Ecobank Transnational Incorporated has announced a significant 179% increase in profit after tax (PAT) for the 2024 financial year, reaching N735.9 billion.
Key Highlights:
- Gross Earnings: 131% increase to N4.22 trillion, driven by higher interest and non-interest revenue.
- Revenue: 133% jump to N3.11 trillion, reflecting improved operational efficiency and cost management.
- Operating Profit: 138% increase to N1.46 trillion, driven by improved loan recoveries and solid growth strategy.
- Total Assets: 67% growth to N43.3 trillion, fueled by higher customer deposits, loan growth, and investment securities.
- Customer Deposits: 66% surge to N31.6 trillion, highlighting increased customer confidence in the bank's services.
Financial Performance:
- Basic and Diluted Earnings Per Share (EPS): 166% increase to 2,019.684 kobo.
- Interest Income: 128% rise to N2.76 trillion, driven by increased income from loans and advances.
- Non-Interest Revenue: 152% growth in fee and commission income, reflecting increased transaction volumes and digital banking adoption.
Operational Efficiency:
- Operating Expenses: 129% increase to N1.65 trillion, driven by higher staff costs, depreciation, and other operational expenditures.
- Net Monetary Loss: No net monetary loss from hyperinflationary economies in 2024, compared to a loss of N25.9 billion in 2023.
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