis points to 15.8%, comfortably above regulatory requirements,” Awori explained.
“Our diversified footprint across 33 African markets continues to be a key competitive advantage. In 2024, we experienced strong momentum in fees and commissions, particularly from cross-border payments and trade”.
We gained 40 basis points of market share in letters of credit, and card revenues increased by 14%, supported by investments in our digital banking platforms. Our active consumer base grew by 9%, with improved product penetration per customer,” Awori continued.
He commended these achievements, which reflect the effective execution of our GTR strategy: “We are sharpening our market focus in each country, accelerating growth in Consumer and Commercial Banking, and expanding our Payments, Remittances, and Fintech capabilities—key pillars of our Seamless Connectivity agenda.
We are redefining banking across Africa by connecting customers to opportunities across borders, platforms, and financial ecosystems. We are making progress in our turnaround markets. The transformation of our Nigeria business is underway, and we continue collaborating with key stakeholders to enhance its performance and realize its future potential.
“I sincerely thank all Ecobank employees for their dedication and performance. 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,” Mr Awori said.
