2023 Ecobank pre-tax profit rises 8% to $581m, net revenues top $2bn amid economic challenges.
Ecobank, a pan-African banking group, reported a 2023 pre-tax profit of $581m, an 8% increase from $540m in 2022. The bank's net revenues surpassed $2bn for the first time in nearly a decade, despite facing economic challenges such as high inflation, interest rates, and geopolitical tensions. The cost-to-income ratio reached a record low of 54.9%, and the new Growth, Transformation, and Returns strategy contributed to the strong performance.
June 06, 2024
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