Ecobank Group Reports $581 Million Pre-Tax Profit in 2023

Femi Onasanya
3 Min Read

Ecobank Group has declared profit before tax of $581 million for the year ending 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 climbed by 11 per cent to $2.064 billion as against $1.862 billion in the similar quarter of 2022.

 

Profit before taxes increased by 8% during the period, from $540 million in 2022 to $581 million in the year under review. As of December 31, 2023, earnings per share were $1.17.

 

Net interest income for 2023 was $1.169 billion, growing 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) was 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 of 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.”

 

According to him, further, to put us up for success, we made modifications to our structure and executive management team to make us more successful.

 

“I want to express my gratitude to the Board for its direction and encouragement, as well as to every Ecobanker for their commitment to our clients and our pan-African mission. We are confident in the actions we take to satisfy our clients and provide the returns our shareholders anticipate from us under our GTR strategy.

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