Ecobank Group 2023 Audited Results: Profit Before Tax $581 Million, Net Revenue $2.1 Billion

Ecobank Group, the pan-African financial services Group, announced its audited full-year 2023 results, posting good preformances despite the challenging operating environment.

In 2023, Ecobank generated a return on tangible shareholders’ equity of 24.9% and increased profit before tax by 8% or 34%, at constant currency, to USD 581m.

Net revenue exceeded the USD 2.0bn mark for the first time since 2015, increasing by 11% or 31% at constant currency to reach USD 2.1bn.

Return on Tangible Shareholders Equity (ROTE) was 24.9%, while Cost-to-income was 53.9%, Loans-to-deposits was 55.4%, and Total Capital Adequacy (CAR) was 15.0%

Non-Performing Loans (NPL ratio) was 5.4% and cost-of-risk at 128 basis points.

Stable credit quality with Non-Performing Loans (NPL ratio) at 5.4% and cost-of-risk at 128 basis points.

The Bank stresses that these results prove the early success of its 5-year Growth, Transformation, and Returns (GTR) strategy.

Commenting on the results, Jeremy Awori, CEO of Ecobank Group, said: “Our encouraging results reflect a re-energized commitment to putting our customers first and the work we have started on revenue diversification, growth, and low-cost deposit mobilization. For instance, our Consumer and Commercial banking businesses increased their share of group-wide revenues and profits. In addition, we continued our proactive approach to disciplined cost management, aimed at eliminating unproductive and wasteful costs and redirecting savings into investments in marketing and branding, sales capabilities, and technology that should drive returns in the future. Since finalizing our GTR strategy, we have moved quickly to take the necessary steps toward winning with our customers. In January, we unveiled our new brand campaign, ‘A BETTER WAY|A BETTER AFRICA,’ at the TotalEnergies CAF Africa Cup of Nations in Côte d’Ivoire 2023, in which Ecobank was a key sponsor. The campaign underscored our commitment to empowering our customers and showcased our digital network and continent-wide connectivity to help them meet their financial goals. Further, to set us up for success, we made changes to our structure and executive management team to make us more effective. Martin Miruka joined us as Group Executive Transformation, Enablement and Customer Experience, a newly created role to help deliver the strategic imperatives of GTR. Anup Suri joined us as Group Executive for our newly combined Consumer & Commercial Banking businesses. Abena Osei-Poku joined us as Managing Director of Ecobank Ghana and Regional Executive of Anglophone West Africa, replacing Daniel Sackey upon retirement. Michael Larbie joined us as Group Executive of Corporate and Investment Banking, replacing Eric Odhiambo, retiring at the end of April. Thierry Mbimi joined us as GE Internal Audit and Management Services, replacing Moustapha Fall, who left in late 2022. These hires are critical to our future and will complement the talent here at Ecobank. They all bring a wealth of global and African experience to the financial services sector. I want to thank the Board for its guidance and support and all Ecobankers for their dedication to our customers and our pan-African purpose. We are confident in the steps we take under our GTR strategy to win with our customers and deliver the returns our shareholders expect of us.”

To get the full details of Ecobank’s Group 2023 audited results, read the Earnings release here: https://ecobank.com/group/investor-relations