Ecobank Ghana has recorded an exceptional financial performance for the 2024 financial year, reporting a Profit Before Tax (PBT) of GH¢2.4 billion, representing a 139.3% increase over the 2023 figure.
Despite macroeconomic challenges, Profit After Tax (PAT) stood at GH¢1.7 billion against GH¢632.7 million the previous year, reflecting the bank’s ability to contain operational risks and sustain profitability.
This milestone, announced during the Bank’s hybrid Annual General Meeting (AGM) held in Accra, marks a new high in the Bank’s profitability and underscores the effectiveness of its strategic direction.
Ecobank declared a dividend of 34 pesewas per share, while earnings per share reached 527 pesewas, confirming strong returns for shareholders.
Revenue tops GH¢5.4 billion
Total revenues surged to GH¢5.4 billion (GH¢5,359,271,000), driven largely by increases in net interest income and fee-based income.
These gains stemmed from the successful rollout of the Bank’s trade and cash management initiatives.
Net interest income contributed 70% of total revenue, maintaining its lead role in income generation, while non-interest income accounted for 30%, down from 44% in 2023.
Strong cost management
According to Board Chairman Mr. Samuel Ashitey Adjei, the Bank’s cost-to-income ratio stood at 36.8%, a rise from 29.7% in 2023, attributed to strategic cost containment measures and operational efficiencies.
He expressed optimism that the ongoing cost optimization initiatives would improve productivity and profitability going into 2025.
GH¢46 billion total assets
Ecobank’s total assets rose by 37.7%, reaching GH¢46 billion (GH¢46,002,475,000) in 2024.
GH¢32.5 billion customer deposits
Customer confidence in the brand was evident as customer deposits increased by 23.2% to GH¢32.5 billion (GH¢32,454,666,000).
GH¢10.6 billion loans and advances
The Bank’s loans and advances to customers stood at GH¢10.6 billion (GH¢10,600,525,000), while shareholders’ equity hit GH¢5.4 billion (GH¢5,399,672,000) at the close of 2024.
Regulatory compliance
The Bank’s Common Equity Tier 1 ratio was 15.39%, and overall Capital Adequacy Ratio stood at 17.03%, comfortably above the 10% minimum requirement at the end of December 2024.
Value creation for shareholders
The Bank recorded a Return on Average Equity of 38% and Return on Average Assets of 4.3%, both up from 20% and 2.1%, respectively, in 2023—signalling significant value creation for shareholders.
Corporate and Investment Banking
The Corporate and Investment Banking (CIB) Division reversed its previous year’s losses to post a Profit Before Tax of GH¢1.14 billion in 2024.
The turnaround was largely due to reduced impairments and controlled cost growth.
Revenue for the CIB segment ended the year at GH¢2.55 billion, comprising GH¢1.68 billion from Net Interest Income and GH¢872 million from non-funded revenue
Although total revenue dipped by 6% due to softening fee income, Net Interest Income alone grew by a substantial 90%.
The division granted GH¢6.05 billion in loans and mobilized GH¢7.91 billion in deposits.
Strong deposit growth
Ecobank’s Commercial Banking Division recorded revenue growth of 4%, bringing total revenue to GH¢1.037 billion.
This was supported by a 27% growth in non-funded income from improved transactional income lines.
Profit Before Tax in this segment rose by 31% to GH¢325 million, helped by disciplined operating expense control and low impairments.
Loans granted by the unit reached GH¢3.09 billion, while customer deposits grew by an impressive 38%, hitting GH¢8.2 billion.
Growth in deposits was primarily driven by a 38% increase in non-interest bearing deposits, underscoring the success of collection solution deployments.
Mixed fortunes
The Consumer Banking division posted a 9% increase in revenue, totalling GH¢1.8 billion for 2024.
Net interest income grew by 5%, attributed to sustainable balance sheet expansion despite reduced interest rates.
However, Profit Before Tax fell by 11% to GH₵892 million, driven by a 45% surge in operating expenses amid inflationary pressures.
Consumer loans disbursed amounted to GH¢1.47 billion (GH¢1,465,000,000), while deposits jumped by 36% from GH¢12 billion in 2023 to GH¢16.36 billion (GH¢16,358,000,000) in 2024.
Net lending balances also increased by GH¢392 million (36%) to GH¢1.5 billion.
The unit contributed 33% to total revenue and accounted for 50% of the Bank’s total deposits.
Workforce, strategy, and outlook
As a group, Ecobank Ghana operates 79 branches across the country and employs 1,534 staff.
Board Chairman
Board Chairman Mr. Adjei expressed strong confidence in Ecobank Ghana’s future, citing its potential to expand market share, boost profitability, and continue delivering innovative financial solutions that support national economic development.
He reaffirmed the board’s unwavering commitment to ensuring the Bank remains resilient, competitive, and well-positioned for sustainable growth.
According to him, Ecobank would uphold the highest standards of governance, strategic execution, and operational excellence to consistently deliver long-term value to shareholders and other stakeholders.
Mr. Adjei emphasized that the opportunities ahead are substantial, and with a united effort across the institution, Ecobank is well-poised for even greater success in the coming years.
