Saturday, October 11, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

Ecobank Ghana posts GH₵2.4bn profit before tax in 2024

Ecobank Ghana reports strong 2024 financial performance with GH₵2.4 billion profit before tax.#

NewsCenta by NewsCenta
June 12, 2025
in Business
0
Ecobank Ghana
Share on FacebookShare on Twitter

Ecobank Ghana has recorded an exceptional financial performance for the 2024 financial year, reporting a Profit Before Tax (PBT) of GH₵2.4 billion, representing a 139.3% increase over the 2023 figure.

Despite macroeconomic challenges, Profit After Tax (PAT) stood at GH₵1.7 billion against GH₵632.7 million the previous year, reflecting the bank’s ability to contain operational risks and sustain profitability.

You might also like

Ghana IMF programme

Ghana passes fifth review of IMF programme

October 10, 2025
Customer Service businesses

Businesses missing the point of Customer Service Week

October 10, 2025

This milestone, announced during the Bank’s hybrid Annual General Meeting (AGM) held in Accra, marks a new high in the Bank’s profitability and underscores the effectiveness of its strategic direction.

Ecobank declared a dividend of 34 pesewas per share, while earnings per share reached 527 pesewas, confirming strong returns for shareholders.

Revenue tops GH₵5.4 billion

Total revenues surged to GH₵5.4 billion (GH₵5,359,271,000), driven largely by increases in net interest income and fee-based income.

These gains stemmed from the successful rollout of the Bank’s trade and cash management initiatives.

Net interest income contributed 70% of total revenue, maintaining its lead role in income generation, while non-interest income accounted for 30%, down from 44% in 2023.

Strong cost management

According to Board Chairman Mr. Samuel Ashitey Adjei, the Bank’s cost-to-income ratio stood at 36.8%, a rise from 29.7% in 2023, attributed to strategic cost containment measures and operational efficiencies.

He expressed optimism that the ongoing cost optimization initiatives would improve productivity and profitability going into 2025.

GH₵46 billion total assets 

Ecobank’s total assets rose by 37.7%, reaching GH₵46 billion (GH₵46,002,475,000) in 2024.

GH₵32.5 billion customer deposits

Customer confidence in the brand was evident as customer deposits increased by 23.2% to GH₵32.5 billion (GH₵32,454,666,000).

GH₵10.6 billion loans and advances

The Bank’s loans and advances to customers stood at GH₵10.6 billion (GH₵10,600,525,000), while shareholders’ equity hit GH₵5.4 billion (GH₵5,399,672,000) at the close of 2024.

Regulatory compliance and returns

Ecobank exceeded all regulatory benchmarks.

Its Common Equity Tier 1 ratio was 15.39%, and overall Capital Adequacy Ratio stood at 17.03%, comfortably above the 10% minimum requirement at the end of December 2024.

Value creation for shareholders

The Bank recorded a Return on Average Equity of 38% and Return on Average Assets of 4.3%, both up from 20% and 2.1%, respectively, in 2023—signalling significant value creation for shareholders.

Corporate and Investment Banking

The Corporate and Investment Banking (CIB) Division reversed its previous year’s losses to post a Profit Before Tax of GH₵1.14 billion in 2024.

The turnaround was largely due to reduced impairments and controlled cost growth.

Revenue for the CIB segment ended the year at GH₵2.55 billion, comprising GH₵1.68 billion from Net Interest Income and GH₵872 million from non-funded revenue

Although total revenue dipped by 6% due to softening fee income, Net Interest Income alone grew by a substantial 90%.

The division granted GH₵6.05 billion in loans and mobilized GH₵7.91 billion in deposits.

Commercial Banking: Strong deposit growth

Ecobank’s Commercial Banking Division recorded revenue growth of 4%, bringing total revenue to GH₵1.037 billion.

This was supported by a 27% growth in non-funded income from improved transactional income lines.

Profit Before Tax in this segment rose by 31% to GH₵325 million, helped by disciplined operating expense control and low impairments.

Loans granted by the unit reached GH₵3.09 billion, while customer deposits grew by an impressive 38%, hitting GH₵8.2 billion.

Growth in deposits was primarily driven by a 38% increase in non-interest bearing deposits, underscoring the success of collection solution deployments.

Consumer Banking: Mixed fortunes

The Consumer Banking division posted a 9% increase in revenue, totalling GH₵1.8 billion for 2024.

Net interest income grew by 5%, attributed to sustainable balance sheet expansion despite reduced interest rates.

However, Profit Before Tax fell by 11% to GH₵892 million, driven by a 45% surge in operating expenses amid inflationary pressures.

Consumer loans disbursed amounted to GH₵1.47 billion (GH₵1,465,000,000), while deposits jumped by 36% from GH₵12 billion in 2023 to GH₵16.36 billion (GH₵16,358,000,000) in 2024.

Net lending balances also increased by GH₵392 million (36%) to GH₵1.5 billion.

The unit contributed 33% to total revenue and accounted for 50% of the Bank’s total deposits.

Workforce, strategy, and outlook

As a group, Ecobank Ghana operates 79 branches across the country and employs 1,534 staff.

Board Chairman

Board Chairman Mr. Adjei expressed strong confidence in Ecobank Ghana’s future, citing its potential to expand market share, boost profitability, and continue delivering innovative financial solutions that support national economic development.

He reaffirmed the board’s unwavering commitment to ensuring the Bank remains resilient, competitive, and well-positioned for sustainable growth.

According to him, Ecobank would uphold the highest standards of governance, strategic execution, and operational excellence to consistently deliver long-term value to shareholders and other stakeholders.

Mr. Adjei emphasized that the opportunities ahead are substantial, and with a united effort across the institution, Ecobank is well-poised for even greater success in the coming years.

Managing Director

Managing Director, Mrs. Abena Osei-Poku, attributed the Bank’s record profitability to aggressive cost-saving initiatives, which effectively contained operating expenses.

She noted that through disciplined cost management and operational efficiency, the Bank successfully created value for shareholders and drove sustainable growth.

Mrs. Osei-Poku reaffirmed the Bank’s commitment to maintaining its position as the undisputed market leader in Ghana’s highly competitive and rapidly evolving banking environment.

Post Views: 545
Tags: Ecobank Ghana
NewsCenta

NewsCenta

Related Stories

Ghana IMF programme

Ghana passes fifth review of IMF programme

by NewsCenta
October 10, 2025
0

Ghana has reached a significant milestone in its economic recovery efforts with the successful conclusion of a Staff-Level Agreement (SLA)...

Customer Service businesses

Businesses missing the point of Customer Service Week

by NewsCenta
October 10, 2025
0

Many businesses are fundamentally misunderstanding the purpose of Customer Service Week celebrations, according to acclaimed service excellence expert Jerry Halm....

Banking NPLs

Banking sector NPLs rise to GH¢20.7bn in 6 months of 2025

by NewsCenta
October 8, 2025
0

Banking sectors' total Non-Performing Loans (NPLs) reached GH¢20.7 billion at the end of June 2025 — a 1.3% increase from...

BoG gold purchases

BoG to sell $1.15bn for gold purchases

by NewsCenta
October 7, 2025
0

The Bank of Ghana (BoG) will begin foreign exchange (FX) intermediation under its Domestic Gold Purchases Programme (DGPP) this October...

Recommended

Foods breast cancer

5 foods that help fight breast cancer

October 11, 2025
Poultry Kwaw Kese

I’ll start poultry farm under Mahama’s ‘Nkokɔ Nkitinkiti’ initiative — Kwaw Kese

October 11, 2025
Chinese Ghana Bar

Chinese man among 824 qualified lawyers called to the Ghana Bar

October 11, 2025

Popular Story

  • Songs Daddy Lumba

    See the list of over 200 songs Daddy Lumba released

    743 shares
    Share 297 Tweet 186
  • The true story behind Ghana’s acceptance of deportees

    714 shares
    Share 286 Tweet 179
  • Gold-backed policies since 2021 driving economic gains — BoG

    714 shares
    Share 286 Tweet 179
  • 10 of top 11 causes of death killing more men in Ghana

    699 shares
    Share 280 Tweet 175
  • Bissue floors High Court and OSP at Supreme Court

    691 shares
    Share 276 Tweet 173
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Opinion
  • Trade
  • Newspaper Headlines

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us