Ecobank Group today released its 2021 business results on April 26, 2021. Pre-tax profit was $100 million, up 11% year-on-year.

The activity of the Ecobank Group for the year 2020 shows performance on several levels. Revenue rose 4% to $409 million and pretax profit $100 million, an 11% year-on-year increase. Earnings per share increased by 8% and return on tangible equity was 15.7%.For the Group Chief Executive, Ade Ayeyemi Ayo Adepoju, the Group's performance in the first quarter was solid, despite the still challenging operating environment. “Our Corporate and Investment Banking division recorded a 4% increase in revenues, thanks to asset optimization and customer support with structured finance solutions. Revenue grew 13% in Commercial Banking, supported by higher cash management revenue as pandemic-induced restrictions eased and customer activity increased. However, the consumer continued to be impacted, hence the 3% drop in the Retail Banking segment. But we are encouraged by the gradual recovery in consumer spending that we are seeing. We maintained our operational efficiency targets,” he explained.

The cost/income ratio improved from 62.7% in the fourth quarter of 2020 to 59.3% in the current quarter, the lowest in a decade. The coverage ratio improved to 81.5% from 74.5% in the fourth quarter of 2020. Ade Ayeyemi Ayo Adepoju said the balance sheet remains liquid, robust and healthy, providing the capacity to meet the financial needs of customers. He concludes “we will drive momentum to deliver sustainable revenue growth with a clear focus on our people, platforms, products and ultimately performance.” Particular emphasis is placed on digitization for sustained growth in deposits.