Ecobank Group Stock Jumps 50% in Six Months: What’s Driving the Rally?

Togo-based Ecobank Transnational has been one of the best-performing stocks on West Africa’s stock exchanges this year. The bank’s shares have climbed 50% over the past six months, rewarding investors who bet on its turnaround strategy.

The stock (BRVM: ETIT) closed at 21 XOF per share on October 20, 2025, gaining 31.3% year-to-date from its opening price of 16 XOF.

Over the past three months, the stock has added 23.5%, while the one-week gain stands at 10.5%. Ecobank ranks as the most traded stock on the BRVM Stock Exchange over the past three months, with 60.9 million shares changing hands.

What Ecobank Does

Ecobank Transnational operates in the banking sector across Africa. The pan-African bank serves customers in over 30 countries, offering services to individuals, small businesses, and large corporations.

The bank operates through two main divisions: Corporate and Investment Banking, which handles large clients and treasury operations, and Consumer and Commercial Banking, which serves everyday customers and small businesses.

With a market value of 380 billion XOF (about $620 million), Ecobank is the sixth most valuable stock on the BRVM.

Strong First-Half Results Drive Confidence

The rally makes sense when you look at the numbers. Ecobank reported a profit before tax of $398 million in the first half of 2025, up 23% from the same period last year. Net revenue reached $1.1 billion, growing 12% year-over-year.

What stands out most is the bank’s improved efficiency. The cost-to-income ratio fell to 49.1%, dropping below 50% for the first time in a decade. This means the bank is spending less to earn each dollar of revenue, a clear sign of better management.

Customer deposits grew to $23.9 billion, up 26% from a year earlier. More deposits give the bank more money to lend out and earn interest on. The bank’s return on tangible equity hit 30.5%, showing strong profitability.

The bank also completed strategic moves to strengthen its position. In October 2025, Ecobank finalized the sale of its Mozambique subsidiary to FDH Bank, part of a broader strategy to exit weaker markets and focus resources on higher-performing regions.

Management’s Turnaround Plan Works

Ecobank’s “Growth, Transformation, and Returns” strategy is clearly working. The bank is investing in digital services and has partnerships with tech companies to improve its platform. The active customer base grew 9% year-over-year to reach 12.8 million users.

For the full year 2024, Ecobank posted a pre-tax profit of $658 million, up 13% from 2023. The strong performance continued into 2025, giving investors confidence that the turnaround is sustainable.

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