Ecobank remains well positioned for the future — Board Chairman assures

ECOBANK Ghana PLC is well-positioned to drive growth and expand our market share in the competitive environment, the Board Chairman of the bank, Samuel Ashitey Adjei, has assured.

He said, despite the unfavourable market conditions or economic challenges, the bank is well-equipped to navigate the uncertainties.

“I am optimistic about the bank's prospects and firmly believe that our collective efforts and strategic direction have positioned us well to continue delivering value to our shareholders, while contributing to the broader economic development of our nation,” he stated. 

Mr Adjei gave the assurance at the bank’s 2025 Annual General Meeting (AGM) in Accra last Thursday.

He emphasised that the bank’s financial performance reflected a strong financial resilience with prudent decision-making and a commitment to sound business practices.

“We anticipate that our ongoing cost management efforts will continue to drive improvements in efficiency and profitability in 2025,” he added.

Sustainable growth 

Building on the progress made, he said the bank’s focus remains on creating long-term value for all stakeholders.

That, he said, includes their shareholders, employees, clients and the communities they serve. 

He said the bank would continue to pursue sustainable growth, leveraging its strengths in technology, customer service, and operational efficiency to enhance its offerings and expand its market share.

“Additionally, we will remain steadfast in our commitment to corporate governance, transparency, and accountability. Upholding these principles is essential to maintaining the trust and confidence you, our shareholders, have placed in us. 

We are fully dedicated to delivering on our promises, while also ensuring that we operate with the highest ethical standards,” Mr Adjei stated.

Financial performance 

The bank achieved a total revenue of GH¢5.4 billion, benefiting from a well-diversified business model driven primarily by net interest income and fee-based income.

The consistent quarterly performance in 2024 also resulted in an impressive annual pre-tax profit of GH¢2.4 billion, reflecting a remarkable 139 per cent increase year-on-year.

This performance was fueled by revenue growth and cost-saving initiatives, which have kept operating expenses largely in check.

In view of this, a final dividend of GH¢0.034 per share was declared.

The bank recorded a Cost-Income Ratio of 36.8 per cent, up from 29.7 per cent in the previous year, mainly as a result of inflationary pressures.

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.

Operational efficiency remained resilient, with a cost-to-income ratio of 36.8 per cent. 

The Managing Director of the bank, Abena Osei-Poku, said the bank's total assets grew by 37 per cent reaching GH¢46 billion, whilst customer deposits increased by 23 per cent year-on-year to GH¢32 billion, reflecting the bank's strong deposit franchise, enhanced product offerings and the unwavering trust customers placed in the Ecobank brand.

She said capital and liquidity levels exceeded regulatory requirements, with a Common Equity Tier 1 ratio of 15.39 per cent and an overall Capital Adequacy Ratio of 17.03 per cent, well above the minimum regulatory requirement of 10 per cent as of December 2024.

“The bank delivered strong returns to our shareholders, with Returns on Average Equity and Assets of 38 per cent and 4.3 per cent respectively, both of which were improvements compared to the previous year. 

Our balance sheet remained robust throughout the year, anchored on strong deposit mobilisation and retention, showcasing a strong financial footing in 2024,” she stated.

She affirmed that Ecobank was poised for continued growth in 2025 and beyond.

She added that the bank’s strategy will emphasise empowered teams, innovation, excellent customer experience and enhancing its sustainability footprint.

Responding to the dividend, the General Secretary of the Shareholders Association, Sampson Ashong, commended Ecobank for the dividend declaration and urged the board and management to continue to work efficiently and effectively to ensure the sustainability of the dividend going forward.