Ecobank Group Soars to New Heights: Q3 2024 Banking Activities Yield Remarkable Growth

For the financial year ending September 30, 2024, the Ecobank group presented its results. This shows a significant increase with the net banking result in particular which increased by 8%.

Bidossesi WANOU

“We have made significant progress on our transformation program over the last three quarters.” This was expressed by Jeremy Awori, Group Managing Director of Ecobank, who praised the work of his colleagues during the period. According to information provided by the head of the pan-African bank, at the end of September, the Group’s net banking income, corrected for the devaluation of the African currency against the dollar, increased by 17% at constant exchange rates, to reach 1 . 5 billion dollars. “Profit before tax was $491 million, an increase of 26% at constant exchange rates and the Group’s share of net profit increased by 28% to $232 million. These performances enabled a return on tangible equity of 32.9% and a 4% growth in earnings per share (EPS) to reach 0.94 US cents,” he said. According to him, it is the fruit of the group’s resilience and commitment, until age in a difficult economic context. “These results also demonstrate the strength of our diversified business model and our unwavering commitment to implementing our Growth, Transformation and Profitability (GTR) strategy”, in the opinion of the CEO of the Ecobank group. Expectations for revenue and profit growth are based on strengthening the banking group’s customer-focused activities, thereby providing the products and services customers need.“We are simplifying our transactions, investing in our brand, developing new offers and standardizing our agencies.

In addition, we also address technology gaps by decentralizing technology capabilities where necessary. Therefore, Group leaders have restructured their organizations to prioritize customer focus, thereby creating new opportunities to achieve our goals,” continued DG Awori. He pointed out that the banking group in the third quarter carried out a Eurobond issue of $400 million, 2.1 times oversubscribed by international and African investors, proof of investor confidence in the band’s GTR strategy. In addition to this there are a number of other sports that give the team enthusiasm and motivation to move forward. The banking group remains committed. “Beyond the growth opportunities in each business area, we are redefining our participation models in each market and laying a solid foundation for customer excellence. As always, I would like to sincerely thank my fellow Ecobankers for their hard work and dedication to serving our clients,” the ETI CEO concluded.