ECOBANK GROUP
2025 Earnings Results
Presentation to Investors and Analysts
14 April 2026
Our GTR strategy is delivering results
Jeremy Awori Group CEOMacroeconomic backdrop
Macroeconomic and regulatory headwinds persisted
Global environment
Global economy was resilient in the face of unprecedented trade disruptions, elevated debt burdens, and persistent geopolitical tensions
Global inflation continued multi-year descent in 2025, but US tariff-driven cost pressures
Central banks across most of the world continued easing monetary policy in 2025
The US dollar depreciated against a trade-weighted basket of currencies
GLOBAL
NIGERIA
UEMOA
AWA
CESA
Sub-Sahara Africa
CBN sustained an aggressive monetary tightening cycle to combat inflation
Government pursued
ambitious but structurally constrained budget
GDP growth rate of ~4.1%
Inflation down to 15%
Gross external reserves
stood at $40.2bn at YE24, rising to $45.7bn by YE25 due to enhanced transparency and credibility in FX management, which attracted stronger FX flows.
Naira achieved a degree of
stability
Av. GDP of 6.4% in 2025 underpinned by Benin, Cote d'Ivoire (region's
economic anchor), Niger, and Senegal (expected hydrocarbon boom)
Inflation fell to ~2.2%
WAEMU cut the BCEAO
key policy rate from 3.50% to 3.25%
Fiscal deficits are narrowing
toward WAEMU convergence target of 3% of GDP
Security concerns in the
Sahel - Burkina Faso, Mali, and Niger
Increasing sovereign
borrowing costs
AWA region experienced
improving macroeconomic conditions
Declining inflation and
tightening fiscal discipline underpinned by IMF programmes
Ghana achieved single-digit
inflation for the first time
since 2021
Guinea stands poised for a
structural transformation from iron ore project
Sierra Leone, The Gambia,
and Liberia continued executing IMF-supported stabilisation programmes
Gradual macroeconomic stabilisation in
CEMAC. Inflation fell below the 3% convergence threshold
Monetary authorities across EAC
pursued inflation-targeting
Central banks in EAC held or cautiously
eased policy rates
Currency pressures in Burundi and
South Sudan
Kenya GDP grew ~5.4%. Faces
elevated debt service costs
Zambia and DRC demonstrated relative
macroeconomic resilience buoyed by mineral wealth and IMF programme compliance
Weak GDP growth in Malawi
Zimbabwe economy rebounded in
2025, driven by gold prices, strong remittances, & investments in steel/mining
Sources & Disclaimer: Data and projections drawn from IMF Article IV Consultations, IMF Regional Economic Outlook (October 2025), World Bank Macro Poverty Outlooks and Economic Updates, African Development Bank Economic Outlooks, and national central bank publications
Delivered strong performance in 2025Performance reflects solid revenue moment and prudent cost management
-
Shareholder value creation
ROTE
2025: 27.8%
2024: 32.7%
Attributable profit
2025: $407m
2024: $333m
NIM
2025: 5.8%
2024: 5.8%
EPS
2025: 1.68 $ cents
2024: 1.37 $ cents
Profit before tax
2025: $801m
2024: $662m
Net F&C income ratio
2025: 24.4%
2024: 25.1%
TBVPS
2025: 7.65 $ cents
2024: 4.20 $ cents
Net revenue
2025: $2,449m
2024: $2,086m
CIR
2025: 48.3%
2024: 52.8%
Total CAR
2025: 16.7%
2024: 15.8%
Group ROTE1 of 27.8%
EPS up 23% YoY and TBVPS2 up 82% YoY
-
Positive operating leverage
Revenue growth exceeded expense growth
Revenue up 17% (+12% in cc3) and expenses up 7% (+3% in cc), resulting in +997bps of positive operating leverage
-
Benefits of diversification
Non-interest revenue (NIR) is 42.4% of total revenues
Payment revenue is 29.4% of NIR
-
Driving efficiencies
Record cost-to-income ratio (CIR) of 48.3%
Customer deposits
2025:$25.3bn
2024: $20.4bn
Stable net interest margin (NIM) on lower funding cost
NPL ratio
2025: 9.4%
2024: 6.7%
Wide positive jaws of 10.0%
-
Prudent capital management
Strong organic capital accretion
Estimated CET1 ratio of 13.2% and Total CAR of 16.7%
ROTE is profit available to ETI shareholders divided by the average end-of-period tangible shareholders' equity.
Tangible shareholders' equity is ETI shareholders' equity less non-controlling interests, goodwill, and intangible assets.
Constant currency reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm's underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period.
Progress on GTR strategy - 2025 confirms strong momentumDelivering on our strategic priorities
Growth
Transformation
Returns
Group revenue up 17% to $2.45bn
Corporate & Investment Banking (CIB) revenue up 21%
Consumer & Commercial Banking (CCB) revenue up 14%
Payment revenue up 14%
Customer deposits up 24% to $25.3bn
EPS up 23% to 1.68 $ cents
TBVPS up 82% to 7.65 $ cents
Transformation successes led to record cost-to-income ratio of 48.3%
Structural reset in platform acquisition and project governance
Reduced credit lending cycles through ongoing investment in risk management capabilities, stricter risk controls, and enhanced First-Time Right underwriting standards
Investments in tech infrastructure (software and hardware) that will enhance Remittances, Cross-border payments, and BaaS capabilities
Shifted technology investments to an architecture-led enterprise model embedding long-term cost discipline
Partnerships as an accelerator
Google Cloud Platform landing zone fully deployed
Board recommended dividend payout of
$40m, or 0.16 US cents ($0.0016) per share, pending shareholder approval at AGM
Attributable profit to ETI shareholders
of $407m up 22%
Group ROE of 27.0%
Group ROTE of 27.8%
Group ROA of 1.9%
ETI share price rose 50% in naira terms in 2025, outperforming the NGX Banking index gain of 40%. In USD terms, ETI rallied c.60%.
Strong 2025 Performance
Delivered solid revenue growth and operational efficiency with record CIR of 48.3% and ROTE of 27.8%
Ayo Adepoju Group Executive Director Group CFOKey performance indicators
$M except per share & ratios | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | ||
Net revenues (operating income) | 2,449 | 2,086 | 2,064 | 1,862 | 1,757 | 1,680 | ||
Pre-provision, pre-tax operating profit | 1,265 | 984 | 951 | 811 | 722 | 626 | ||
NIR / net revenues (NIR ratio), % | 42.4 | 43.7 | 43.4 | 45.6 | 46.2 | 46.1 | ||
Cost-to-income ratio, % | 48.3 | 52.8 | 53.9 | 56.4 | 58.9 | 62.7 | ||
Cost-to-average total asset ratio, % | 3.8 | 4.0 | 4.0 | 3.7 | 3.9 | 4.3 | ||
Jaws ratio(1), % | 10.0 | 2.0 | 4.9 | 4.5 | 6.4 | 5.3 | ||
Cost-of-risk, % | 5.00 | 1.78 | 1.28 | 0.09 | 1.69 | 1.85 | ||
PBT before impairment charge on goodwill | 801 | 662 | 581 | 540 | 478 | 338 | ||
Profit before tax (PBT) | 801 | 662 | 581 | 540 | 478 | 174 | ||
Profit after tax (PAT) | 594 | 494 | 407 | 367 | 357 | 88 | ||
Profit available to ETI shareholders | 407 | 333 | 288 | 286 | 262 | 4 | ||
ROE(2), (%) | 27.0 | 31.2 | 23.5 | 19.6 | 17.3 | 11.3 | ||
ROTE(3), (%) | 27.8 | 32.7 | 24.9 | 21.1 | 19.0 | 13.3(3) | ||
Diluted EPS (US cents) | 1.68 | 1.36 | 1.17 | 1.17 | 1.06 | 0.67(4) | ||
Loans & advances to customers (Gross) | 12,777 | 10,507 | 11,062 | 11,521 | 10,228 | 9,798 | ||
Customer deposits | 25,305 | 20,424 | 19,974 | 20,813 | 19,713 | 18,297 | ||
Total assets | 34,487 | 27,955 | 27,230 | 29,004 | 27,562 | 25,939 | ||
Total capital adequacy ratio (CAR), %(5) | 16.7 | 15.8 | 15.0 | 14.4 | 14.8 | 12.3 | ||
Tier 1 CAR, %(5) | 13.8 | 12.1 | 11.1 | 10.3 | 10.7 | 9.4 | ||
Jaws ratio is the difference between the growth rate of net revenue and
the growth rate of operating expenses.
ROE is profit attributable to ETI (parent company) shareholders divided by the average end-of-period (EOP) ETI shareholders' equity. ROE for 2020 excludes the impact of the $164m impairment charge on goodwill.
ROTE is profit attributable to ETI shareholders divided by the average EOP tangible shareholders' equity. Tangible shareholders' equity is ETI shareholders' equity less non-controlling interests, goodwill, and intangible assets. ROTE for 2020 excludes the impact of the $164m goodwill charge.
Diluted EPS of 0.67 cents for 2020 excludes the impact of the $164m goodwill impairment charge.
Our Basel II/III CAR ratios are reported semi-annually to the regulator, the Central Bank of West African States (BCEAO). CAR for 31 December is submitted on 30 April and for 30 June on 31 October. Tier 1 and Total CAR for 31 December 2025 are estimates only and subject to revision until final submission to BCEAO on 31 April 2026.
Profit before tax of $801m, benefitted from revenue growth, cost efficiencies and diversification benefits
Selected Income Statement Highlights
Benefits of our diversified business model
For the year ended 31 December
(in millions of US dollars except per share data) 2025 20241
% Chg '25 vs '24
% Chg in
In millions of $ (% change FY25 vs FY24 in constant currency) | Net Revenue3 | PBT3 | Contribution to Group Net Revenue |
UEMOA | $788 +7% | $384 +6% | 30% |
NIGERIA | $155 +28% | $(31) n.m. | 6% |
AWA | $737 +4% | $402 +18% | 28% |
CESA | $849 +29% | $450 +50% | 33% |
INTERNATIONAL | $79 +4% | $47 +1% | 3% |
C. Currency
Net interest income 1,411 1,174 20% 14%
Operating expenses | (1,184) | (1,102) | 7% | 3% |
Pre-provision, pre-tax operating profit | 1,265 | 984 | 29% | 22% |
Impairment charges on financial assets | (465) | (322) | 44% | 38% |
Non-interest revenue 1,038 912 14% 9%
Net revenues (operating income)2 | 2,449 | 2,086 | 17% 12% |
Corporate & Investment Banking (CIB) | 1,305 | 1,080 | 21% |
Consumer & Commercial Banking (CCB) | 1,224 | 1,070 | 14% |
Profit before tax | 801 | 662 | 21% | 15% |
Profit after tax | 594 | 494 | 20% | 12% |
Profit after tax attributable to Shareholders of ETI | 407 | 333 | 22% | 14% |
Ratios
Net interest margin (NIM) | 5.8% | 5.8% | - | - |
Average rate paid on funds | 2.5% | 2.9% | - | - |
Non-interest revenue (NIR) ratio | 42.4% | 43.7% | - | - |
Net fee and commission income as a % of net revenue | 24.4% | 25.1% | - | - |
Cost-to-income (CIR) | 48.3% | 52.8% | - | - |
Effective tax rate (ETR) | 25.0% | 24.8% | - | - |
Return on tangible shareholder's equity (ROTE) | 27.8% | 32.7% | - | - |
Per Share Data (US cents) | ||||
Basic EPS | 1.68 | 1.37 | 23% | 14% |
Diluted EPS | 1.68 | 1.37 | 23% | 14% |
Constant currency reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm's underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period.
ROTE is profit available to ETI shareholders divided by the average end-of-period tangible shareholders' equity. Tangible shareholders' equity is ETI shareholders' equity less non-controlling interests, goodwill, and intangible assets.
Note: Selected income statement lines only and totals may not sum up.
2024 figures for the income statement have been re-presented to reflect Ecobank Mozambique as a discontinued operation as required by IFRS 5.
The sum of Revenues and PBT for CIB and CCB will not sum to Group totals because they are unadjusted for consolidation differences
Note: Totals may not sum due to rounding
Diversified revenue streamsRevenue diversification across regions, businesses and fee-based income provides resilience
Net revenue up $363m (+$258m in cc) to $2.45bn (NII up $237m & NIR up $126m) | ||||
Group net revenue | Net revenues by Region | Net revenues by Business | ||
2025
2024
2023
$1,411
$1,174
$1,169
$912
$895
$1,038
$2,086
$2,064
$2,449
NII
In millions of $
NIR
26%
$2.45bn
52%
22%
CIB
CCB: CSB 22%,CMB 26%
3% | ||||||
30% | ||||||
33% | ||||||
$2.45bn | ||||||
6% | ||||||
28% | ||||||
30% | UEMOA | 33% | CESA | |||
6% | NIGERIA | 3% | INTL | |||
28% | AWA | |||||
Net revenue Guidance FY25 | Target Nominal | Actual | Target CC | Actual |
1% - 3% | 17% | ~11% | 12% |
NII benefitted from lower funding costs and higher interest-earning assets
Interest expense up $11m
Deposit mix shift - increase in CASA deposits - CASA ratio of
87.1% vs 86.4% in 2025
Average yield on interest-bearing liabilities of 2.5% vs 2.9%
prior year
Net interest margin (NIM) unchanged at 5.8%, benefiting from
lower rates paid on funding sources
Interest income up $247m
Higher holdings of government bonds, especially in UEMOA Increase in trade finance loans, particularly in soft commodities Higher digitally-enabled consumer loans in AWA
Lower average yield on interest-earning assets of 8.7% vs 9.2% prior year due to central banks' monetary easing across most African countries
2025 NII up $237m (+$170m in cc) to $1.4bn
•
•
•
•
•
•
Key drivers
Net Interest Income (NII) & Net Interest Margin (NIM) | ||
$M $385 $402 $340 $329 $295 4Q24 1Q25 2Q25 3Q25 4Q25 | $M NII NIM $1,411 $1,169 $1,174 5.8% 5.8% 4.9% 2023 2024 2025 | |
NIR components ($M)
2025
2024
2023
598
524
476
360
361
400
$912
$895
$1,038
$M
Net F&C Inc. Net Trading Inc. Other Inc.
$295
$262
$271
$250
$221
111
106
101
110
83
145
130
148
158
162
4Q24 1Q25 2Q25 3Q25 4Q25
Other income up $12m
Driven by a net accumulated credit losses (ACL) release on
fixed-income securities
Fees & commissions income up $74m
Higher cash management fees Increase in credit-related fees
Higher card fees from rising transaction volumes
Net trading income up $40m
Increase in income from treasury solutions
Higher fees from third-party foreign currency sales supported by strong client activity and market volatility
2025 NIR up $126m (+$88m in cc) to $1.0bn
•
•
•
•
•
•
•
•
Key drivers
NIR is 42.4% of group-wide revenues a reflection of our diversified business model and revenue streams
PaymentsPayment revenue of $305m, increased 14% year-on-year, driven by higher fees from wholesale payments and card revenue
Payment volumes ($B)
Payment revenue1 breakdown
Payment revenue of $305m represents
12% of Group net revenues of $2.4bn
3%
4%
6%
7%
$305m
47%
12%
$2.45bn
33%
Disbursements
Cards
$145
$122
$100
$87
Merchant solutions $21
$20
Biller solutions $19
$20
Remittances $9
$10
Alternative channels $11
$10
2025 2024Disbursements Cards
Merchant solutions Biller solutions Remittances
Alternative channels
Disbursements
Cards
Merchant Solutions
Biller Solutions
Remittances
Alternative Channels
Solutions facilitating business and individual disbursements (including fund transfers, internet and SMS banking, mobile money, etc)
Card issuance solutions (comprising of card transactions and interchange fees). Today over 8.0 million cards have been issued, mostly debit cards.
They offer a variety of benefits, such as rewards programs, fraud and purchase protection.
Comprises our Online and Offline Acquiring businesses. Online -online gateway merchant acceptance (i.e. ecommerce). Our online acquiring solution processes both local & international payments for our online merchants. Offline -merchant payment acceptance solutions. Today we serve
>250k offline merchants with a combination of POS, QR & Agency banking solutions.
Innovative Biller solutions allowing businesses to receive payments from customers in a seamless and efficient way. Our solutions help businesses to improve efficiency, reduce costs, and increase customer satisfaction.
New Payments model implemented to rethink Remittances strategy. Leverage the firm's geographic footprint and united payment's gateway to drive intra- and inter-Africa remittances
ATMs supporting a broad range of electronic banking functionality.
2,653 ATMs available
Operating ExpensesRecord CIR of 48.3%
Expense driven by higher statutory charges including taxes and insurance, partially offset by lower communication and technology-related costs.
FY 2025 expenses up $82m (+$22m in cc)
•
•
•
Key drivers
Record cost-to-income ratio of 48.3% reflecting prudent cost management while investing for growth
$M
$M
Staff expenses
D&A
Other expenses
CIR
$1,113
$1,184
$1,102
$343
$298
$266
$282
$293
49.4%
51.6%
47.0%
46.1%
49.2%
48.3%
52.8%
53.9%
Guidance vs Actual | ||||
Expenses | Target Nominal | Actual | Target CC | Actual |
0% - 2% | 7% | 16% | 3% | |
CIR | ~53.0% | 48.3% | ||
4Q24 1Q25 2Q25 3Q25 4Q25 2023 2024 2025
Improving CIR across Regions and Businesses | |||||
2024 2025 46.6% 45.4% UEMOA | 79.4% 67.0% NIGERIA | 39.6% 37.9% AWA | 51.0% 44.2% CESA | 37.7% 37.3% CIB | 60.1% 54.0% CCB |
Key drivers | ||||
compared with 2.9% in 2024 | ||||
Guidance vs Actual | ||||
Customer Deposits | Guide Nominal | Actual | Guide CC | Actual |
1% - 4% | 24% | ~16% | 9% | |
Strong deposit franchise; 87.1% of deposits in stable, low-cost & 'sticky' CASA deposits
Deposit breakdown by…
Deposit growth YoY | |||||
$Bn 2024 2025 $9.8 $8.0 $5.8 $6.9 $2.5 $4.4 $5.6 $2.3 UEMOA NIGERIA AWA CESA | |||||
($bn) | 2024 | 2025 | YoY | $15.1 | |
CSB | $6.6 | $8.0 | 22% | ||
CMB | $5.4 | $7.1 | 3% | ||
$10.2 $12.0 $8.4 CIB CCB1 | |||||
$Bn $17.5 $14.2 $4.5 $3.3 $3.5 $2.8 Current Savings Term | |||||
Region
28%
$25.5bn
39%
UEMOA
NIGERIA
AWA
CESA
23%
Business
10%
CIB
CCB
Type
60%
$25.5bn
40%
Savings
18%
Term 13%
$25.5bn
Current 69%
1. Consumer and Commercial Banking (CCB) comprises of our Consumer Banking (CSB) and Commercial Banking (CMB) businesses
LoansIncreased lending appetite
YoY Growth in Gross Loans per Region
Loans per Region
Key drivers
2024 2025
RV &
Intl., 7%
20%
$12.8bn
44%
17%
12%
Gross loans and advances increased $2.3bn (or +$940m in cc) to $12.8bn. Differential growth of c.$1.3bn due to the positive net impact of foreign currency translation differences.
UEMOA (+$895m), driven by strong growth in CCB loans
NIGERIA (down $43m), reflecting management's strategic
decision to reduce lending while addressing legacy asset quality issues.
AWA (+$558m), with consumer loans (+70%), primarily due
to digitally enabled loans in Ghana
CESA (+$732m), mainly from commercial lending.
CIB (+$1.3bn), growth driven mainly by trade loans and episodic term loans
CCB (+990m), driven by increases in both Consumer (+$360m) and Commercial (+$630m). Consumer loan growth was mainly driven by digitally-enabled and Commercial by trade loans.
$Bn
$5.6
$4.7
$1.6 $1.6
$2.2
$2.6
$1.6
$1.8
UEMOA
NIGERIA
AWA
CESA
UEMOA NIGERIA AWA CESA
YoY Growth in Gross Loans per Business
Loans per Businesses
$Bn
$7.5
$4.0
$3.0
32%
$12.8bn
68%
($bn) | 2025 | YoY |
CSB | $1.6 | 30% |
CMB | $2.5 | 35% |
$8.7
Guidance vs Actual | ||||
Gross Loans | Nominal Guide | Actual | CC Guide | CC Actual |
0% - 2% | 22% | 15% | 8% | |
CIB
CCB
CIB CCB
2025 Business &
fcobéis
The Pan African Bank
Corporate & Investment Banking (CIB)
Renewed org structure, focus on client engagements and improved cross-sell helps drive solid performance
CIB's key performance highlights
Performance commentary
PBT
$697m
+40% YoY
Net revenue
$1,305m
+21% YoY
NII
$803m
+17% YoY
NIR
$502m
+27%
NIR ratio
38.4%
FY24:36.6%
Cost-to-income
37.3%
FY24:37.7%
Impairments
$121m
(29)% YoY
Loans
$8.7bn
+17% YoY
Deposits
$10.2bn
+22% YoY
Loan-to-deposit
85.5%
FY24: 88.7%
NPL ratio
10.7%
FY24: 6.3%
NPL coverage
85.1%
FY24:80.4%
CIB increased PBT by $199m to $697m, driven by CESA, AWA, UEMOA, partially offset by losses in Nigeria
Net revenues up $225m to $1.3bn, driven by Balance Sheet Management (up $213m), Global Transaction Banking ( with cash management up $22m and trade finance up $9m), partially offset by a $63m decline in Global Markets.
Expenses up $80m to $487m driven by higher staff compensation and benefits costs. Cost-to-income ratio of 37.3%
Impairments on financial assets down $49m, with reductions in AWA and CESA partially offset by an increase in NPLs in Nigeria
Global Financing Solutions
5%
Global Markets
22%
SWAM
2% IB
n.m.
$1.3bn
Global Transaction Banking
38%
INTL.
6%
CESA
28%
UEMOA
34%
$1.3bn
AWA
28%
NIGERIA
4%
BS Mgmt/ALM
33%
© Ecobank Group 2026 | FY 2025 Earnings Presentation | 14 April 2026 17
Consumer & Commercial Banking (CCB)CCB's performance benefits from growing primary customer accounts and deepening relationships
CCB's key performance highlights
Performance commentary
PBT
$480m
+27% YoY
Net revenue
$1,224m
+14% YoY
NII
$668m
+13% YoY
NIR
$556m
+16%
NIR ratio
45.4%
FY24:44.7%
Cost-to-income
54.0%
FY24:60.1%
Impairments
$83m
+75% YoY
Loans
$4.0bn
+33% YoY
Deposits
$15.1bn
+26% YoY
Loan-to-deposit
26.7%
FY24: 25.3%
NPL ratio
6.6%
FY24: 7.8%
NPL coverage
76.6%
FY24:94.7%
CCB increased PBT by $101m, driven by Consumer (up $46m) and Commercial (up $54m)
Net revenues up $155m to $1.2bn, with Consumer (up $63m) and Commercial (up $92m). Factors driving growth across CCB were deeper client engagements, increased lending activity, higher card and deposited-related fees from rising transaction volumes within Consumer and, higher trading activity, payments and lending growth within Commercial.
Expenses up $18m to $661m driven primarily by revenue-related expenses. The CIR improved to 54.0%, with Consumer's CIR improving to 60.5% vs 66.5% a year ago, and Commercial CIR improving to 48.5% vs 54.4%
EFS
7%
High Value
6%
SME
24% $1.2bn Retail
41%
LOC
22%
Impairments on financial assets up $36m, mainly driven by the Commercial business, with notable rises in Nigeria, AWA, and UEMOA.
CESA
37%
UEMOA 25%
$1.2bn
NIGERIA 9%
AWA 29%
Francophone West Africa (UEMOA)Performance commentary
ROE
26.8%
Francophone West Africa (UEMOA) | ||
Year ended 31 December (in millions of US dollars) | % Chg % Chg in 2025 2024 '25 vs '24 C. Currency | |
Net interest income | 500 426 17% 12% | |
Non-interest revenue | 288 279 3% (1)% | |
Net revenues | 788 705 12% 7% | |
Operating expenses | (358) (329) 9% 4% | |
Pre-provision, pre-tax operating profit | 430 376 14% 9% | |
Impairment charges on financial assets | (46) (31) 47% 43% | |
Profit before tax | 384 345 11% 6% | |
Taxation | (52) (39) 33% | |
Profit after tax | 332 306 9% 3% | |
Ratios: | ||
Net interest margin (NIM) | 4.9% 4.7% - - | |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 23.7% 25.4% - - 36.6% 39.5% - - | |
Cost-to-income ratio (CIR) | 45.4% 46.6% - - | |
Return on equity (ROE) | 26.8% 29.2% - - | |
Loans & advances to customers (gross) | 5,583 4,688 19% 5% | |
Of which Stage 1 | 5,257 4,414 | 19% 5% |
Of which Stage 2 | 237 184 | 28% 13% |
Of which Stage 3 (non-performing loans) | 90 90 | (0)% (12)% |
Less allowance for impairments (Expected Credit Loss) | 90 118 (24)% (33)% | |
Of which Stage 1: 12-month ECL(1) | 17 15 | 7% (5)% |
Of which Stage 2: Life-time ECL | 41 54 | (24)% (33)% |
Of which Stage 3: Life-time ECL | 32 49 | (34)% (42)% |
Loans & advances to customers (net) | 5,494 4,570 20% 6% | |
Total assets | 13,090 10,955 19% 6% | |
Deposits from customers | 9,808 7,961 23% 9% | |
Total equity | 1,397 1,079 29% 14% | |
Loan-to-deposit ratio NPL ratio NPL coverage ratio Stage 3 coverage ratio | 56.9% 58.9% - - 1.6% 1.9% - - 100.0% 131.7% - - 35.8% 54.1% - - | |
Ecobank's leading dominance in the region drives performance despite challenges in the Sahel region
PBT
$384m
ROE of 26.8%, down from 29.2%
NIM
4.9%
PBT up $39m, or 11% (+6% in cc), primarily driven by NII growth with PBT growth in CIB, partially offset by declines in CCB, mostly in the Commercial banking business.
Revenue (NII+NIR) up $83m, or 12% (+7% in cc), primarily driven
by NII. UEMOA experienced revenue growth in CIB and CCB
NIR ratio
36.6%
NII up $73m, or 17%, driven by an increase in government securities balances, loans, and a favourable interest rate environment.
CIR
45.4%
NIR up $9m, or 3%, on higher deposit-related fees and treasury solutions, with growth adversely impacted by regulatory-driven foreign exchange liquidity constraints.
NPL ratio
1.6%
Expenses up $29m, or 9% (+4% in cc), reflecting higher operating expenses and volume related staff and technology costs
NPL cover
100.0%
Impairment charges on financial assets up $15m, reflecting growth in stage 2 loans
NOTE: Selected income statement line items only and thus may not sum up
(1) ECL = Expected Credit Losses
Constant currency (CC) reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm's underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period.
UEMOA comprises of Benin, Burkina Faso, Cote d'Ivoire, Cape Verde, Mali, Niger, Senegal, Togo, Guinea Bissau, Microfinance in
Burkina and EDC affiliates within the region
© Ecobank Group 2026 | FY 2025 Earnings Presentation | 14 April 2026 19
NigeriaNIR ratio
32.5%
NIM
4.3%
PBT
$(31)m
ROE
(13.8)%
Solid CCB performance offset by legacy asset quality issues within CIB
NIGERIA | ||
Year ended 31 December (in millions of US dollars) | % Chg % Chg in 2025 2024 '25 vs '24 C. Currency | |
Net interest income | 104 84 24% 27% | |
Non-interest revenue | 50 42 19% 28% | |
Net revenues | 155 126 22% 28% | |
Operating expenses | (104) (100) 3% 7% | |
Pre-provision, pre-tax operating profit | 51 26 96% 113% | |
Impairment charges on financial assets | (82) (21) 298% 316% | |
Profit/(Loss) before tax | (31) 5 n.m. n.m. | |
Taxation | (6) (2) 150% - | |
Profit/(Loss) before tax | (37) 3 n.m. n.m. | |
Ratios: | ||
Net interest margin (NIM) | 4.3% 3.8% - - | |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 15.9% 14.4% - - 32.5% 33.5% - - | |
Cost-to-income ratio (CIR) | 67.0% 79.4% - - | |
Return on equity (ROE) | -13.8% 1.1% - - | |
Loans & advances to customers (gross) | 1,584 1,626 (3)% (9)% | |
Of which Stage 1 | 304 381 | (20)% (26)% |
Of which Stage 2 | 613 1,087 | (44)% (48)% |
Of which Stage 3 (non-performing loans) | 667 158 | 322% 292% |
Less: allowance for impairments (Expected Credit Loss) | 112 60 85% 72% | |
Of which Stage 1: 12-month ECL(1) | 1 4 | (72)% (74)% |
Of which Stage 2: Life-time ECL | 17 26 | (35)% (40)% |
Of which Stage 3: Life-time ECL | 94 30 | 215% 193% |
Loans & advances to customers (net) | 1,472 1,566 (6)% (13)% | |
Total assets | 3,525 3,453 2% (5)% | |
Deposits from customers | 2,534 2,334 9% 1% | |
Total equity | 299 236 27% 18% | |
Loan-to-deposit ratio NPL ratio NPL coverage ratio Stage 3 coverage ratio | 62.5% 69.7% - - 42.1% 9.7% - - 16.8% 38.2% - - 14.1% 18.9% - - | |
NOTE: Selected income statement line items only and thus may not sum up
ECL = Expected Credit Losses
n.m. = non-meaningful
Constant currency (CC) reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm's underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period.
Performance commentary
ROE of (13.8)%, compared to 1.1% in 2024.
Pre-tax loss of $31m, driven by significantly higher impairment charges within CIB. CCB grew profits, with Consumer profits growing by 89%.
Revenue (NII+NIR) up $28m, or 22% (+28% in cc), with double-digit growth in CCB revenues, partially offset by a decrease in CIB revenues.
CIR
67.0%
NII up $20m, or 24%, due to treasury management solutions and the benefit to interest expense by the part-payment of a $300 million 7.125% Eurobond by Ecobank.
NIR up $8m, or 19%, supported by deposit-related fees.
NPL ratio
42.1%
Expenses up $3m, or 3% (+7% in cc), due to higher depreciation and amortisation costs and increased technology expenditures.
NPL cover
16.8%
Impairment charges on financial assets increased by $62m, due notably to higher impairments from an increase in NPLs in CIB.