The Ecobank Group has recorded a 13 per cent growth in profit before tax, PBT, to $540 million in the financial year ended December 2022.
According to the bank, the growth in PBT 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 $28 million or $0.11 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.
