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Ecobank GhanaGHSE:EGH Stock Report

Market Cap







17 Oct, 2021


Company Financials +
EGH fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance5/6
Financial Health4/6

EGH Overview

Ecobank Ghana Limited provides retail, corporate, investment banking, and other financial services in Ghana.

Ecobank Ghana Competitors

Standard Chartered Bank Ghana



GCB Bank



Societe Generale Ghana



Access Bank (Ghana)



Price History & Performance

Summary of all time highs, changes and price drops for Ecobank Ghana
Historical stock prices
Current Share PriceGH₵7.81
52 Week HighGH₵0
52 Week LowGH₵0
1 Month Change0.13%
3 Month Change11.57%
1 Year Change30.17%
3 Year Change-1.76%
5 Year Change25.78%
Change since IPO833.81%

Recent News & Updates

Shareholder Returns

EGHGH BanksGH Market

Return vs Industry: EGH underperformed the GH Banks industry which returned 36.1% over the past year.

Return vs Market: EGH underperformed the GH Market which returned 67.3% over the past year.

Price Volatility

Is EGH's price volatile compared to industry and market?
EGH volatility
EGH Beta0.65
Industry Beta0.58
Market Beta1

Stable Share Price: EGH is not significantly more volatile than the rest of GH stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: EGH's weekly volatility (3%) has been stable over the past year.

About the Company

19891,636Dan Kwei-Kumah Sackey

Ecobank Ghana Limited provides retail, corporate, investment banking, and other financial services in Ghana. It operates through three segments: Consumer Banking, Commercial Banking, and Corporate Banking. The company offers current, savings, and electronic accounts; personal, auto and asset acquisition, mortgage, travel, and cash backed loans, as well as salary advance facility; microfinance products and services; term deposits; investment and advisory services; investment management services; operating and finance lease services; and venture capital and fund management services.

Ecobank Ghana Fundamentals Summary

How do Ecobank Ghana's earnings and revenue compare to its market cap?
EGH fundamental statistics
Market CapGH₵2.52b
Earnings (TTM)GH₵622.00m
Revenue (TTM)GH₵1.80b


P/E Ratio


P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EGH income statement (TTM)
Cost of RevenueGH₵0
Gross ProfitGH₵1.80b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date


Earnings per share (EPS)1.93
Gross Margin100.00%
Net Profit Margin34.48%
Debt/Equity Ratio2.5%

How did EGH perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio


Is Ecobank Ghana undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: EGH (GHS7.81) is trading below our estimate of fair value (GHS14.05)

Significantly Below Fair Value: EGH is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: EGH's PE Ratio (4.1x) is in line with the GH Banks industry average.

PE vs Market: EGH is good value based on its PE Ratio (4.1x) compared to the GH market (5.3x).

Price to Earnings Growth Ratio

PEG Ratio: EGH is good value based on its PEG Ratio (0.4x)

Price to Book Ratio

PB vs Industry: EGH is overvalued based on its PB Ratio (1x) compared to the GH Banks industry average (0.7x).

Future Growth

How is Ecobank Ghana forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: EGH's forecast earnings growth (11.3% per year) is above the savings rate (9.1%).

Earnings vs Market: EGH's earnings (11.3% per year) are forecast to grow slower than the GH market (12.7% per year).

High Growth Earnings: EGH's earnings are forecast to grow, but not significantly.

Revenue vs Market: EGH's revenue (12.2% per year) is forecast to grow slower than the GH market (15.8% per year).

High Growth Revenue: EGH's revenue (12.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: EGH's Return on Equity is forecast to be high in 3 years time (23.1%)

Past Performance

How has Ecobank Ghana performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EGH has high quality earnings.

Growing Profit Margin: EGH's current net profit margins (34.5%) are higher than last year (32.7%).

Past Earnings Growth Analysis

Earnings Trend: EGH's earnings have grown by 16.9% per year over the past 5 years.

Accelerating Growth: EGH's earnings growth over the past year (28.5%) exceeds its 5-year average (16.9% per year).

Earnings vs Industry: EGH earnings growth over the past year (28.5%) underperformed the Banks industry 32.6%.

Return on Equity

High ROE: EGH's Return on Equity (24.1%) is considered high.

Financial Health

How is Ecobank Ghana's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: EGH's Assets to Equity ratio (6.4x) is low.

Allowance for Bad Loans: EGH has a low allowance for bad loans (93%).

Low Risk Liabilities: 94% of EGH's liabilities are made up of primarily low risk sources of funding.

Loan Level: EGH has an appropriate level of Loans to Assets ratio (28%).

Low Risk Deposits: EGH's Loans to Deposits ratio (35%) is appropriate.

Level of Bad Loans: EGH has a high level of bad loans (6.7%).


What is Ecobank Ghana current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: EGH's dividend (7.04%) is higher than the bottom 25% of dividend payers in the GH market (4.71%).

High Dividend: EGH's dividend (7.04%) is low compared to the top 25% of dividend payers in the GH market (8.17%).

Stability and Growth of Payments

Stable Dividend: EGH's dividend payments have been volatile in the past 10 years.

Growing Dividend: EGH's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.3%), EGH's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: EGH's dividends in 3 years are forecast to be well covered by earnings (33.3% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Dan Kwei-Kumah Sackey



Mr. Daniel Nii Kwei-Kumah Sackey, also known as Dan, has been Managing Director of Ecobank Ghana Limited since September 1, 2016. Mr. Kwei-Kumah Sackey serves as Regional Executive of Anglophone West Afric...

Leadership Team

Experienced Management: EGH's management team is considered experienced (4.8 years average tenure).

Board Members

Experienced Board: EGH's board of directors are considered experienced (4.6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Ecobank Ghana Limited's employee growth, exchange listings and data sources

Key Information

Number of Employees


  • Ecobank Ghana Limited
  • 2 Morocco Lane
  • Off The Independence Avenue
  • Accra
  • Ghana


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/17 17:03
End of Day Share Price2021/10/13 00:00
Annual Earnings2020/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.