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Ecobank Group Announces Strong Financial Results for Full Year 2023

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louis Buyisiwe

May 8, 2024

Gained PBT of US$581 Million and Record Net Revenue of US$2.1 Billion

ECO Bank CEO Jeremy Owori on left

Ecobank Group, a leading pan-African financial institution, has released its audited financial results for the full year of 2023, showcasing a robust financial performance amidst a challenging global landscape. The Group reported a significant profit before tax (PBT) of US$581 million and a record-breaking net revenue of US$2.1 billion, marking the first time since 2015 that revenues have surpassed the $2.0 billion threshold.

Key Financial Highlights:
  • Net Revenue Growth: Ecobank's net revenue increased by 11% year-over-year, or 31% at constant currency, reaching a milestone of $2.1 billion. This achievement underscores the early success of the Group's five-year Growth, Transformation and Returns (GTR) strategy.

  • Profitability Metrics: The return on tangible shareholders' equity (ROTE) stood impressively at 24.9%. The cost-to-income ratio was maintained at 53.9%, demonstrating effective cost management within the Group.

  • Balance Sheet Strength: Ecobank reported a stable loans-to-deposits ratio of 55.4% and a total capital adequacy ratio (CAR) of 15.0%, indicating a strong and resilient balance sheet.

  • Credit Quality: The non-performing loans (NPL) ratio was maintained at 5.4%, with a cost of risk at 128 basis points, reflecting stable credit quality.

Strategic Initiatives and Operational Success:

Jeremy Awori, CEO of Ecobank Group, expressed satisfaction with the results, highlighting the organization's re-energized focus on customer-centricity and strategic revenue diversification.

"Our results reflect our ongoing commitment to serving our customers excellently while focusing on growing low-cost deposits and revenue diversification," said Awori. The Consumer and Commercial banking segments notably increased their contribution to the Group's overall revenues and profits.

Ecobank's proactive cost management strategies have also been pivotal. The Group has focused on eliminating unproductive expenses, reallocating savings to boost marketing, branding, sales capabilities, and technological advancements aimed at enhancing future returns.

As Ecobank continues to navigate a complex economic environment, its diversified business model, coupled with strategic investments in digital transformation and market expansion, positions it well for sustained growth and profitability. The successful execution of its GTR strategy not only reinforces Ecobank's financial stability but also enhances its capability to deliver superior value to shareholders and customers across Africa

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