Ecobank Ghana PLC has announced a stellar performance for the 2024 financial year at its annual general meeting, with Chairman of the Board, Mr Samuel Ashitey Adjei, hailing the results as a testament to the bank’s strategic focus, resilience, and unyielding commitment to value creation.
In his comprehensive statement to shareholders and stakeholders, Mr. Ashitey Adjei emphasised Ecobank Ghana’s exceptional growth trajectory, strategic transformation initiatives, and strong financial returns, underscored by its core pillars: Growth, Transformation, and Returns (GTR).
“This year’s strong performance was driven by disciplined and consistent execution across our organisation,” Mr. Adjei said. “We built a customer-centric plan for growth, allocating resources and talent to areas of greatest opportunity, aligned with our core strengths.”
Ecobank Ghana recorded a remarkable pre-tax profit of GH¢2.4 billion, a 139.3% increase year-on-year. The bank’s total revenue hit GH¢5.4 billion, driven primarily by a surge in net interest income and fee-based earnings. Total assets grew to GH¢46.0 billion, up 36.7% from the prior year, while customer deposits increased by 23.2% to GH¢32.5 billion.
Operational efficiency was maintained with a cost-to-income ratio of 36.8%, and returns on average equity and assets stood at 38.0% and 4.3%, respectively—nearly doubling from the previous year’s metrics.
Ecobank Ghana also surpassed regulatory thresholds, posting a Common Equity Tier 1 ratio of 15.39% and an overall Capital Adequacy Ratio of 17.03%, well above the Bank of Ghana’s 10% requirement.
In recognition of its stellar performance, the Board proposed a dividend of GH¢0.34 per share.
“We balanced the need to retain profit for business sustainability with our responsibility to reward shareholders,” Mr. Adjei noted.
The bank’s strategy, centred around its GTR model, continues to drive expansion and digital modernisation.
Mr. Adjei reaffirmed Ecobank’s dedication to leading in a digital-first financial environment, highlighting ongoing investments in AI, data analytics, ATM infrastructure upgrades, and anti-money laundering systems.
“Business process automation and enhanced customer-facing platforms have significantly improved operational agility and customer experience. We are building a future-ready bank equipped to thrive in a fast-evolving financial landscape,” he said.
Mr. Adjei applauded the bank’s ability to navigate a volatile economic landscape marked by exchange rate fluctuations, inflationary pressures, and regulatory shifts.
Ghana’s economy showed signs of recovery in 2024, with GDP growth reaching 6.3%, up from 2.6% in 2023. Inflation moderated to 23.8% by year-end, while Gross International Reserves rose to $8.98 billion, covering 4.0 months of imports.
Despite intermittent depreciation, the Ghanaian cedi stabilised in the final quarter of the year, aided by prudent monetary policy and a successful Eurobond debt restructuring deal worth $13 billion.
In a strong push for ESG integration, Ecobank Ghana launched its first Sustainability Week, themed “Promoting Sustainability through Waste Transformation- the Ecobank Way,” which reduced waste by 30% and prevented over 200 tons of CO? emissions annually.
The bank also marked a major milestone with the Green Climate Fund’s approval of the Accelerating Solar Action Program (ASAP).
“Looking forward, Ecobank aims to cut its carbon footprint by 50% by 2030 and increase its sustainable finance portfolio by 20% annually. Sustainability is more than a mandate; it is embedded in our DNA,” Mr. Adjei declared.
Ecobank Ghana invested GH¢2.2 million in educational institutions during its annual Ecobank Day celebration under the theme “Ignite Learning Through AI.” Beneficiary schools, including South Labone Girls Technical Institute and Potter’s Village Orphanage, received digital labs and AI training resources, aimed at equipping students with critical future-ready skills.
The bank’s market leadership was affirmed by a slew of awards in 2024. Notable among them were: Global Finance Awards: Best Sustainable Finance Bank, Best SME Bank, Best Foreign Exchange Bank; Euromoney Awards for Excellence: Ghana’s Best Bank, Best SME Bank, Best Digital Bank; CIMG Awards: Hall of Fame Bank (7th consecutive year) and Ghana Club 100: 7th Best Company in Ghana.
“These awards reflect our consistency in delivering value and our commitment to service excellence,” said Mr. Adjei.
Mr. Adjei acknowledged the contributions of Dr. John Ofori-Tenkorang and Dr. Edward Nartey Botchway, who both resigned from the board in 2024.
He credited them with helping to shape the bank’s governance and strategic frameworks during their tenure.
Mr. Adjei closed his address with a message of optimism, resilience, and unity: “The road ahead is full of opportunity. Our strategy is clear, our execution is strong, and our commitment to stakeholders is unwavering. Together, we are building a bank that is not only future-ready but also a catalyst for Ghana’s economic transformation.
He extended gratitude to shareholders, employees, regulators, and customers while also acknowledging the exemplary leadership of Managing Director Mrs. Abena Osei-Poku, under whose guidance the bank has solidified its market leadership.
Source: GNA
The post Ecobank Ghana PLC announces strong 2024 financial performance appeared first on Ghana Business News.
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