With N2 Trillion Market Cap, Ecobank Becomes Nigeria’s Fourth Most Valuable Lender

Ecobank Transnational Incorporated (ETI), the pan-African banking group listed in Lagos, hit the N2 trillion market capitalisation mark for the first time on Friday after its share price surged by 9.11 percent.

Data from the Nigerian Exchange Limited showed that Ecobank’s market value rose to N2 trillion from N1.91 trillion on Thursday, cementing its position as the fourth most valuable banking group in Nigeria. The lender, headquartered in Togo, joined the trillion-naira market capitalisation club in January.

The development comes despite pressure on the Nigerian subsidiary’s earnings last year, as worsening asset quality in its corporate and investment banking portfolio weighed on profitability following the expiration of a regulatory forbearance programme.

Ecobank Nigeria posted a pre-tax loss of $31 million in 2025, compared with a profit before tax of $5 million in 2024, largely due to a sharp increase in non-performing loans linked to the oil and gas sector.

The deterioration in asset quality dragged return on equity down to negative 13.8 percent, even as the bank recorded stronger underlying revenue growth.

According to the group’s earnings release, net revenue rose by $28 million, or 22 percent — and 28 percent in constant currency terms — to $155 million in 2025. The growth was largely driven by a $20 million increase in net interest income to $104 million, supported by treasury management solutions and lower interest expenses after Ecobank Nigeria partially repaid its $300 million 7.125 percent Eurobond.