Ecobank Grows Profit by 13% to $540m

The Ecobank Group grew its Profit Before Tax (PBT) by 13 per cent to $540m in the 2022 financial year.

This is according to the bank’s audited results for the year ending December 31, 2022, which was released recently.

Ecobank said the PBT growth was supported by the benefits of its diversified business model. Within the period under review, the solid profit growth in Commercial Banking went up 100 per cent to $134m.

Consumer banking which also rose 50 per cent to $130m, was partially offset by a decrease of 17 per cent to $333m in Corporate and Investment Banking PBT, mainly due to impairment charges associated with Government of Ghana’s debt restructuring exercise.

The pan-African banking institution also reported net revenues of $1.9bn in the period under review.

As part of its commitment to shareholders, the bank also announced a proposed final dividend payout of $28m or 0.11 US cents per share subject to shareholder approval at its next AGM.

Speaking about the performance in a statement accompanying the financial results, the Chief Executive Officer of Ecobank, Jeremy Awori, said that Ghana’s debt restructuring exercise placed the company in a difficult position during the financial year.

“Ecobank’s strong 2022 performance reflects the strength of our diversified business model, growth momentum and efficiency, and was achieved despite operating in a challenging macroeconomic environment, which also included the difficulties that Ghana’s debt restructuring exercise placed on us.” He said.


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