The Ecobank group kicks off the 2026 semi-annual results of major African banks with solid but contrasting performances. As the leading pan-African private banking group, operating in 35 countries with a total balance sheet exceeding $33 billion, $27 billion in deposits, and among the highest equity capital on the continent, Ecobank confirms its ability to generate revenue in an economic environment marked by geopolitical tensions, currency volatility, and the slowdown of several African economies.
In the first half of 2026, the group achieved a net banking income of $1.3 billion, up 15% year-on-year. However, pre-tax profit only increased by 6%, to $423 million. The gap between revenue growth and profit growth is the main takeaway from these results: activity is growing rapidly, but profitability is increasing at a much more moderate pace.
In relation to the group’s business volume, pre-tax profit represents approximately 1.3% of the total balance sheet, while revenue accounts for nearly 4% of assets. These ratios reflect a good revenue generation capacity but also the difficulty in converting this commercial power into faster profit growth.
The group nevertheless displays several strong indicators. Its operating ratio drops to 48.4%, its best historical level, confirming cost control. The Return on Tangible Equity (ROTE) stands at 21.1%, a level higher than many African banks. Customer deposits reach $27 billion, up $3.1 billion year-on-year, of which 85% are low-cost resources (current and savings accounts), a significant competitive advantage in a context of rising financing costs.
Digital continues to drive growth. The value of digital transactions jumps by 33% to $78.5 billion, while revenue from payments increases by 10% to $156 million. These figures illustrate Ecobank’s progressive transformation into a pan-African platform for payments and financial services, a segment expected to become a major growth driver.
Geographically, the performance hierarchy evolves significantly. Central, East, and Southern Africa (CESA) become the main growth engine with $470 million in revenue, up 20%. Anglophone West Africa grows by 16% to $372 million, while Nigeria shows a 23% revenue growth.
However, Francophone West Africa (UEMOA), long the main historical stronghold of Ecobank, appears to be lagging behind. Revenue growth there is only 6%, at $382 million. While the region remains the top contributor in value ahead of Anglophone West Africa, its growth rate is now the slowest among the group’s major business areas. This slowdown is concerning as UEMOA was for many years the main driver of Ecobank’s profitability thanks to a stable monetary environment, strong commercial presence, and loyal corporate clientele. The momentum seems to be fading in favor of the more dynamic but riskier Anglophone markets.
Nigeria perfectly illustrates this paradox. After heavily impacting the group’s accounts in 2025 due to the sharp depreciation of the naira, macroeconomic volatility, and conversion losses, the Nigerian subsidiary is experiencing sustained commercial growth. However, the management indicates a continued focus on asset quality improvement, signaling that the recovery is not yet complete.
Beyond the Nigerian case, exchange rate risk remains one of Ecobank’s main structural challenges. Operating in over thirty countries using different currencies, the group remains highly exposed to devaluations and currency fluctuations in Africa. Part of the growth achieved in local currency is mechanically reduced when consolidated in dollars, limiting the increase in reported profits.
The group is also continuing its sustainable finance strategy. It successfully issued a $450 million “Nature Bond,” the first of its kind issued by a commercial bank according to ICMA standards. The operation, oversubscribed nearly four times with $1.36 billion in demand, will finance projects related to sustainable agriculture, water resource management, and natural capital in 24 African countries.
The first half of 2026 results confirm the strength of Ecobank’s pan-African model. The bank has a robust deposit base, continuously improving operational efficiency, and a rapidly expanding digital business. However, they also show that challenges remain: the slowdown of the historical UEMOA engine, persistent exposure to exchange rate risk, the weight of Nigeria in consolidated accounts, and profit growth lagging behind revenue growth.
For Jeremy Awori, the challenge in the coming semesters will not only be to increase revenue but also to demonstrate that a group with a balance sheet exceeding $33 billion, significant equity capital, and a unique presence on the continent is capable of transforming this financial power into more sustained value creation for its shareholders.
