Ecobank Group reports 16% rise in profit in FY'24

Ecobank Group, a leading financial institution in Africa, has reported a 16% rise in profit in the fiscal year 2024, reaching a substantial $333 million. The net revenue also saw a significant increase of 18% to $2.1 billion, driven by stable and recurring fee and commission income growth. Jeremy Awori, the Chief Executive Officer of Ecobank Group, expressed his satisfaction with the bank's performance in 2024, emphasizing that it was a pivotal year as the institution implemented its Growth, Transformation, and Returns strategy. Awori highlighted that 2024 marked the first full year of the new strategic approach for Ecobank Group. The bank generated $658 million of PBT and achieved a return on tangible equity of almost 33%. This shift in performance was particularly noticeable in the regional growth, with three out of the four regions demonstrating strong double-digit growth in profits before tax (PBT). One standout region was Anglophone West Africa, which experienced a remarkable 41% growth at the PBT level. He also noted the significant investments made in various business sectors such as consumer, commercial, corporate, and investment banking. The corporate and investment banking division experienced the fastest growth, while the bank also forged strategic partnerships with global players like Neum, Transfer2, and X-Transfer in the payments and remittance business, aiming to drive future growth and deliver enhanced customer value across the continent. In the context of the Nigerian market, Awori addressed the regulatory changes initiated by the Central Bank of Nigeria, including FX reforms and recapitalization requirements for banks. Despite these changes posing some challenges, he expressed optimism about the stability they could bring to the economy and the country, fostering confidence and attracting more investments. Ecobank's wide presence across 35 African countries positions it as a leading player in the market. The bank's single payment and technology platform enable real-time payments across the continent, facilitating trade finance and cross-border transactions for its customers. Awori emphasized the importance of supporting African businesses in expanding their trade activities, especially amid the evolving geopolitical landscape. Looking ahead, Ecobank Group aims to focus on growing its consumer and commercial businesses within Nigeria. Despite not fully reflecting in the current results, the bank has seen significant revenue and profit growth in these sectors. Awori outlined plans to introduce new products based on customer feedback and continue strengthening the core corporate and investment banking business to cater to unique client needs. In conclusion, Ecobank Group's robust performance in 2024 and strategic growth plans for 2025 underpin its commitment to driving financial inclusion, fostering economic development, and promoting cross-border trade in Africa.