Ecobank records GH¢2.4 billion profit before tax in 2024
Ecobank Ghana PLC has posted strong financial performance in 2024 with Profit Before Tax (PBT) soaring to GH¢2. 4 billion.
This represents an increase of 139.3 per cent over the PBT recorded in 2023.
In view of the sterling performance, the Bank declared a dividend of GH¢0.34 pesewas per share.
The Chairman of the Board of Directors of Ecobank Ghana PLC, Samuel Ashitey Adjei, who disclosed this at the company’s 2025 annual general meeting in Accra yesterday, said the bullish growth was driven by the top line growth and cost-saving initiatives which had kept operating expenses largely under check.
He said total revenue in 2024 stood at GH¢5. 4 billion, driven primarily by increases in net interest income and fee-based income, reflecting the successful execution of trade and cash management initiatives.
Mr Adjei said net interest income remained the primary revenue driver comprising 70 per cent of the total, while non- interest income contributed 30 per cent from 44 per cent the previous year.
He said total assets reached GH¢46. 0 billion, representing a 36.7-per cent increase from the previous year’s performance.
Customer deposits, the Chairman said surged by 22.2 per cent year-on-year to GH¢32. 5 billion, reflecting enhanced production offering and strengthened trust in the Ecobank brand and capital and liquidity levels exceeded regulatory requirements.
“This year’s strong performance was driven by the discipline and consistent execution of our strategy across the organisation. We have built a customer-centric plan for growth, allocating our resources and talents to areas where we see the greatest opportunities, aligned with our greatest strength, “he said.
The Chairman said the bank was well-positioned to drive growth and expand the company’s market share in the competitive environment in spite of the unfavourable market conditions.
Mr Adjei said the Bank’s strategy had been anchored on three pillars, namely, Growth, Transformation and Returns (GTR) which focused on expanding the presence of the Bank in existing markets while exploring new opportunities, operational efficiency by leveraging technology, profitability and value creation for shareholders.
The Managing Director of Ecobank Ghana PLC, Abena Osei-Poku, for her part said,
the 2024 financial performance reflected the successful execution of the GTR strategy.
She said 2024 presented a challenging operation environment with macroeconomic and regulatory headwinds, stressing that “Nevertheless, our firm demonstrated extraordinary resilience despite the lingering repercussions of the macroeconomic crises.
BY KINGSLEY ASARE
