The Central, Eastern and Southern Africa (CESA) unit of Ecobank Transnational Incorporated has emerged as the group’s top profit engine for the first time in four years, overtaking its traditionally dominant Francophone West Africa (UEMOA) franchise, a BusinessDay analysis of the bank’s latest earnings report shows.
- +Ecobank’s profit map shifts as Central, Eastern, Southern Africa take lead
- +…ends four-year West Africa dominance
- +Group performance underscores strategy execution
- +UEMOA remains resilient despite slower growth
CESA delivered a profit before tax of $450 million in 2025, representing a 52 percent year-on-year increase, making it the group’s best-performing region.
…ends four-year West Africa dominance
CESA delivered a profit before tax of $450 million in 2025, representing a 52 percent year-on-year increase, making it the group’s best-performing region. In comparison, UEMOA ranked second with profit rising 11 percent to $384 million. The West African bloc had led Ecobank’s earnings since 2022, before being displaced by the fast-growing CESA corridor.
Anglophone West Africa (AWA) posted a strong showing as well, with profit rising 28 percent to $402 million, placing it third overall. However, performance was dragged by Nigeria—Ecobank’s largest market—which recorded a $31 million loss, its first since 2012.
The Togo–based lender attributed the Nigerian loss primarily to a spike in non-performing loans within its Corporate and Investment Banking (CIB) segment, particularly in the oil and gas sector, following the expiration of the Central Bank of Nigeria’s regulatory forbearance regime.
In CESA, growth was broad-based. Net revenues rose 28 percent to $849 million, supported by a 22 percent increase in net interest income to $462 million, driven by loan expansion across business lines and higher trade-related lending in the commercial segment.
Non-interest revenue climbed 38 percent to $387 million, underpinned by increased fees from foreign exchange transactions in commercial banking, as well as higher card and deposit-related income amid rising transaction volumes in the consumer business.
“Higher funding costs partially offset this growth,” the group said in its earnings report.
The region’s strong showing comes amid intensifying competition, as African banking groups—particularly from Nigeria and South Africa—expand aggressively into Eastern and Southern Africa. Markets such as Kenya are increasingly serving as strategic hubs, driven by opportunities in trade finance, digital banking, and continental integration under the African Continental Free Trade Area.
Group performance underscores strategy execution
ETI which operates more than 1,300 branches across 36 African countries, reported group-wide profit before tax of $801 million, up 21 percent year-on-year, as it marked its 40th anniversary.
According to Jeremy Awori, the group CEO, the performance underscores the effectiveness of the bank’s Growth, Transformation and Returns (GTR) strategy and its diversified geographic model.
Group revenues rose 17 percent to $2.45 billion, with Corporate and Investment Banking revenues increasing by 21 percent and Consumer and Commercial Banking revenues up 14 percent. Payments revenue grew 14 percent to $305 million, driven by higher transaction volumes across channels.
Profit before tax rose by 21 percent to $801 million, translating into a return on tangible equity of 27.8 percent.
“We also increased per-share earnings and tangible book value by 23 percent and 82 percent, respectively,” Awori said. “In our Consumer Banking business, we expanded digital account openings, installed 500 new ATMs, extended Direct Sales Agents into 22 markets, and added over 1,000 personnel.”
In Commercial Banking, the group deepened its engagement with small and medium-sized enterprises, particularly in agribusiness, through enhanced digital tools and specialised expertise to improve access to funding.
Within CIB, Ecobank secured over 75 mandates across multinationals, development finance institutions, and regional corporates, while $610 million in commodity financing supported trade activity.
UEMOA remains resilient despite slower growth
In UEMOA, profit before tax rose by 11 percent to $384 million, while net revenues increased 12 percent to $788 million. Net interest income grew by $73 million to $500 million, supported by higher holdings of government securities and loan growth in a favourable interest rate environment.
Non-interest revenue rose to $288 million, driven by stronger fees on deposits and treasury services, although constrained by regulatory-driven foreign exchange liquidity challenges. Operating expenses increased 9 percent to $358 million, reflecting higher staff and technology-related costs.
The cost-to-income ratio improved to 45.4 percent from 46.4 percent in 2024, while impairment charges rose to $46 million, up $15 million year-on-year, largely due to growth in stage two loans.
