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Ecobank Surpasses 2 Billion USD Revenue Milestone in 2023

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Ecobank Surpasses 2 Billion USD Revenue Milestone in 2023

Ecobank, the pan-African financial services group, has announced its audited results for 2023, demonstrating strong performance despite challenging operating conditions. The financial results reflect growing confidence from its shareholders, partners, and customers across Africa.

Ecobank 2023 financial results : Positive points overall

In 2023, Ecobank achieved a return on tangible equity of 24.9 % and increased its profit before tax by 8 %, or 34 % at constant exchange rates, reaching 581 million USD. Operating in 22 African countries, the bank’s net sales surpassed the USD 2 billion mark for the first time since 2015.

Some results published by Ecobank for fiscal year 2023:

  • Return on tangible equity (ROTE) was 24.9
  • Cost/income was 53.9
  • Loan/deposit ratio was 55.4
  • Total capital adequacy (TCA) was 15.0
  • Non-performing loans (NPL ratio) stood at 5.4 % (cost of risk at 128 basis points)
  • Stable credit quality with non-performing loans (NPL ratio) at 5.4% (cost of risk at 128 basis points).

Ecobank emphasizes that these results showcase the early success of its five-year Growth, Transformation, and Return (GTR) strategy.

Reducing unproductive costs and maximizing investments

Commenting on the results, Jeremy Awori, Ecobank Group CEO, says : « Our encouraging results reflect a renewed commitment to putting our customers first and the work we have begun on revenue diversification, growth and low-cost deposit mobilization. For example, our retail and commercial banking activities have increased their share of Group-wide revenues and profits ».

The financial group adopts a proactive approach to disciplined cost management, eliminating unproductive and unnecessary expenses while redirecting savings toward investments in marketing and branding. This strategy aims to enhance sales capabilities and technology, ensuring continued returns in the future.

Ecobank : African-wide digital network

Since finalizing the GTR strategy, Ecobank has swiftly taken steps to gain customer trust. In January 2024, the banking group launched a new brand campaign, « A BETTER CHOICE – A BETTER AFRICA », during the TotalEnergies CAF Africa Cup of Nations in Côte d’Ivoire 2023, where Ecobank was a key sponsor. The campaign highlights Ecobank’s commitment to empowering its customers and showcasing its extensive digital network and connectivity across the continent to help them achieve their financial goals.

Smart, winning changes for Ecobank

To set itself up for success, Ecobank is making changes to its operational structure and management team to be more efficient:

  • Martin Miruka joins the institution as Group Head of Transformation, Enablement and Customer Experience.
  • Anup Suri joins Ecobank as Group Head of the new consumer and commercial banking activities.
  • Abena Osei-Poku joins Ecobank as Managing Director of Ecobank Ghana and Regional Director for English-speaking West Africa, replacing Daniel Sackey on retirement.
  • Michael Larbie is appointed Group Head, Corporate and Investment Banking, replacing Eric Odhiambo, who retired at the end of April.
  • Thierry Mbimi arrives as GE Internal Audit and Management Services, replacing Moustapha Fall, who leaves at the end of 2022.

All these recruitments are pivotal for the future of the banking group and complement Ecobank’s existing talent pool. These finance experts bring a wealth of global and African experience to the financial services sector, bolstering the momentum of Africa’s 2024 economic growth outlook. Ecobank remains confident that its GTR strategy will deliver the anticipated returns for shareholders.

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