Ecobank Achieves Record $2.1 Billion Revenue Amid Strong Fee and Commission Growth
The Ecobank Group has reported a strong financial performance for the 2024 fiscal year, with attributable profit after tax to ETI shareholders increasing by 16% to $333 million. Revenue rose by 18% at constant currency to $2.1 billion, driven by stable and recurring fee and commission (FC) income growth. FC income as a percentage of revenues improved to 25.1% from 23.5% in 2023.
Customer deposits grew by 17% to $20.4 billion, reflecting deepened customer engagement and an increase in current account deposits. The bank also strengthened its balance sheet liquidity buffers, with a loan-to-deposit ratio of 53% compared to 53.9% in the previous year, while loan-to-assets declined to 37.6% from 40.6%.
Strong Performance in Corporate & Investment Banking
In Corporate & Investment Banking (CIB), wholesale payments saw significant growth, increasing by 25% to $73 billion on OMNI Plus and 24% to $7.8 billion on RapidCollect.
The bank’s share of Letters of Credit also improved by 40 basis points to 5.2%, underscoring the strength of its trade finance business.
CEO Highlights Strategic Growth
Commenting on the bank’s performance, Jeremy Awori, CEO of Ecobank Group, 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 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.”
He further highlighted, “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. 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.”
Strengthened Liquidity and Capital Adequacy
Mr Awori noted that given the challenging macroeconomic environment in key markets, the bank adopted a more conservative lending approach, strengthening its liquidity position and increasing reserves for expected credit losses. He stated, “We also enhanced our capital adequacy ratio by 80 basis points to 15.8%, comfortably above regulatory requirements.”
Expanding Market Presence and Digital Banking
The Ecobank CEO emphasized the bank’s competitive advantage through its diversified footprint across 33 African markets. “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.”
He reaffirmed the bank’s commitment to its GTR strategy, stating, “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.”
Mr Awori also mentioned ongoing efforts to improve the bank’s Nigerian operations, stating, “The transformation of our Nigeria business is underway, and we continue collaborating with key stakeholders to enhance its performance and realize its future potential.”
