Ecobank Ghana has recorded an exceptional financial performance even by its own customarily exemplary standards for the 2024 financial year, reporting a record high pre-tax profit of GHc2.4 billion, this being a 139.3% increase over its profit for 2023.
Profit after tax similarly rose, to GHc1.7 billion, up from GHc632.7 million in the previous year. The performance fulfilled the potential shown from the very first quarter of last year, demonstrating the bank’s ability to drive increasing revenue generation and contain costs to generate increased profitability.
At the bank’s Annual General Meeting held at its head office auditorium last week, Ecobank declared a dividend of 34 pesewas per share, on the back of earnings per share of GHc527 pesewas per share. Shareholders expressed their satisfaction about the bank’s board and management at the event.
Total net revenues surged to GHc5.4 billion driven primarily by increases in both net interest income and net fees and commissions. Net interest income contributed 70% of total income in 2024, while non-interest income accounted for 30%, down from 44% in 2023.
Board Chairman Samuel Ashitey Adjei explained that the cost to income ratio rose to 36.8%, up from 29.7% in 2023 despite stringent cost containment measures and enhanced operational efficiencies.
Ecobank’s total assets rose by 37.7%to reach GHc46 billion by the end of 2024 while an increase of 23.2% in customers deposits to GHc32.5 billion illustrated the strong confidence the banking public reposes in the bank as a safe haven for their savings and investments.
The bank’s loans and advances to customers rose to GHx10.6 billion while shareholders equity reached GHc5.4 billion at the end of 2024.
Ecobank’s Capital Adequacy Ratio was 17.03% – well above the 10% regulatory minimum.
The bank recorded returns on average equity of 38% and returns on average assets of 4.3% up from 20% and 2.1% respectively in 2023 illustrating significantly enhanced value creation for shareholders.
