Ecobank Transnational Incorporated (ETI) has delivered a commendable performance for the year ended December 31, 2024, despite the economic challenges faced across various regions. The pan-African bank reported significant growth across multiple financial indicators, reflecting its resilience and the continued strengthening of its diversified business model.
Key Financial Highlights
Gross Earnings: Ecobank’s gross earnings for the year surged to $2.83 billion (NGN 4.22 trillion), a modest increase of 0.2% from the previous year, reflecting its ability to sustain revenue growth amidst global uncertainties.
Operating Income: Operating income reached $2.09 billion (NGN 3.11 trillion), up by 1% year-on-year. This growth was underpinned by strong non-interest revenue, particularly from fees, commissions, and trading income, which collectively drove the bank’s operational strength.
Profit Before Tax (PBT): Ecobank’s profit before tax rose by 13%, reaching $657.83 million (NGN 980.7 billion). The growth was primarily driven by a robust performance in its commercial banking and corporate investment banking sectors across key regions, including Nigeria and Francophone West Africa (UEMOA).
Profit After Tax (PAT): The bank’s PAT increased by 21% to $493.63 million (NGN 735.9 billion), highlighting its strong cost-control measures and effective risk management strategies despite inflationary pressures in some operating environments.
Regional Performance
Ecobank’s operational success is largely attributed to its diverse geographical footprint. The bank’s performance varied across its four main regions:
Nigeria: Ecobank’s Nigerian operations remain the cornerstone of its financial performance, contributing significantly to overall income. The Nigerian segment posted a modest increase in deposits from customers, up 2% year-on-year to $20.4 billion (NGN 31.64 trillion). Loans to customers, however, saw a slight decrease of 6%, reflecting prudent risk management in a challenging macroeconomic environment.
UEMOA (West Africa): The Francophone West Africa region saw a strong uptick in fee and commission income, contributing substantially to Ecobank’s revenue. Non-interest income here surged by 9% year-on-year.
Other Regions (AWA, CESA): Both the Anglophone West Africa and Central, Eastern, and Southern Africa regions demonstrated steady performance, bolstered by strong demand for trade finance and foreign exchange services .
Financial Health and Capital Strength
Ecobank’s total assets stood at $28.0 billion (NGN 43.3 trillion), a 3% increase from the prior year, highlighting the bank’s ability to scale despite macroeconomic pressures. The bank’s equity base also grew by 3%, reaching $1.8 billion (NGN 2.78 trillion). Importantly, Ecobank maintained a solid liquidity position, with customer deposits climbing 2% to $20.4 billion.
Ecobank’s financial results for 2024 showcase the bank’s adaptability and strong market position in a year marked by inflationary pressures, economic instability, and geopolitical tensions. Its diversified revenue streams and effective operational strategies have enabled the bank to maintain profitability and financial stability across its key markets. As Ecobank moves into 2025, it remains well-positioned to capitalize on opportunities across Africa’s growing financial sector.
