Ecobank Group Reports Pre-tax Profit Of $581m In 2023

Ecobank Group has posted profit before tax of $581 million for the year ended December 31, 2023.

The pan-African financial services Group released its audited 2023 year end results on the Nigerian Exchange reflected the resilience of Ecobank’s diversified business model, efficiency, and stability.

The Group revenue grew by 11 per cent to $2.064 billion as against $1.862 billion in the corresponding period of 2022.

Profit before tax for the period rose by eight per cent from $540 million in 2022 to $581 million in the year under review , while earnings per share as at December 31, 2023 stood at $1.17.

Net interest income for 2023 was $1.169 billion, increasing by 15 per cent and the net interest margin (NIM) was 5.4 per cent compared with a net interest income of $1.014 million.

Group gross loans and advances (EOP) stood at $11.1 billion in December 2023, compared to $11.5 billion in December 2022, while Group’s customer deposit amounted to $20.0 billion compared to $20.8 billion as at December 2022.

Speaking on the results, CEO of Ecobank Group, Jeremy Awori said, “our encouraging results reflect a re-energised commitment to putting our customers first and the work we have started on revenue diversification, growth, and low-cost deposit mobilisation.

“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.”

Awori added that “since finalising our GTR strategy, we have moved quickly to take the necessary steps toward winning with our customers.”

According to him, further, to set us up for success, we made changes to our structure and executive management team to make us more effective.

“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.”