Ecobank Grows Profit Before Tax By 13% to $540m

The Ecobank Group grew its profit before tax by 13 per cent to $540m in the 2022 financial year. This was disclosed in its audited results for the year ending December 31, 2022, which was released last week.

According to the bank, 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 up 100 per cent to $134m and Consumer Banking, up 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 result 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.

He said, “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.”