Ecobank Ghana PLC has announced exceptional financial results for 2024, with pre-tax profits surging 139% to GH¢2.4 billion.
The performance, revealed at the bank’s Annual General Meeting in Accra, demonstrates strong recovery and growth across all key metrics despite Ghana’s challenging economic climate.
Board Chairman Samuel Ashitey Adjei attributed the results to disciplined execution of the bank’s strategy, noting total revenue reached GH¢5.4 billion with net interest income constituting 70% of earnings. Customer deposits grew by 23% to GH¢32.5 billion, while total assets expanded 37% to GH¢46 billion – reflecting strengthened confidence in the Ecobank brand.
“The numbers confirm our financial resilience and strategic focus,” Adjei told shareholders. Managing Director Abena Osei-Poku highlighted staff dedication and cost management as critical success factors, with the bank maintaining an industry-leading cost-to-income ratio of 36.8%. Capital buffers remained robust at 17.03% – significantly above the 10% regulatory requirement.
Ecobank’s performance outpaced the banking sector’s average growth, with return on equity jumping to 38% from 20% in 2023. The bank credits its trade finance and cash management solutions for driving fee-based income, though this contribution declined to 30% of revenue from 44% previously.
Looking ahead, management plans to sustain momentum through digital innovation and operational efficiency measures. “We’re positioned to deliver even greater value in 2025 while supporting Ghana’s economic development,” Osei-Poku stated. The results solidify Ecobank’s position as one of Ghana’s most profitable financial institutions.
