Ecobank's Togolese Unit Reports 47% Net Profit Jump
TLDR
- Ecobank Togo, the Togolese subsidiary of pan-African banking group ETI, posted a 47% rise in net profit to 15.8 billion CFA francs ($28.2 million) for 2024
- Net banking income rose 3.3% to 41.6 billion CFA francs, with loan interest contributing nearly 80% of that
- Total assets reached 691 billion CFA francs (+6%), driven by strong credit growth (+13.8%). Deposits rose 2.4% to 525.3 billion CFA francs
Ecobank Togo, the Togolese subsidiary of pan-African banking group ETI, posted a 47% rise in net profit to 15.8 billion CFA francs ($28.2 million) for 2024, driven by improved income from loans, strategic cost control, and partial reversal of tax provisions.
Net banking income rose 3.3% to 41.6 billion CFA francs, with loan interest contributing nearly 80% of that. Commissions declined 3.3%, reflecting challenges in increasing service penetration. Total assets reached 691 billion CFA francs (+6%), driven by strong credit growth (+13.8%). Deposits rose 2.4% to 525.3 billion CFA francs.
Equity increased 18% to 69.9 billion CFA francs, and the bank declared a gross dividend of 7.5 billion CFA francs, or 37,500 CFA francs per share. Liquidity remained solid, with cash position up 2.4% at 46 billion CFA francs. The increase was supported by asset growth and improved collections, offsetting reduced external funding.
Estelle Fafa Akue Komlan was appointed Managing Director, replacing Souleymane Touré. The bank aims to focus more on SMEs and productive sectors while continuing operational reforms.
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Key Takeaways
Ecobank Togo’s 2024 results reflect how regional banks are adapting to tight monetary conditions by doubling down on fundamentals. While African banks face higher funding costs and credit risk, Ecobank Togo has expanded its loan book and strengthened its capital base without overexposing itself to volatile markets. A key shift is the bank’s pivot to local liquidity and SME lending. By reducing balances with international banks and boosting BECEAO assets, Ecobank is anchoring itself in the domestic economy. This strategy supports resilience and positions the bank to grow as Togo seeks more inclusive financial services. Leadership changes also signal a generational shift. Estelle Fafa Akue Komlan’s appointment points to a broader push for transformation and customer-centric innovation. With 459 employees and over 560,000 clients, the bank now seeks to enhance its digital reach and SME footprint—areas central to long-term growth in West Africa's financial landscape.
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