News Release | Lomé 14 April 2026
Ecobank Reports Record PBT of $801m, ROTE of 27.8%, and EPS of $0.017Ecobank's FY 2025 Strong Performance Driven by Revenue Growth In Both CIB and CCB, Cost Efficiency, Diversification Benefits, And Focused Execution Of Our GTR Strategy
- Profit before tax (PBT) was $801m, up 21% year-on-year (YoY).
- Attributable profit to the shareholders of ETI of $407m, up 22%, with EPS at $0.017 (1.68 US cents), up 23%.
The ETI Board has recommended a dividend payout of $40m, or 0.16 US cents ($0.0016) per share, pending shareholder approval at the Annual General Meeting (AGM). For reference, the last dividend payment was $28m, equating to $0.0011 (0.11 US cents), based on our FY 2022 results.
- Return on average assets (ROA) of 1.9%; Return on average tangible equity (ROTE) of 27.8%.
- Net revenue of $2.45bn, up 17%, with 42.4% of revenues from stable, recurring non-interest revenues.
Achieved a record cost-to-income (CIR) of 48.3%, down from 52.8% in 2024
Capital position remains sound, with an estimated Group Common Equity Tier 1 (CET1) ratio and Total Capital Adequacy Ratio (CAR) of 13.2% and 16.7% as of 31 December 2025. These figures are approximately 470 and 425 basis points (bps) above the regulatory minimums.
Table 1: Group-wide Financial Summary ( $m except ratios and per-share metrics)
2025 Regions & Business Unit Segments Highlights ($m)
% chg in
% Chg constant
Income Statement 2025 2024* '25 vs '24 currency
Regions Revenue PBT ROE
Net revenues (operating income) 2,449 2,086 17% 12%
UEMOA
788 384 26.8%
Pre-provision, pre-tax operating profit 1,265 984 29% 22%
NIGERIA
155 (31) (13.8)%
Profit before tax 801 662 21% 15%
AWA
737 402 29.7%
Profit after tax attributable to shareholders of ETI 407 333 22% 14%
CESA
849 450 36.1%
Earnings per Share, EPS ($ cents) 1.68 1.37 23% 14%
INTERNATIONAL
79 47 19.1%
Balance Sheet
Business Units Revenue PBT CIR
Gross loans and advances to customers (EOP) 12,777 10,507 22% 8%
CIB
1,305 697 37.3%
Deposits from customers (EOP) 25,305 20,424 24% 9%
CCB
1,224 480 54.0%
Basel II/III Total CET1 CAR2 13.2% 11.4% 16% -
Consumer Banking 566 205 60.5%
Tangible book value per share ($ cents) TBVPS 7.65 4.20 82% - Commercial Banking 658 275 48.5%
Profitability Metrics
NB : Revenue and PBT for Regions & Business will not sum up to reported totals
because of Group consolidation adjustments
Return on tangible shareholders' equity (ROTE)3 27.8% 32.7% - -
Return on shareholders' equity (ROE) 27.0% 31.2% - -
*2024 figures for the income statement have been re-presented to reflect Ecobank Mozambique as a discontinued operation as required by IFRS 5. For notes refer to page 13
Jeremy Awori, CEO of Ecobank Group, stated that "Our 2025 performance has further demonstrated that our Growth Transformation and Returns (GTR) strategy, along with our geographically diversified business model, are yielding positive results. Group-wide revenues increased by 17% to $2.45 billion, with Corporate and Investment Banking (CIB) revenues rising by 21% and Consumer and Commercial Banking (CCB) revenues increasing by 14%. Payment revenue rose 14% to $305 million, driven by higher transaction volumes across channels. Group-wide profit before tax rose by 21% to $801 million, resulting in a return on tangible shareholders' equity of 27.8%. We also increased per-share earnings and tangible book value by 23% and 82%, respectively.
In our Consumer Banking business, we broadened access for both new and existing customers by expanding digital account openings in more markets. We installed 500 new ATMs, extended our Direct Sales Agents into 22 markets, and added over 1,000 new personnel. In Commercial Banking, we strengthened our relationships with small and medium-sized enterprises (SMEs), particularly in the agribusiness sector, by introducing specialised expertise and enhanced digital tools to serve our clients better and improve access to funding. Within CIB, we secured over 75 major mandates with multinationals, development finance institutions (DFIs), humanitarian agencies, and regional corporations, while $610 million in commodity financing supported robust performance in our Trade business.
Investor Contact: Ato Arku: ir@ecobank.com Media Contact: Christiane M. Bossom: groupcorporatecomms@ecobank.com
Customer deposits grew by $4.9 billion to $25.3 billion, and the CASA (Current Account Savings Account) ratio improved to 87.1%, enabling us to reduce our average funding costs. We became more active in lending, especially in financing trade in soft commodities, increasing support for women-led small businesses through our Ellevate program, and offering digitally enabled consumer loans. As a result, loans increased by $2.3 billion to $12.8 billion. Given our relatively small consumer lending portfolio, there is ample room for growth without taking on disproportionate risks.
Our transformation agenda is showing solid results, evidenced by a record cost-to-income ratio of 48.3%, down from 52.8% a year ago, with improvements across various businesses and regions. This cost-to-income ratio was better than our guidance of approximately 53%, which is encouraging as we drive efficiencies while simultaneously investing for growth. We continued to invest in enhancing customer interactions across both physical and digital channels, resulting in a 1,000-basis-point increase in customer satisfaction to 70%. Furthermore, we made significant progress in key turnaround subsidiaries in the CESA region, including Kenya, Uganda, and Zambia, where efficiency ratios have improved markedly. However, we made the difficult decision to divest from our Mozambique business because it did not meet our performance and return criteria in a competitive market. In Nigeria, we met the Central Bank's minimum paid-up capital requirement of NGN200 billion for a national bank.
Overall, these achievements would not have been possible without the dedication of approximately 14,000 Ecobank employees across Africa, who have embraced our ongoing transformation and prioritised meeting our customers' needs. I am proud of their efforts. Additionally, economic conditions in Africa improved, as central banks lowered interest rates amid declining inflation and greater currency stability. As we look ahead to 2026, we remain confident in our ability to execute our GTR strategic initiatives. However, we are fully aware of the potential implications for economic and financial conditions stemming from geopolitical tensions in the Middle East, as well as macroeconomic impacts across Africa and globally. Our focus remains on executing with agility, resilience, and disciplined risk and expense management across all our markets," concluded Awori.
Other Key Highlights.
- Payment revenue up 14% to $305m (12% of net revenues), driven by a 19% increase in Disbursements (wholesale payments) to $145m and 16% increase in card-related fees to $101m
The value of digital transactions increased by $31bn, or 30%, to $133bn, while volumes fell marginally by 5% to approximately 238m transactions, mainly driven by lower volumes in interbank funds transfers
- Customer Deposits increased by $4.9bn to $25.3bn, with CASA deposits up $4.4bn and a CASA ratio of 87.1%
- Gross loans and advances to customers increased by $2.3bn to $12.8bn.
- Asset quality deteriorated - the non-performing loans (NPLs) ratio rose to 9.4% from 6.7%, mainly due to an increase in NPLs in Nigeria as part of prudent measures to exit the Central Bank of Nigeria's (CBN) forbearance regime
-
Ample liquidity buffers with a loan-to-deposit ratio of 50.5% (FY24:51.4%) and a loan-to-asset ratio of 37.0%
(FY24:37.6%). Shows Ecobank's ability to support credit origination
-
Reserves for expected credit losses (ECL) of $1.0bn to position the balance sheet for emerging risks increased to 7.8% from 5.7%. These reserves include approximately $576m of accumulated ECLs, of which approximately
$491m could be used as a buffer against Nigeria risk
- Nigeria update: Ecobank Nigeria (ENG) has met the minimum paid-up capital requirement of NGN200 billion applicable to national bank license holders. However, its capital adequacy ratio is currently below the regulatory minimum of 10%. ENG's Board and management are executing a Board-approved capital restoration plan (CRP) to restore capital adequacy to compliant levels
Constant Currency - Ecobank Group prepares its financial results in US dollars, while its subsidiaries report in local currencies. When converting these results to USD, Ecobank uses current exchange rates, which change frequently. The "constant currency" method helps eliminate the effects of foreign exchange rate changes when comparing financial results over time. This method provides a clearer view of how the business is performing, without the confusion caused by currency changes. The percentage change in constant currency shows how the business would have performed if exchange rates had remained unchanged. To calculate constant currency, we convert the 2024 local-currency financials using the average and spot FX rates for 2025, as needed.
SUMMARY FINANCIAL REVIEW OF THE ECOBANK GROUP
Table 2: Selected Income Statement Highlights
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% |
For the year ended 31 December
% Chg
% Chg in
(in millions of US dollars except per share data) | 2025 | 20241 | '25 vs '24 | C. Currency |
Net interest income | 1,411 | 1,174 | 20% | 14% |
Non-interest revenue | 1,038 | 912 | 14% | 9% |
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% |
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% |
Note: Selected income statement lines only and totals may not sum up. (1) 2024 figures for the income statement have been re-presented to reflect Ecobank | ||||
Mozambique as a discontinued operation as required by IFRS 5. (2) The sum total of Revenues for CIB and CCB will not sum to Group totals because | ||||
they are unadjusted for consolidation differences n.m. = not meaningful | ||||
Discussion of Ecobank Group's financial results: percentage comparisons noted in the commentary throughout this earnings release are calculated for the year ended 31 December 2025 versus 31 December 2024, unless otherwise specified.
Profit after tax attributable to shareholders of ETI increased by $74 million, or 22% (+14% in constant currency), to $407 million in 2025, driven by solid revenue growth in each of our business lines and prudent cost controls, partially offset by an increase in impairment charges. Profit before tax increased by $139 million, or 21% (+15% in constant currency), to $801 million in 2025. In the Corporate and Investment Banking (CIB) business, profit before tax rose by $199 million to $697 million (not adjusted for consolidation), driven by profit growth across all geographical regions, except for Nigeria, where higher impairment charges resulted in a pre-tax loss. Additionally, profit before tax in the Consumer and Commercial Banking (CCB) business increased by $101 million to $480 million, with profits for the Consumer banking sub-segment up 29% and that for the Commercial banking sub-segment, up 25%. Net revenue (the sum of the net interest income (NII) and non-interest revenue (NIR)) increased by $363 million, or 17% (+12% in constant currency), to $2,449 million in 2025. CIB net revenues rose by $255million to $1,305 million, strongly driven by treasury management, client-driven foreign currency and fixed-income sales, and cash management fees. In CCB, net revenues increased by $157 million to $1,224 million, with the Consumer banking segment revenues growing by $62 million to $566 million, supported by deepening customer engagements, increased lending activity, higher card and deposit-related fees from rising transaction volumes, and the Commercial banking segment growing by $95 million, underpinned by strong customer deposit growth, trading activity, payments, and lending to Small, Medium-Enterprises (SME).
Net interest income, NII (the difference between interest income earned on interest-earning assets and interest expense incurred on interest-bearing liabilities), increased by $237 million, or 20% (+14% in constant currency) to $1,411 million in 2025. The increase was driven by a $247 million increase in interest income, partially offset by an $11 million increase in interest expense. The increase in interest income was attributed to higher holdings of government bonds, especially in the UEMOA region; growth in trade loans-particularly in soft commodities; and an uptick in digitally enabled consumer loans in the Anglophone West Africa (AWA) region. The average gross yield on interest-earning assets decreased to 8.7% from 9.2% in 2024, largely due to a cycle of monetary easing by central banks across most of our markets. The relatively modest increase in interest expenses is due to a successful strategy of shifting the deposit mix towards low-cost CASA deposits, which led to a decrease in the average interest rate paid on interest-bearing liabilities to 2.5% from 2.9% in 2024. CASA deposits as a percentage of total customer deposits rose to 87.1% in 2025 from 86.4% in 2024.
Non-interest revenues, NIR, increased by $126 million, or 14% (+9% in constant currency), to $1,038 million in 2025. Net fees and commissions income increased by $74 million to $598 million, underpinned by a rise in income from cash management services, credit-related fees, and higher card fees from rising transaction volumes. Additionally, fees derived from net trading income and foreign exchange gains increased by $40 million to $400 million, driven by treasury management actions and enhanced income from foreign currency sales, spurred by strong client engagement and market volatility. Other income also increased by $12 million to $40 million, driven by the net release of ECL reserves on fixed-income securities. Operating expenses increased by $82 million, or 7% (+3% in constant currency), to $1,184 million in 2025. Staff costs increased by $67 million to $514 million, driven by increased investment in staff productivity.Other operating expenses rose by $14 million to $589 million, driven by higher statutory charges, including taxes and insurance, partially offset by lower communication and technology-related costs. The cost-to-income ratio, which shows how efficiently the company operates, improved to a record low of 48.3% from 52.8% at the same time last year, driven by higher revenue growth compared to operating expenses.
Pre-provision, pre-tax operating profit (PPOP), which is net revenues minus operating expenses, a key metric for assessing the bank's earnings power, increased by $281 million, or 29% (+22% in constant currency), to $1,265 million, reflecting solid revenue momentum and prudent cost management. Income taxes were $201 million compared with $164 million. The effective tax rate (ETR) was 25.0% versus 24.8% in the previous year.Table 3: Group-wide impairments charges | ||||
For the period ended 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Gross impairment charges on loans and advances | (807) | (324) | 149% | 143% |
Less: recoveries and impairment charge releases | 225 | 132 | 71% | 66% |
Net impairment charges on loans and advances | (582) | (193) | 202% | 196% |
Impairment charges on other financial assets | 117 | (130) | n.m. | n.m. |
Impairment charges on financial assets | (465) | (322) | 44% | 38% |
Cost-of-risk | 5.00% | 1.78% | ||
Table 4: Selected Balance Sheet Information | ||||
As at 31 December: (in millions of US dollars, except per share amounts) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Gross loans and advances to customers (EOP) | 12,777 | 10,507 | 22% | 8% |
Corporate & Investment Banking (CIB) gross loans | 8,749 | 7,469 | 17% | - |
Consumer & Commercial Banking (CCB) gross loans | 4,028 | 3,038 | 33% | - |
Less allowance for impairments (Expected Credit Losses) | (1,002) | (601) | 67% | 49% |
Net loans and advances to customers (EOP) | 11,775 | 9,907 | 19% | 5% |
Net loans and advances to customers (AVERAGE)1 | 11,014 | 9,755 | 13% | - |
Deposits from customers (EOP) | 25,305 | 20,424 | 24% | 9% |
Corporate & Investment Banking (CIB) deposits | 10,228 | 8,418 | 22% | - |
Consumer & Commercial Banking (CCB) deposits | 15,077 | 12,006 | 26% | - |
Deposits from customers (AVERAGE)1 | 23,706 | 19,570 | 21% | - |
Total assets | 34,487 | 27,955 | 23% | 8% |
End-of-period ordinary shares outstanding (millions of shares) | 24,730 | 24,730 | - | - |
Per Share Data (in US Cents) | ||||
Book value per ordinary share, BVPS2 | 7.81 | 4.36 | 79% | - |
Tangible book value per ordinary share, TBVPS3 | 7.65 | 4.20 | 82% | - |
Share price (EOP) | 2.88 | 1.81 | 60% | - |
(1) The year-on-year growth of the sum of the average last four quarters (EOP) of loans and customer deposits for the period. Showing averages help to smooth out any one-off spikes within the year. (2) ETI shareholders' equity divided by end-of-period ordinary shares outstanding (3) Tangible ETI shareholders' equity divided by end-of-period ordinary shares outstanding. Tangible ETI shareholders' equity is ETI shareholders' equity less goodwill and intangible assets. EOP = End -of-period. Average deposits and loans is on a quarterly basis
Loans and advances to customers (gross) increased by $2.3 billion, or 22% (+8% in constant currency), to$12.8 billion. In the UEMOA region, gross loans rose by $895 million (+281 million in constant currency),
driven by strong growth in CCB loans. Conversely, in Nigeria, loans decreased by $43 million ($166 million in constant currency), reflecting management's strategic decision to reduce lending while addressing legacy asset quality issues and pursuing its capital restoration plan. In the AWA region, loans increased by $558 million ($223 million in constant currency), reflecting healthy growth in consumer loans, partly driven by digitally enabled lending in Ghana. Finally, the CESA region recorded gross loan growth of $732 million ($545 million in constant currency), mainly from commercial lending.
Customer deposits increased by $4.9 billion ($2.2 billion in constant currency), to $25.3 billion as of 31 December 2025. In CIB, deposits increased by $1.8 billion to $10.2 billion, reflecting robust transaction flows from large corporations and public sector entities, as well as deposit campaigns. CCB deposits rose by$3.1 billion to $15.1 billion, driven by deepening customer engagements and growing primary banking relationships. Overall, customer deposits are stable and diversified, with the proportion of 'sticky' and low-cost CASA deposits as a percentage of total customer deposits rising to 87.1% in 2025 from 86.4% in 2024. This improvement reflects management's continued efforts to optimise the deposit mix and reduce reliance on higher-cost funding sources.
Table 5: Asset Quality | ||||
As at 31 December: (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Gross loans and advances to customers | 12,777 | 10,507 | 22% | 8% |
Of which Stage 1 | 10,393 | 8,229 | 26% | 12% |
Of which Stage 2 | 1,180 | 1,576 | (25)% | (31)% |
Of which Stage 3 (Non-Performing Loans) | 1,204 | 703 | 71% | 50% |
Less allowance for impairments (accumulated expected credit losses, ECLs) | 1,002 | 601 | 67% | 49% |
Of which Stage 1: 12-month ECL | 75 | 44 | 68% | 42% |
Of which Stage 2: Life-time ECL | 179 | 119 | 51% | 33% |
Of which Stage 3: Life-time ECL | 748 | 437 | 71% | 54% |
Net loans and advances to customers | 11,775 | 9,907 | 19% | 5% |
NPL ratio | 9.4% | 6.7% | - | - |
Accumulated ECL as a % of gross loans and advances | 7.8% | 5.7% | - | - |
NPL coverage ratio | 83.3% | 85.5% | - | - |
Stage 3 coverage ratio | 62.2% | 62.3% | - | - |
Looking ahead, we are prioritising execution and speed of resolution. Our targeted sell-down and recovery initiative in Nigeria is making progress, and we expect it to significantly reduce the NPL ratio and further strengthen the balance sheet by the first half of 2026. With the forbearance transition largely complete, we anticipate a slowdown in the formation of new NPLs, thanks to stricter risk controls and improved First-Time Right underwriting standards.
Accumulated impairment charges for expected credit losses (ECL) increased by $402 million, bringing the total to $1,002 million. The year-end balance of $1,002 million includes a centrally accumulated ECL of$576 million, built over time to address potential emerging risks within the portfolio, including specific risks related to Nigeria. As a result, the total end-of-period ECL reserve build as a percentage of gross loans has significantly improved, climbing from 5.7% in 2024 to 7.8% in 2025.
Table 6: Selected Capital and Liquidity Information | |||||
As at 31 December: (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 C. | % Chg in Currency | |
Capital: | |||||
Total equity to all owners | 2,864 | 1,795 | 60% | 27% | |
Equity attributable to owners of ETI | 1,931 | 1,079 | 79% | - | |
CET1 ratio1 | 13.2% | 11.4% | - | - | |
Tier 1 capital adequacy ratio1 | 13.8% | 12.1% | - | - | |
Total capital adequacy ratio (CAR)1 | 16.7% | 15.8% | - | - | |
Risk-weighted assets (RWA) | 17,176 | 13,560 | 27% | - | |
Liquidity: | |||||
Loan-to-deposit ratio | 50.5% | 51.4% | - | - | |
Basel II/III CET1, Tier 1 and Total CAR ratios of 13.2%, 13.8% and 16.7% are estimates as of 31 December 2025 and subject to change.
We report regulatory capital ratios semi-annually (submission deadline of 30 April for CAR for 31 December and submission deadline of 31 October for CAR for 30 June) to the regulator, the Central Bank of West African States (BCEAO). Half year CAR numbers will be finalised ahead of a 31 October deadline for submission to BCEAO
Group equity attributable to shareholders of ETI increased by $852 million to $1.93 billion in 2025. Several important factors contributed to the increase of $852 million: profit attributable to ETI shareholders of $407 million, net changes in debt instruments rose $17 million, and a gain of $348 million in foreign currency translation reserves. This gain occurred because key African currencies, such as the Ghanaian cedi, CFA franc, and Nigerian naira, remained stable or even strengthened against the US dollar. This is a big change from 2024, when the Group faced losses of $383 million in foreign currency translation.As of 31 December 2025, estimated capital adequacy ratios indicate that the Group's CET1 ratio is 13.2%, Tier 1 Capital is 13.8%, and the Total CAR is 16.7%. The strong CAR position is primarily attributed to profit growth and a positive net impact from foreign currency translation reserves (FCTR). The surplus above the regulatory minimum for December estimates is approximately 470 basis points for CET1, 430 basis points for Tier 1 CAR, and 420 basis points for Total CAR.
REGIONAL PERFORMANCE
Income statement highlights
Net interest income
500
104
456
462
29
(140)
1,411
Non-interest revenue
288
50
280
387
50
(18)
1,038
Operating income (net revenue)
788
155
737
849
79
(158)
2,449
Total operating expenses
358
104
279
375
33
35
1,184
Pre-provision, pre-tax operating profit
430
51
457
474
46
(193)
1,265
Impairment charges on financial assets
46
82
55
24
(1)
258
465
Operating profit after impairment losses
384
(31)
402
450
47
(451)
801
We categorise the Group's pan-African operations into four geographical regions. These reportable regions are Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), and Central, Eastern and Southern Africa (CESA). Accordingly, the financial results of the constituent affiliates of Ecobank Development Corporation (EDC), the Group's Investment Banking (IB) and Securities, Wealth, and Asset Management (SWAM) businesses across our geographic footprint are reported within their country of domicile and therefore in the applicable regions of UEMOA, Nigeria, AWA, and CESA. In addition, the Group categorises its Paris banking subsidiary and representative offices in Beijing, London, and Dubai as International.
Ecobank Geographical Regions
Summary financials for the Year Ended 31 December 2025
(In thousands of US Dollars)
UEMOA
NIGERIA
AWA
CESA
INTERNATIONAL
ETI &
Others (1)
Ecobank Group
Profit before tax
384
(31)
402
450
47
(451) 801
Taxation
(52)
(6)
(143)
(93)
(12)
93
(201)
Loss from discontinued operations
-
-
-
(6)
-
-
(6)
Profit after tax
332
(37)
259
351
35
(346)
594
Balance sheet highlights
Total Assets
13,090
3,525
8,097
9,373
1,623
(1,221)
34,487
Gross loans and advances to customers
5,583
1,584
2,181
2,566
663
200
12,777
Of which stage 1
5,257
304
1,748
2,424
659
-
10,393
Of which stage 2
237
613
248
83
-
0
1,180
Of which stage 3 (NPLs)
90
667
185
58
4
200
1,204
Less: accumulated impairments
(90)
(112)
(122)
(99)
(4)
(576)
(1,002)
Of which stage 1
(17)
(1)
(32)
(24)
(0)
(0)
(75)
Of which stage 2
(41)
(17)
(22)
(18)
-
(82)
(179)
Of which stage 3 (NPLs)
(32)
(94)
(68)
(57)
(4)
(494)
(748)
Net loans and advances to customers
5,494
1,472
2,060
2,467
659
(376)
11,775
Non-performing loans
90
667
185
58
4
200
1,204
Deposits from customers
9,808
2,534
5,835
6,923
204
0
25,305
Total equity
1,397
299
1,062
1,136
203
(1,233)
2,864
Ratios
ROE (2)
26.8%
-13.8%
29.7%
35.4%
19.1%
-
27.0%
ROA
2.8%
-1.1%
3.7%
4.2%
2.5%
-
1.9%
Cost-to-income
45.4%
67.0%
37.9%
44.2%
41.6%
-
48.3%
Loan-to-deposit ratio
56.9%
62.5%
37.4%
37.1%
325.1%
-
50.5%
NPL Ratio
1.6%
42.1%
8.5%
2.3%
0.6%
-
9.4%
NPL Coverage
100.0%
16.8%
65.7%
169.3%
102.0%
-
83.3%
ETI and Others comprise the financial results of ETI (parent company), eProcess (the Group's shared services technology company), EBISA (Paris subsidiary), other ETI-affiliates and structured entities, and the net impact of eliminations from the Group's accounting consolidation. Also included here is the resolution vehicle (RV)
ROE for the Regions are computed using profit after tax divided by the average end-of-period (EOP) total equity. However, the ROE for the Group, is computed using profit available to ETI divided by average EOP shareholders' equity.
Comparisons noted in the commentary on our regions are calculated for the year ended 31 December 2025 versus 31 December 2024, unless otherwise specified.
Francophone West Africa (UEMOA) | ||||
Year ended 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in 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% 36.6% | 25.4% 39.5% | - - | - - |
Cost-to-income ratio (CIR) | 45.4% | 46.6% | - | - |
Return on equity (ROE) | 26.8% | 29.2% | - | - |
Selected income statement line items only and thus may not sum up
Francophone West Africa (UEMOA)
UEMOA increased profit before tax by $39 million, or 11% (+6% in cc), to $384 million in 2025. ROE was 26.8%.
Net revenues increased by $83 million, or 12% (+7% in cc), to $788 million in 2025. Net interest income increased by $73 million to $500 million, supported by a significant increase in government securities balances, loans, and a favourable interest rate environment. Non-interest revenues rose by $9 million to $288 million, driven by higher fees on customer deposits and treasury solutions, adversely impacted by regulatory-driven foreign exchange liquidity constraints.
Operating expenses increased $29 million, or 9% (+4% in cc), to $358 million in 2025, reflecting higher other operating expenses and staff costs related to technology and revenue. The cost-to-income ratio improved to 45.4% compared to 46.4% in 2024.
Impairment charges on financial assets were $46 million, an increase of $15 million compared to 2024, reflecting growth in stage 2 loans during the period.
NIGERIA | ||||
Year ended 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in 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% 32.5% | 14.4% 33.5% | - - | - - |
Cost-to-income ratio (CIR) | 67.0% | 79.4% | - | - |
Return on equity (ROE) | -13.8% | 1.1% | - | - |
Selected income statement line items only and thus may not sum up n.m.(not meaningful)
Nigeria
Nigeria reported a pre-tax loss of $31 million in 2025 compared to a profit before tax of $5 million in 2024. The loss was mainly attributed to a rise in NPLs within Nigeria's CIB business, particularly in the oil and gas industry, following the end of the Central Bank of Nigeria's forbearance regime. Consequently, the ROE fell to -13.8 %.
Net revenues increased by $28 million, or 22% (+28% in cc), to $155 million. The increase was primarily driven by a $20 million rise in net interest income to $104 million. This growth was largely due to treasury management solutions and the benefit to interest expense by the part repayment of a $300 million 7.125% Eurobond by Ecobank Nigeria. Non-interest revenues increased by $8 million, supported by a rise in income from cash management services, fixed income trading and higher card fees from rising transaction volumes.
Operating expenses increased by $3 million, or 3% (+7% in cc), largely due to higher depreciation and amortisation costs and increased technology expenditures. The cost-to-income ratio improved to 67.0% in 2025, down from 79.4% in 2024, as revenue growth outpaced expense growth.
Impairment charges on financial assets increased significantly by $62 million, or 298%, to $82 million. This sharp rise was due to notably higher NPLs in the CIB business.
Anglophone West Africa (AWA) | ||||
Year ended 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Net interest income | 456 | 410 | 11% | 1% |
Non-interest revenue | 280 234 20% 9% | |||
Net revenues | 737 | 644 | 14% | 4% |
Operating expenses | (279) (255) 9% (0)% | |||
Pre-provision, pre-tax operating profit | 457 | 389 | 18% | 6% |
Impairment charges on financial assets | (55) | (74) | (25)% | (37)% |
Profit before tax | 402 | 315 | 28% | 18% |
Taxation | (143) | (79) | 82% | - |
Profit after tax | 259 | 236 | 10% | 1% |
Ratios: | ||||
Net interest margin (NIM) | 8.7% | 10.9% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 18.4% 38.1% | 19.2% 36.3% | - - | - - |
Cost-to-income ratio (CIR) | 37.9% | 39.6% | - | - |
Return on equity (ROE) | 29.7% | 37.4% | - | - |
Selected income statement line items only and thus may not sum up
Anglophone West Africa (AWA)
AWA reported a profit before tax of $402 million in 2025, an increase of $87 million, or 28% (+18% in cc). ROE was 29.7%.
Net revenues grew by $93 million, or 14% (+4% in cc), to $737 million. Net interest income rose by $46 million to $456 million, driven by higher consumer and trade loans, treasury management solutions, and significantly lower funding costs from an increase in low-cost deposits. Non-interest revenues also increased by $47 million to $280 million, primarily from higher fees associated with deposits and payments, client-driven foreign currency trading, and the release of previously charged impairment reserves on fixed-income securities.
Operating expenses increased by $24 million, or 9% (unchanged in cc), to $279 million, largely due to increased staff costs. However, the cost-to-income ratio improved to 37.9%, down from 39.6% in 2024 as revenue growth outpaced expense growth.
Impairment charges on loans and financial assets decreased by $18 million, or 25%, to $55 million in 2025. This decline resulted from a $26 million increase in loan recoveries, a $25 million reduction in impairment charges on other financial assets (excluding loans), which partially offset a $33 million increase in gross impairment charges.
Central, Eastern and Southern Africa (CESA) | ||||
Year ended 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Net interest income | 462 | 379 | 22% | 21% |
Non-interest revenue | 387 281 38% 39% | |||
Net revenues | 849 | 661 | 28% | 29% |
Operating expenses | (375) (337) 11% 11% | |||
Pre-provision, pre-tax operating profit | 474 | 324 | 46% | 47% |
Impairment charges on financial assets | (24) | (27) | (14)% | 65% |
Profit before tax | 450 | 297 | 52% | 50% |
Taxation | (93) | (45) | 106% | - |
Profit after tax | 357 | 251 | 42% | 39% |
Ratios: | ||||
Net interest margin (NIM) | 7.2% | 7.1% | - | - |
Net fee & commission income as a % of revenue Non-interest revenue as a % of revenue (NIR ratio) | 28.5% 45.6% | 29.0% 42.6% | - - | - - |
Cost-to-income ratio (CIR) | 44.2% | 51.0% | - | - |
Return on equity (ROE) | 36.1% | 32.7% | - | - |
Selected income statement line items only and thus may not sum up
Central, Eastern and Southern African Region (CESA)
CESA, our best performing region, reported a profit before tax of $450 million, an increase of $154 million, or 52% (+50% in cc). ROE was 36.1%.
Net revenues increased by $188 million, or 28% (+29% in cc), to $849 million. Net interest income increased by $82 million, or 22%, to $462 million, driven by growth in lending across business lines and higher trade loans in the commercial sector. Higher funding costs partially offset this growth. Non-interest revenues increased by $106 million, or 38%, to $387 million, primarily due to increased fees from client-driven foreign currency sales in Commercial banking, higher card and deposit-related fees from an increase in transaction volumes in the Consumer business.
Operating expenses increased by $38 million, or 11% (+11% in cc), to $375 million, driven mainly by staff-related compensation accruals and tax expenses. The cost-to-income ratio improved to 44.2% in 2025, down from 51.0% in 2024, reflecting positive operating leverage.
Impairment charges on financial assets rose by $4 million, or 14%, to $24 million. The driving factors were a
$20 million increase in gross impairment charges on loans due to loan growth, and a $3 million decrease in impairment charges on other assets (excluding loans). This increase in overall impairment charges was partially offset by a $17 million rise in loan recoveries.
Estimated Basel II/III Total CAR as of 31 December 2025
ROTE is profit available (attributable) to ETI shareholders divided by the average end-of-period (EOP) tangible shareholders'
equity
##END##
About Ecobank Transnational Incorporated ('ETI' or 'The Group')Ecobank Group is the leading private pan-African financial services group with unrivalled African expertise. Present in 34 sub-Saharan African countries, France, the UK, UAE, and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs about 14,000 people and offers over 32 million customers, Consumer, Commercial, Corporate and Investment Banking as well as Payment's products, services and solutions across multiple channels, including digital. For further information, please visit ecobank.com.
Cautionary note regarding forward-looking statementsCertain statements in this document are "forward-looking statements". These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements.
Constant Currency - Ecobank Group prepares its financial results in US dollars, while its subsidiaries report in local currencies. When converting these results to USD, Ecobank uses current exchange rates, which change frequently. The "constant currency" method helps eliminate the effects of foreign exchange rate changes when comparing financial results over time. This method provides a clearer view of how the business is performing, without the confusion caused by currency changes. The percentage change in constant currency shows how the business would have performed if exchange rates had remained unchanged. To calculate constant currency, we convert the 2024 local-currency financials using the average and spot FX rates for 2025, as needed.
Earnings Call Information:
Ecobank will hold a conference call where Group Chief Executive Officer Jeremy Awori and Chief Financial Officer Ayo Adepoju will discuss the bank's financial results for the year ended 31 December 2025. This call is scheduled for Tuesday, 14 April 2026, at 14:00 GMT (15:00 Lagos time).
Joining the Investor Conference Call:
To participate in the investor conference call, please register in advance using the link below. Once you register, you will receive an email with joining information and the link to the call.
Registration link: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=135 3721&linkSecurityString=3fa5d2ee5
The presentation materials will be available on the Ecobank website (Ecobank - Investor Relations) ahead of the call.
To access a replay of the live conference call, please contact Investor Relations.
Contact information:
Investors may contact:
Ato Arku Ecobank Group
Phone: +228 2221 0303
ir@ecobank.com
Media may contact: Christiane Mbimbe Bossom Ecobank Group
Phone: +228 2221 0303
groupcorporatecomms@ecobank.com
APPENDIXTable 1: Francophone West Africa (UEMOA) | ||||
BALANCE SHEET HIGHLIGHTS As at 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
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 | 56.9% | 58.9% | - | - |
NPL ratio | 1.6% | 1.9% | - | - |
NPL coverage ratio | 100.0% | 131.7% | - | - |
Stage 3 coverage ratio | 35.8% | 54.1% | - | - |
Table 2: NIGERIA | ||||
BALANCE SHEET HIGHLIGHTS As at 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
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 | 62.5% | 69.7% | - | - |
NPL ratio | 42.1% | 9.7% | - | - |
NPL coverage ratio | 16.8% | 38.2% | - | - |
Stage 3 coverage ratio | 14.1% | 18.9% | - | - |
Anglophone West Africa (AWA) | ||||
BALANCE SHEET HIGHLIGHTS As at 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Loans & advances to customers (gross) | 2,181 | 1,624 | 34% | 11% |
Of which Stage 1 | 1,748 | 1,264 | 38% | 16% |
Of which Stage 2 | 248 | 169 | 46% | 28% |
Of which Stage 3 (non-performing loans) | 185 | 190 | (2)% | (28)% |
Less allowance for impairments (Expected Credit Loss) | 122 | 130 | (7)% | (30)% |
Of which Stage 1: 12-month ECL(1) | 32 | 16 | 98% | 52% |
Of which Stage 2: Life-time ECL | 22 | 9 | 132% | 78% |
Of which Stage 3: Life-time ECL | 68 | 105 | (35)% | (52)% |
Loans & advances to customers (net) | 2,060 | 1,493 | 38% | 15% |
Total assets | 8,097 | 5,995 | 35% | 11% |
Deposits from customers | 5,835 | 4,378 | 33% | 10% |
Total equity | 1,062 | 683 | 55% | 27% |
Loan-to-deposit ratio | 37.4% | 37.1% | - | - |
NPL ratio | 8.5% | 11.7% | - | - |
NPL coverage ratio | 65.7% | 68.7% | - | - |
Stage 3 coverage ratio | 36.5% | 55.2% | - | - |
Central, Eastern and Southern Africa (CESA) | ||||
BALANCE SHEET HIGHLIGHTS As at 31 December (in millions of US dollars) | 2025 | 2024 | % Chg '25 vs '24 | % Chg in C. Currency |
Loans & advances to customers (gross) | 2,566 | 1,834 | 40% | 27% |
Of which Stage 1 | 2,424 | 1,642 | 48% | 34% |
Of which Stage 2 | 83 | 131 | (37)% | (43)% |
Of which Stage 3 (non-performing loans) | 58 | 61 | (4)% | (13)% |
Less: allowance for impairments (Expected Credit Loss) | 99 | 107 | (8)% | (15)% |
Of which Stage 1: 12-month ECL(1) | 24 | 8 | 210% | 175% |
Of which Stage 2: Life-time ECL | 18 | 29 | (38)% | (46)% |
Of which Stage 3: Life-time ECL | 57 | 70 | (19)% | (24)% |
Loans & advances to customers (net) | 2,467 | 1,726 | 43% | 30% |
Total assets | 9,373 | 7,442 | 26% | 16% |
Deposits from customers | 6,923 | 5,600 | 24% | 13% |
Total equity | 1,136 | 846 | 34% | 22% |
Loan-to-deposit ratio | 37.1% | 32.7% | - | - |
NPL ratio | 2.3% | 3.3% | - | - |
NPL coverage ratio | 169.3% | 176.5% | - | - |
Stage 3 coverage ratio | 97.5% | 115.9% | - | - |
Consolidated statement of comprehensive income - USD
Year ended | Year ended | |||
31 December 2025 | 31 December 2024 | |||
US$'000 | US$'000 | |||
Interest income | 2,097,113 | 1,849,700 | ||
Interest income calculated using the effective interest method | 2,085,037 | 1,849,197 | ||
Other interest income | 12,076 | 503 | ||
Interest expense | (685,948) | (675,205) | ||
Net interest income | 1,411,165 | 1,174,495 | ||
Fee and commission income | 676,051 | 589,945 | ||
Fee and commission expense | (77,697) | (65,607) | ||
Trading income and foreign exchange gains | 399,900 | 359,734 | ||
Net gains / (losses) on investments securities | 5,502 | (1,678) | ||
Other operating income | 34,073 | 29,184 | ||
Non-interest revenue | 1,037,829 | 911,578 | ||
Operating income | 2,448,994 | 2,086,073 | ||
Staff expenses | (514,038) | (447,379) | ||
Depreciation and amortisation | (80,412) | (78,852) | ||
Other operating expenses | (589,288) | (575,694) | ||
Operating expenses | (1,183,738) | (1,101,925) | ||
Operating profit before impairment charges and taxation | 1,265,256 | 984,148 | ||
Impairment charges on financial assets | (464,633) | (322,359) | ||
Operating profit after impairment charges before taxation | 800,623 | 661,789 | ||
Share of post-tax results of associates | 282 | 74 | ||
Profit before tax | 800,905 | 661,863 | ||
Taxation | (200,624) | (164,118) | ||
Profit after tax from continuing operations | 600,281 | 497,745 | ||
Loss from discontinued operations | (6,159) | (4,115) | ||
Profit after tax | 594,122 | 493,630 | ||
Profit after tax attributable to: | ||||
Ordinary shareholders | 407,141 | 333,175 | ||
- Continuing operations | 413,230 | 337,244 | ||
- Discontinued operations | (6,089) | (4,069) | ||
Other equity instrument holder | 7,313 | 7,313 | ||
Non-controlling interests | 179,668 | 153,142 | ||
- Continuing operations | 179,738 | 153,188 | ||
- Discontinued operations | (70) | (46) | ||
594,122 | 493,630 | |||
Earnings per share from continuing operations attributable to owners of the parent during the | ||||
period (expressed in United States cents per share): | ||||
Basic (cents ) | 1.680 | 1.371 | ||
Diluted (cents ) | 1.680 | 1.371 | ||
Earnings per share from discontinued operations attributable to owners of the parent during the | ||||
period ( expressed in United States cents per share): | ||||
Basic (cents ) | (0.025) | (0.017) | ||
Diluted (cents ) | (0.025) | (0.017) | ||
Consolidated statement of other comprehensive income | ||||
Profit after tax | 594,122 | 493,630 | ||
Other comprehensive income | ||||
Items that may be reclassified to profit or loss: | ||||
Exchange difference on translation of foreign operations | 465,289 | (439,116) | ||
Fair value gains on investments in debt instruments measured at FVTOCI | 105,940 | 66,094 | ||
Items that will not be reclassified to profit or loss: | ||||
Gains on properties revaluation | 8,543 | 3,554 | ||
Remeasurement of defined benefit obligations | 1,711 | - | ||
Other comprehensive income / ( loss) for the year, net of taxation | 581,483 | (369,468) | ||
Total comprehensive income for the year | 1,175,605 | 124,162 | ||
Total comprehensive income attributable to: | ||||
Ordinary shareholders | 852,236 | 25,079 | ||
Other equity instrument holder | 7,313 | 7,313 | ||
Non-controlling interests | ||||
1,175,605 | 124,162 | |||
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful.
Consolidated statement of financial position - USD
As at 31 December 2025 | As at 31 December 2024 | |||
US$'000 | US$'000 | |||
Assets | ||||
Cash and balances with central banks | 5,878,747 | 5,095,969 | ||
Trading financial assets | 219,430 | 62,789 | ||
Derivative financial instruments | 55,371 | 76,635 | ||
Loans and advances to banks | 2,887,458 | 2,391,697 | ||
Loans and advances to customers | 11,774,883 | 9,906,819 | ||
Treasury bills and other eligible bills | 2,279,240 | 1,656,471 | ||
Investment securities | 8,834,624 | 6,897,740 | ||
Pledged assets | 93,314 | 18,760 | ||
Other assets | 1,392,165 | 999,329 | ||
Investment in associates | 726 | 351 | ||
Intangible assets | 39,882 | 39,552 | ||
Investment properties | 21,358 | 11,073 | ||
Property and equipment | 668,535 | 562,809 | ||
Deferred income tax assets | 338,544 | 232,451 | ||
34,484,277 | 27,952,445 | |||
Assets held for sale | 2,934 | 2,727 | ||
Total assets | 34,487,211 | 27,955,172 | ||
Liabilities | ||||
Deposits from banks | 2,613,965 | 2,020,636 | ||
Deposits from customers | 25,304,908 | 20,423,736 | ||
Derivative financial instruments | 8,239 | 35,146 | ||
Borrowed funds | 1,797,507 | 2,159,847 | ||
Other liabilities | 1,610,757 | 1,282,751 | ||
Provisions | 80,828 | 59,987 | ||
Current income tax liabilities | 123,300 | 104,317 | ||
Deferred income tax liabilities | 46,389 | 47,611 | ||
Retirement benefit obligations | 37,795 | 26,339 | ||
Total liabilities | 31,623,688 | 26,160,370 | ||
Equity | ||||
Share capital and premium | 2,113,961 | 2,113,961 | ||
Retained earnings and reserves | (182,685) | (1,034,921) | ||
Equity attributable to ordinary shareholders | 1,931,276 | 1,079,040 | ||
Other equity instrument holder | 74,088 | 74,088 | ||
Non-controlling interests | 858,159 | 641,674 | ||
Total equity | 2,863,523 | 1,794,802 | ||
Total liabilities and equity | 34,487,211 | 27,955,172 |
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity - USD
Amounts in US$'000
Share capital & | Retained earnings | Other reserves | Equity attributable | Other equity | Non-controlling | Total equity | ||||||||
premium | to ordinary shareholders | instrument | interests | |||||||||||
2,113,961 | 746,414 | (1,806,414) | 1,053,961 | 74,088 | 606,406 | 1,734,455 | ||||||||
At 31 December 2023 / 1 January 2024 | ||||||||||||||
Foreign currency translation differences | - | - | (383,065) | (383,065) | - | (56,051) | (439,116) | |||||||
Net changes in debt instruments,net of taxes | - | - | 70,191 | 70,191 | - | (4,097) | 66,094 | |||||||
Net gains on revaluation of property | - | - | 5,167 | 5,167 | - | (1,613) | 3,554 | |||||||
Remeasurements of post-employment benefit obligations | - | - | (389) | (389) | - | 389 | - | |||||||
Other comprehensive loss for the year | - | - | (308,096) | (308,096) | - | (61,372) | (369,468) | |||||||
Profit for the year | - | 333,175 | - | 333,175 | 7,313 | 153,142 | 493,630 | |||||||
Total comprehensive income for the year | - | 333,175 | (308,096) | 25,079 | 7,313 | 91,770 | 124,162 | |||||||
Additional tier 1 capital coupon | - | - | - | - | (7,313) | - | (7,313) | |||||||
Transfer from general banking reserve | - | 17,237 | (17,237) | - | - | - | - | |||||||
Transfer to statutory reserve | - | (56,332) | 56,332 | - | - | - | - | |||||||
Other reserves | - | - | - | (11,716) | (11,716) | |||||||||
Dividend relating to 2023 | - | - | - | - | (52,797) | (52,797) | ||||||||
Change of ownership | - | - | - | - | - | 8,011 | 8,011 | |||||||
At 31 December 2024 | 2,113,961 | 1,040,494 | (2,075,415) | 1,079,040 | 74,088 | 641,674 | 1,794,802 | |||||||
1 January 2025 | 2,113,961 | 1,040,494 | (2,075,415) | 1,079,040 | 74,088 | 641,674 | 1,794,802 | |||||||
Foreign currency translation differences | - | - | 347,923 | 347,923 | - | 117,366 | 465,289 | |||||||
Net changes in debt instruments,net of taxes | - | - | 86,950 | 86,950 | - | 18,990 | 105,940 | |||||||
Net gains on revaluation of property | - | - | 8,293 | 8,293 | - | 250 | 8,543 | |||||||
Remeasurements of post-employment benefit obligations | - | - | 1,929 | 1,929 | - | (218) | 1,711 | |||||||
Other comprehensive income for the year | - | - | 445,095 | 445,095 | - | 136,388 | 581,483 | |||||||
Profit for the year | - | 407,141 | - | 407,141 | 7,313 | 179,668 | 594,122 | |||||||
Total comprehensive income for the year | - | 407,141 | 445,095 | 852,236 | 7,313 | 316,056 | 1,175,605 | |||||||
Additional tier 1 capital coupon | - | - | - | - | (7,313) | - | (7,313) | |||||||
Transfer to general banking reserve | - | (10,825) | 10,825 | - | - | - | - | |||||||
Transfer to statutory reserve | - | (79,647) | 79,647 | - | - | - | - | |||||||
Other reserves | - | - | - | - | - | (4,748) | (4,748) | |||||||
Dividend relating to 2024 | - | - | - | - | - | (80,737) | (80,737) | |||||||
Change of ownership | - | - | - | - | - | (14,086) | (14,086) | |||||||
At 31 December 2025 | 2,113,961 | 1,357,163 | (1,539,848) | 1,931,276 | 74,088 | 858,159 | 2,863,523 |
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated statement of cash flows - USD
Year ended | Year ended | |||
31 December 2025 | 31 December 2024 | |||
US$'000 | US$'000 | |||
Cash flows from operating activities | ||||
Profit before tax from continuing operations | 800,905 | 661,863 | ||
Loss before tax from discontinued operations | (1,627) | (4,034) | ||
Adjusted for: | ||||
Foreign exchange income | (35,991) | (40,298) | ||
Net ( gain) / loss from investment securities | (5,502) | 1,678 | ||
Fair value gain on investment properties | (350) | (95) | ||
Impairment charges on loans and advances | 422,321 | 193,165 | ||
Impairment charges on other financial assets | 42,312 | 130,442 | ||
Depreciation of property and equipment | 65,982 | 56,587 | ||
Amortisation of software and other intangibles | 14,430 | 22,697 | ||
Profit on sale of property and equipment | (748) | (2,563) | ||
Share of post-tax results of associates | (282) | (74) | ||
Income taxes paid | (283,382) | (215,740) | ||
Changes in operating assets and liabilities | ||||
Trading financial assets | (139,289) | (22,027) | ||
Derivative financial instruments | 30,952 | (9,481) | ||
Treasury bills and other eligible bills | (458,817) | (293,310) | ||
Loans and advances to banks | (459,053) | (355,044) | ||
Loans and advances to customers | (924,133) | (787,388) | ||
Pledged assets | (73,133) | 50,700 | ||
Other assets | (255,625) | (79,092) | ||
Mandatory reserve deposits with central banks | 114,432 | (338,913) | ||
Deposits from customers | 2,097,987 | 2,873,201 | ||
Other deposits from banks | 10,506 | 512,791 | ||
Derivative liabilities | (31,376) | 2,864 | ||
Other liabilities | 227,804 | 139,139 | ||
Provisions | 14,568 | 1,743 | ||
Net cashflow from operating activities | 1,172,891 | 2,498,811 | ||
Cash flows from investing activities | ||||
Purchase of software | (16,852) | (21,457) | ||
Purchase of property and equipment | (88,791) | (84,595) | ||
Proceeds from sale of property and equipment | 1,720 | 2,192 | ||
Purchase of investment property | (9,800) | - | ||
Purchase of investment securities | (1,338,200) | (874,751) | ||
Proceeds from redemption and sale of investment securities | 532,508 | 420,858 | ||
Net cashflow used in investing activities | (919,415) | (557,753) | ||
Cash flows from financing activities | ||||
Repayment of borrowed funds | (897,954) | (1,388,278) | ||
Proceeds from borrowed funds | 492,517 | 1,315,796 | ||
Coupon to additional tier 1 capital | (7,313) | (7,313) | ||
Dividends paid to non-controlling shareholders | (80,737) | (52,797) | ||
Net cashflow used in financing activities | (493,487) | (132,592) | ||
Net (decrease) /increase in cash and cash equivalents | (240,011) | 1,808,466 | ||
Cash and cash equivalents at start of the year | 4,941,836 | 3,897,836 | ||
Effects of exchange differences on cash and cash equivalents | 634,548 | (764,466) | ||
Cash and cash equivalents at end of the year | 5,336,373 | 4,941,836 |
Consolidated statement of cash flows should be read in conjunction with the accompanying notes.