Ecobank Group has strengthened its position as one of Africa’s major banking players after customer deposits climbed 14% year-on-year to US$27.5 billion in the first nine months of 2026, providing fresh evidence of customer confidence in the lender despite persistent economic pressures across several markets.

The Group’s growing deposit base accompanied a 12% increase in profit before tax to US 737 million, while net revenue also rose 12% to US 2.0 billion. The results highlight the bank’s ability to expand its business, improve operational efficiency and sustain profitability amid inflationary pressures, foreign exchange volatility and slower economic activity in parts of Africa.

The performance also places customer deposits at the centre of Ecobank’s growth strategy, providing a stronger funding base as the Group navigates changing interest rate conditions and seeks to expand its digital banking services across the continent.

Customer Deposits Surge as Confidence Strengthens

Ecobank’s customer deposits increased to US$27.5 billion, representing a 14% year-on-year rise. The growth reflects the Group’s efforts to attract and retain customers while strengthening relationships with individuals, businesses and corporate clients across its markets.

An important feature of the deposit performance was the contribution of current and savings accounts, which accounted for 85% of total customer deposits. These accounts provide a significant source of funding for the bank and can help reduce its dependence on more expensive funding options.

The strong deposit mobilisation has also helped Ecobank manage pressure on lending margins as interest rates ease in several of its markets.

Group Chief Executive Officer Jeremy Awori said the bank’s performance reflected the strength of its business strategy and its relationships with customers.

“This reflects the confidence and trust our customers have in us and in using us for their day-to-day banking. This growth has helped mitigate margin pressure from the rate-easing cycle in our markets, lifting net interest income by 12%. Payment revenue also rose 9%, supported by our continued investment in technology and digital platforms. The strength of our diversified business model was evident as profit before tax increased by 20% in Central Eastern and Southern Africa (CESA) and by 10% in Anglophone West Africa (AWA), offsetting softer results in Francophone West Africa (UEMOA) and Nigeria.”

The deposit expansion is particularly significant in a banking environment where customer trust, liquidity and access to affordable funding can determine how effectively financial institutions support businesses and households.

Profit Climbs to US$737 Million

Ecobank’s financial results showed growth across its major income measures, with profit before tax increasing 12% to US$737 million during the nine-month period.

Net revenue similarly rose 12% to US$2.0 billion, demonstrating that the Group maintained business momentum despite the economic and geopolitical headwinds affecting several African markets.

The bank also recorded a return on tangible equity of 24.9%, highlighting its ability to generate returns from shareholders’ tangible capital.

According to Awori, “We achieved a profit before tax of $737 million, an increase of 12% year-on-year, and a return on tangible equity of 24.9%. Net revenue also grew by 12%, reaching $2.0 billion.”

The results reflect the contribution of Ecobank’s diversified operations, which span different African economies and include corporate and investment banking as well as commercial and consumer banking.

This broad presence has helped the Group offset weaker performances in some markets with stronger results elsewhere. Central, Eastern and Southern Africa recorded a 20% increase in profit before tax, while Anglophone West Africa delivered 10% growth.

The performance of these regions helped counter softer results in Francophone West Africa and Nigeria, demonstrating the value of operating across multiple markets rather than depending heavily on a single economy.

Efficiency Gains Strengthen Financial Performance

Beyond revenue and deposits, Ecobank made further progress in controlling its operating costs.

The Group’s cost-to-income ratio improved to 47.8%, outperforming its 2026 target range of 48% to 50%. The ratio measures how much a bank spends to generate each unit of income, making it an important indicator of operational efficiency.

A lower ratio generally means that a bank retains more income after covering operating expenses, although overall profitability also depends on credit costs, funding expenses and other financial factors.

Ecobank attributed the improvement to its continued focus on operational efficiency, technology investments and disciplined execution of its Growth, Transformation and Returns strategy.

Awori said, “Our Growth, Transformation, and Returns strategy is clearly reflected in our efficiency and franchise performance”.

He also stated that the Group’s cost-to-income ratio was 47.8%, ahead of its 2026 target range of 48% to 50%.

The efficiency gains could provide additional room for the Group to invest in new products, improve customer services and strengthen its competitive position as African banking markets become increasingly digital.

Digital Payments Provide Another Growth Engine

Ecobank’s payments business continued to contribute to revenue growth, with payment revenue increasing 9% during the period.

The Group has invested in technology platforms and digital capabilities designed to improve customer experience, expand access to financial services and support transactions across its markets.

Digital payments have become an increasingly important part of banking as consumers and businesses demand faster, more convenient ways to transfer money, settle bills and conduct commercial activities.

Ecobank’s continued investment in this area could help it capture additional opportunities as digital financial services expand across Africa.

The Group also strengthened its international presence during the quarter by opening its new Beijing Representative Office premises and signing a protocol with the Chinese Cross-Border Interbank Payment System (CIPS).

These developments could support stronger connections between African businesses and international trade and payment networks.

Bad Loans and Economic Risks Remain Under Watch

Despite the strong financial performance, Ecobank continues to face risks associated with inflation, energy prices and foreign exchange volatility.

The Group’s non-performing loan ratio remained broadly stable at 7.5% during the quarter, within its 2026 target range of 6% to 8%.

Maintaining control over bad loans will remain important as economic conditions and borrowing costs change across its operating markets.

Awori said, “Our non-performing loan (NPL) ratio remained broadly stable during the quarter at 7.5%, which is within our 2026 target range of 6% to 8%, reflecting continued discipline in portfolio and risk management.”

He acknowledged the challenges ahead, stating, “Energy prices, inflation, and foreign exchange volatility are real risks as we move through the remainder of the year. However, our strong deposit base, liquidity and capital position, combined with our new products and propositions, position us well to drive further growth while maintaining a disciplined approach to risk. We remain on track to meet our 2026 targets. I want to thank the Ecobank team for their dedication to serving our customers every day.”

Ecobank also concluded its Ecobank@40 celebrations with a US$2.6 billion commitment aimed at supporting women-owned businesses and agriculture across Africa.

The Group received further recognition at the Global Finance Awards, including Best Bank in Africa 2026 and World’s Best Frontier Markets Bank 2026.

As Ecobank moves through the final months of 2026, its expanding deposit base, stronger profitability and improved efficiency provide a solid foundation for growth. However, sustaining that performance will depend on its ability to preserve customer confidence, manage credit risks and withstand economic volatility across its diverse markets.