Kayode  Tokede

Ecobank Transnational Incorporated (ETI) has announced its 2024 financial year result and accounts with N980.7 billion profit before tax, about 160 per cent growth over N376.49billion reported in 2023 financial year.
The Pan-African financial institution on the Nigeria Exchange Limited (NGX) also disclosed a profit after tax of N735.9 billion in 2024,  up by 179 per cent from N263.52 billion in 2023.

In the year under review, the Group announced N4.2 trillion gross earnings, about 131 per cent growth over N1.83 trillion in the corresponding period.
From the  balance sheet position, the Group’s total assets rose to N43.3 trillion in 2024,  67 per cent increase over N25.92 trillion reported in 2023.

 The major contributing factors to N43.3 trillion total assets include: N15.35 trillion Loans and advances to customers  in 2024, about 53 per cent increase over N10.03 trillion in 2023, while  deposits from customers stood at N31.64 trillion in 2024, up by 66 per cent from N19.01 trillion in 2023.  

Commenting on the 2024 results, CEO of Ecobank Group, Mr. Jeremy Awori in a statement stated, “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. We delivered strong earnings and returns despite a challenging macroeconomic environment characterised 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 per cent, underscoring the strength of our pan-African franchise and disciplined execution. Earnings per share increased by 16 per cent, while tangible book value per share grew by four per cent.

“Excluding the adverse impact of foreign exchange rates, we achieved a record profit before tax of $658 million, up 33 per cent year-on-year, while net revenue rose by 18 per cent to $2.1 billion. Our cost-to-income ratio improved and remained healthy at 53 per cent, 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 86.4per cent and reduced funding costs.

“Considering the challenging macroeconomic environment in some key markets, we adopted a more conservative and prudent approach to lending, which strengthened our liquidity position and increased reserves for expected credit losses. We also enhanced our capital adequacy ratio by 80 basis points to 15.8 per cent, 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 per cent, supported by investments in our digital banking platforms. Our active consumer base grew by nine per cent, with improved product penetration per customer,” Awori added.

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.”