Ecobank Group Achieves Milestone of $2 Billion in Revenue for 2023

For the first time since 2015, the Ecobank Group, a leading pan-African financial institution present in 35 countries, has surpassed the $2 billion revenue mark for 2023, representing an 11% increase compared to the previous year.

This growth is primarily driven by a 15.3% increase in net interest income, which rose from $1.014 billion in 2022 to $1.169 billion in 2023. This dynamic is complemented by a more modest 5% growth in non-interest income, including fees and commissions, investment income, trading income, and foreign exchange gains, according to Togo First, an economic news website.

In response to this achievement, Jeremy Awori, CEO of the Ecobank Group, stated: "Our encouraging results reflect a renewed commitment to prioritizing our clients and the work we've started on diversifying our revenue streams, growing our business, and mobilizing low-cost deposits. Our retail and commercial banking activities have increased their share of revenue and profits across the group. Furthermore, we've continued our proactive approach to disciplined cost management, aiming to eliminate unproductive and unnecessary costs and redirecting the savings towards investments in marketing and brand image, sales capabilities, and technology that should generate returns in the future."