Monday, September 8, 2025
25.4 C
Lagos

Ecobank Group: $2bn Revenue, $540m Profit, $28m Dividend in 2022

 

The Ecobank Group grew its profit before tax by 13 per cent to $540 million 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 $134 million and Consumer Banking, up 50 per cent to $130 million, was partially offset by a decrease of 17 per cent to $333 million 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 $1.9 billion 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.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Lagos Shopping Festival 2O15 Set for Dec. 17

The maiden edition of Lagos Shopping Festival 2O15 is set for December 17, 18 and 19 at Tafawa Balewa Square [TBS], Lagos. The theme is: ‘Reinventing the Nigerian Economy via Non-oil Export.’ A statement by Prince Cookey, CEO, Lagos Shopping Festival 2O15, says the Festival is a bargain opportunity for shoppers and business opportunity for corporate organisations to showcase their products and services in the December shopping season. “December is undoubtedly the NO 1 shopping season in Nigeria. The Festival would be a showcase of consumer goods, financial/insurance services, machinery, automobile and food etc. The essence is to provide consumers the unique opportunity of shopping for a wide range of goods and services at bargain prices while enjoying rare combination of music and entertainment at the venue.”

Africa Bancassurance MasterClass 2019 Holds April 16 in Lagos

The Africa Bancassurance Academy would like to notify the...

NGX Group’s Revolutionary e-Offering Platform Goes Live Following SEC Approval

Nigerian Exchange Group (NGX Group) has unveiled NGX Invest,...

Saudi Vision 2030: Driving the Economy via Insurance

  Saudi Vision 2030 is an inclusive plan for reforming Saudi...

Access Bank Revamps QuickBucks, Disburses N740bn Digital Loans in 7 Years

Access Bank has revamped its digital loan platform ’QuickBucks’,...

Africa Finance Corp Announces $300m Loan from EXIM Bank of China

Africa Finance Corporation (AFC), the leading infrastructure development finance...

Linkage Assurance EGM 2022

L-R: Mr Okanlawon Adelagun, Executive Director; Mr Daniel Braie,...

Pantami Meets with Space X, World Bank, Google to Strengthen Nigeria’s Digital Economy

The Honourable Minister of Communications and Digital Economy of...
spot_img

Related Articles

Popular Categories

spot_imgspot_img