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Pan-African bank group Ecobank reported a 33% annual increase in profit before tax to a record sum of $658 million for 2024.
One of Africa’s largest banks, Ecobank operates in 33 countries and is headquartered in the Togolese capital Lome. Last year’s revenue growth of 18% to $2.1 billion was driven by increased recurring fee and commission income, “particularly from cross-border payments and trade,” the bank said. Those fees now make up a quarter of overall revenues. Deposits rose to $20.4 billion as the company’s base of consumer and commercial banking customers went up 9%.
Jeremy Awori, Ecobank Group’s CEO, attributed the $3 billion increase in deposits to “a strategic shift toward low-cost, stable current and savings accounts.”
