Ecobank Ghana PLC has reported a stellar financial performance for 2024, underpinned by prudent decision-making, resilience, and sound business practices.
The results were announced by the bank’s Board Chairman, Mr. Samuel Ashitey Adjei, at the Bank’s 2025 Annual General Meeting (AGM), which pooled shareholders, board members, and key stakeholders to review the Bank’s performance and strategic direction.
Mr. Adjei noted that “2024 was another strong year for Ecobank Ghana PLC. The bank’s consistent quarterly performance and robust full-year results reflect our strong financial resilience and our unwavering focus on enhancing profitability, managing risk prudently, and amplifying our positive impact on society.”
Ecobank Ghana’s total revenue for the year reached GH¢5.4 billion, driven primarily by growth in net interest income and fee-based income, thanks to the successful execution of the bank’s trade and cash management strategies. Net interest income contributed 70% of total revenue, while non-interest income made up 30%, down from 44% in 2023.
The bank recorded a pre-tax profit of GH¢2.4 billion, representing a significant 139.3% increase year-on-year, fuelled by topline growth and cost-saving initiatives that kept operating expenses under control. Operational efficiency remained a focus, with a cost-to-income ratio of 36.8%, as the bank continued efforts to enhance profitability in 2025.
Ecobank Ghana’s total assets surged by 36.7% to GH¢46 billion, while customer deposits increased by 23.2% to GH¢32.5 billion, reflecting enhanced product offerings and growing customer confidence in the brand. The bank’s capital and liquidity remained solid, with a Common Equity Tier 1 ratio of 15.39% and Capital Adequacy Ratio of 17.03%, well above the regulatory minimum of 10%.
Returns on average equity and assets stood at 38.0% and 4.3%, respectively, both metrics showing strong improvement over the previous year’s 20.0% and 2.1%.
Ecobank’s Managing Director, Mrs. Abena Osei-Poku, commended the dedication of Ecobank’s staff, stating: “I am proud of the resilience of my colleagues and what they continue to achieve both individually and collectively. Our strong deposit franchise and unwavering customer trust have anchored our financial strength in 2024.”
Mrs. Osei-Poku stressed that despite inflationary pressures, Ecobank’s ongoing cost management initiatives are expected to further enhance operational efficiency and profitability in 2025.
Ecobank Ghana’s robust balance sheet and solid performance reaffirm its leadership position in the banking sector, as it remains focused on delivering sustainable value to shareholders and supporting Ghana’s economic growth.
