Kiin360 Blog Business Ecobank Transnational Incorporated Announces Impressive 179% Profit Increase for 2024
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Ecobank Transnational Incorporated Announces Impressive 179% Profit Increase for 2024

Ecobank Transnational Incorporated has released its 2024 financial statement, revealing a remarkable 179% increase in profit after tax to N735.9 billion, up from N263.5 billion in the previous year.

Key Financial Highlights
  • Gross earnings surged by 131% to N4.22 trillion in 2024, driven by increased interest and non-interest revenue, as well as improved loan recoveries.
  • Revenue experienced a 133% rise, reaching N3.11 trillion from N1.34 trillion in 2023.
  • Operating profit before impairment charges increased by 138% to N1.46 trillion, while profit before tax rose by 160% to N980.7 billion.
  • Total assets expanded by 67% to N43.3 trillion in 2024, driven by higher customer deposits, loan growth, and an increase in investment securities.
Loan and Deposit Growth
  • Loans and advances to customers grew by 53% to N15.3 trillion from N10 trillion, reflecting the bank’s sustained lending activities.
  • Customer deposits increased by 66% to N31.6 trillion from N19 trillion, demonstrating growing customer confidence in the bank’s services.
Financial Resilience
  • Total equity strengthened by 68% to N2.78 trillion from N1.65 trillion, underscoring the bank’s financial resilience and retained earnings from strong profitability.
  • Basic and diluted earnings per share surged by 166% to 2,019.684 kobo from 757.932 kobo in the previous year.
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