By Eyo Nsima
The Ecobank Group has realised a 13 per cent growth in profit before tax, PBT, to $540 million in the financial year that ended December 2022.

The bank disclosed that the growth in PBT was fuelled by the benefits of its diversified business model during the period under review.

It also maintained that growth in Commercial Banking up 100 per cent to $134 million and Consumer Banking, up 50 per cent to $130 million, was partly offseted by a drop of 17 per cent to $333 million in Corporate and Investment Banking PBT, due to impairment charges associated with Government of Ghana’s debt restructuring exercise.
The banking institution also reported net revenues of $1.9 billion in the period under review, adding that it proposed a final dividend payout of $28 million or $0.11 per share subject to shareholder approval at its next AGM.

However, the Chief Executive Officer of Ecobank, Jeremy Awori, said that Ghana’s debt restructuring exercise placed the company in a difficult position during the financial year.