BUY · GHS 39.02 current · GHS 42.00 twelve-month target · +7.6% capital upside · +10.7% total return · Medium-High conviction
Scale and Capital Strength Against an Unfinished Asset-Quality Repair — prices as at 25 August 2026.
| Metric | Value |
|---|---|
| Investment rating | BUY |
| Current share price | GHS 39.02 (25 Aug 2026) |
| 12-month target price | GHS 42.00 |
| Capital upside | ~7.6% |
| Dividend yield (FY2025) | ~3.1% |
| Expected total return | ~10.7% |
| FY2025 EPS | GHS 5.65 |
| Trailing P/E · P/B | ~6.9x · ~1.76x |
| Conviction | Medium-High |
| Horizon | 12 months · 3–10 years |
1. Executive Summary
E3 Financials initiates coverage on Ecobank Ghana PLC with a BUY recommendation and a 12-month target price of GHS 42.00. At the GSE closing price of GHS 39.02 on 25 August 2026, the target implies approximately 7.6% capital upside. Including the approved FY2025 dividend of GHS 1.21 per share, the potential twelve-month total return is approximately 10.7%.
This is not a deep-value call. At GHS 39.02 the stock trades at roughly 6.9x FY2025 earnings and 1.76x book, a level that already reflects a substantial part of the post-DDEP recovery. The case rests on high return on equity, exceptional capital strength, a genuinely diversified income base and rising distributions — set against an asset-quality problem that has not yet been solved.
Investment thesis
- EGH is one of Ghana's largest banking franchises, with a large deposit base, deep corporate relationships and pan-African transaction-banking capability through the Ecobank network.
- Profitability recovered sharply after the DDEP period. FY2025 profit after tax reached GHS 1.82bn on profit before tax of GHS 3.03bn, with a PAT margin of 35.0%.
- Capital strength is the standout positive. FY2025 capital adequacy of approximately 21.2%–21.5% and CET1 near 20% sit materially above the regulatory minimum, and the liquidity ratio exceeds 100%.
- Non-interest income represented roughly 49% of 2025 revenue, though the composition of that figure matters and is examined in Section 3.
- Shareholders' equity grew approximately 33% in 2025, materially increasing book value per share.
The central risk, stated up front
Non-performing loans improved from 21.14% in 2024 to 17.92% at FY2025. Management targets below 10% by end-2026.
However, Q1 2026 data shows the NPL ratio back at approximately 20.5% — above the FY2025 level and close to the 2024 peak.
The asset-quality repair is therefore not yet established as a trend. A reader who sees only the 21.1% to 17.9% improvement is seeing half the picture. Loan growth of 24.1% in 2025 against a 2.8% decline in deposits compounds the concern, because the NPL ratio is being measured against a loan book that is expanding quickly.
This single variable determines whether the target multiple in Section 8 is defensible. It is treated in full in Section 5.
2. Historical Financial Performance, 2015–2025
The series below uses Ecobank Ghana consolidated figures. Revenue is presented as operating income as reported by the bank. For 2025, audited full-year figures are used rather than the earlier Q3 annualisation — an important correction, as the audited FY2025 PAT was GHS 1.82bn against an earlier GHS 2.11bn estimate.
| Year | Revenue (GHSbn) | PAT (GHSbn) | Assets (GHSbn) | Deposits (GHSbn) | Equity (GHSbn) |
|---|---|---|---|---|---|
| 2015 | 1.023 | 0.321 | 6.692 | 4.838 | 0.890 |
| 2016 | 1.207 | 0.328 | 8.057 | 5.417 | 0.964 |
| 2017 | 1.117 | 0.254 | 9.098 | 6.542 | 1.037 |
| 2018 | 1.307 | 0.340 | 10.455 | 7.609 | 1.326 |
| 2019 | 1.586 | 0.445 | 13.229 | 9.729 | 1.784 |
| 2020 | 1.848 | 0.550 | 15.951 | 11.805 | 2.448 |
| 2021 | 2.115 | 0.582 | 17.926 | 13.228 | 2.683 |
| 2022 | 2.968 | (0.015) | 25.908 | 20.424 | 2.706 |
| 2023 | 5.325 | 0.633 | 33.663 | 26.339 | 4.06 |
| 2024 | 5.359 | 1.700 | 46.002 | 32.455 | 5.400 |
| 2025 | 5.210 | 1.823 | 47.330 | 31.560 | 7.180 |
Ten-year growth
- Revenue increased approximately 5.1x, from GHS 1.02bn to GHS 5.21bn.
- Total assets increased approximately 7.1x, from GHS 6.69bn to GHS 47.33bn.
- Customer deposits increased approximately 6.5x, from GHS 4.84bn to GHS 31.56bn.
- Shareholders' equity increased approximately 8.1x, supporting a much larger capital base.
- Profit after tax compounded strongly despite the exceptional 2022 DDEP loss.
Two features of the recent series deserve attention rather than celebration. Revenue declined modestly in 2025 from GHS 5.36bn to GHS 5.21bn, and customer deposits fell 2.8% from GHS 32.46bn to GHS 31.56bn. Neither is alarming in isolation, but a bank growing its loan book 24% while its deposit base contracts is changing its funding mix, and that warrants monitoring.
Sources: Ecobank Ghana annual reports and GSE disclosures, with the AfricanFinancials archive used as a filing cross-check. The 2015 annual report gives GHS 6.692bn assets, GHS 4.838bn deposits, GHS 0.890bn equity and GHS 0.321bn PAT. The 2020 report provides the 2016–2020 series; the 2022–2024 audited statements provide the later series.
3. Earnings and Operating Performance
| Year | Revenue | PAT | PAT margin | Comment |
|---|---|---|---|---|
| 2015 | GHS 1.023bn | GHS 321m | 31.4% | Strong base |
| 2016 | GHS 1.207bn | GHS 328m | 27.2% | Stable |
| 2017 | GHS 1.117bn | GHS 254m | 22.7% | Lower profitability |
| 2018 | GHS 1.307bn | GHS 340m | 26.0% | Recovery |
| 2019 | GHS 1.586bn | GHS 445m | 28.1% | Strong growth |
| 2020 | GHS 1.848bn | GHS 550m | 29.7% | Pandemic resilience |
| 2021 | GHS 2.115bn | GHS 582m | 27.5% | Continued expansion |
| 2022 | GHS 2.968bn | (GHS 15m) | nm | DDEP impairment shock |
| 2023 | GHS 5.325bn | GHS 633m | 11.9% | Restructuring effects |
| 2024 | GHS 5.359bn | GHS 1.700bn | 31.7% | Major recovery |
| 2025 | GHS 5.210bn | GHS 1.823bn | 35.0% | Efficiency and trading |
FY2025 earnings quality
Revenue declined modestly in 2025 while profit rose 7.2%, because the bank generated substantially higher trading and fee income while reducing operating expenses. Net interest income fell to approximately GHS 2.68bn, net trading income rose to GHS 1.70bn, and net fee income reached GHS 531.7m.
| FY2025 revenue composition | Amount | Share of revenue | Earnings quality |
|---|---|---|---|
| Net interest income | ~GHS 2.68bn | ~51% | Core, recurring |
| Net trading income | GHS 1.70bn | ~33% | Market-dependent |
| Net fee and commission income | GHS 531.7m | ~10% | Core, recurring |
| Other income | ~GHS 0.30bn | ~6% | Varies |
A qualification on the diversification argument
Non-interest income at roughly 49% of revenue is genuine diversification, but the composition is not uniformly high quality.
Trading income of GHS 1.70bn represents about 33% of total revenue and roughly two thirds of the non-interest line. Trading gains are cyclical and depend on rate and currency conditions that will not persist indefinitely. Fee and commission income — the durable, annuity-like component — is GHS 531.7m, around 10% of revenue.
The distinction matters for the target multiple. A bank earning 49% of revenue from fees and transaction banking deserves a higher book multiple than one earning the same proportion largely from trading. EGH is currently closer to the second case.
The forward question is whether trading income can be replaced by fee and transaction-banking income as rates normalise. Section 10 assumes it broadly can. That assumption should be tested against each reporting period.
Cost discipline
The bank reported a cost-to-income ratio of 35.13% at the 2025 AGM, and the audited statements show materially lower other operating expenses. This is a principal reason EGH can sustain a high return on equity without rapid balance-sheet expansion. A ratio at this level is strong by both Ghanaian and pan-African standards and should be verified against the audited cost base when the FY2026 accounts are published.
Operating profit proxy
For comparability with the E3 GCB report, we treat pre-provision operating profit as the principal operating measure. For 2024, revenue of GHS 5.36bn less operating expenses of approximately GHS 1.97bn produced pre-impairment operating profit of roughly GHS 3.39bn. The comparable 2025 figure is approximately GHS 3.38bn. Operating earnings remained resilient even as net interest income weakened.
4. Balance Sheet, Deposits and Capital
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total assets | GHS 46.00bn | GHS 47.33bn | +2.8% |
| Customer deposits | GHS 32.45bn | GHS 31.56bn | −2.8% |
| Loans and advances | GHS 10.60bn | GHS 13.15bn | +24.1% |
| Shareholders' equity | GHS 5.40bn | GHS 7.18bn | ~+33% |
| Capital adequacy ratio | 17.03% | ~21.2%–21.5% | Strong improvement |
| CET1 | 15.39% | ~19.8%–20.1% | Strong improvement |
| Liquidity ratio | 88.61% | 100.73% | Strong |
Interpretation
- Loan growth of approximately 24% in 2025 is significant against a 2.8% increase in total assets. The balance sheet is being re-weighted toward lending.
- Deposits declined approximately 2.8%, so loan expansion was not entirely deposit-funded. This requires monitoring as credit growth accelerates, both for funding cost and for the loans-to-deposits trajectory.
- Capital is substantially stronger than in 2024, providing room to absorb credit losses and support growth. This is the single strongest element of the investment case.
- Liquidity above 100% provides a substantial buffer, though excess liquidity dilutes returns if not deployed into productive assets.
- Equity growth of roughly one third materially increases book value per share and is the mechanical driver of the valuation in Section 8.
At the June 2026 AGM, management emphasised capital deployment, technology investment and continued risk management. The combination of exceptional capital and elevated NPLs is unusual: the bank has the balance sheet to absorb its credit problem, which is precisely why the problem is a valuation issue rather than a solvency issue.
5. Asset Quality and Credit Risk
This section carries more weight than any other in the report. The rating, the target multiple and the scenario range all turn on it.
| Indicator | 2017 | 2018 | 2019 | 2020 | 2024 | 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|
| NPL ratio | ~15.3% | ~6.2% | ~5.7% | 6.3% | 21.1% | 17.9% | 20.5% |
| Capital adequacy | n/a | n/a | 18.3% | 19.6% | 17.0% | ~21.2% | 20.5% |
The long record shows a major improvement across 2017–2019, followed by sharp deterioration through the sovereign debt-restructuring cycle. The FY2025 ratio of 17.92% remains high for a major bank despite improving from 21.14%.
The Q1 2026 reading of approximately 20.5% is the most important number in this report. It is above the FY2025 level and close to the 2024 peak, which means the improvement recorded during 2025 has not carried into 2026. The path to management's sub-10% target is not merely unproven — the most recent data point moves away from it.
Credit-risk assessment
- Legacy and problem assets remain the single largest fundamental risk to EGH.
- Loan growth of 24% in 2025 raises the importance of underwriting discipline, and means the NPL ratio is measured against a rapidly expanding denominator. A stable ratio on a growing book implies rising absolute problem loans.
- Impairment charges increased to approximately GHS 834m in 2025 from GHS 695m in 2024. Credit costs remain material and are rising in absolute terms.
- Q1 2026 impairment charges fell sharply year on year, a positive early signal, but one quarter is insufficient to establish a trend — particularly when the NPL ratio moved in the opposite direction over the same period.
- Strong capital and liquidity materially reduce solvency risk. They do not eliminate earnings volatility from credit losses.
E3 asset-quality triggers
Upgrade: NPLs below 12% by year-end 2026 and toward 8%–10% by 2027, with loan growth sustained above 10%. This would support a book multiple above 2.0x and a target above GHS 45.
Downgrade: NPLs sustained above 20% alongside rising impairment charges. This would justify a multiple of 1.4x–1.6x book, implying GHS 31–36.
The Q1 2026 reading of 20.5% currently sits on the downgrade side of that line. We retain the BUY on the strength of capital, earnings momentum and the H1 2026 profit trajectory, but the next two reporting periods are decisive.
6. 2026 Reported Performance
Q1 2026 profit after tax was GHS 439.3m, up 33.3% year on year. H1 2026 profit after tax reached approximately GHS 868.6m, up 13.8%, on profit before tax of about GHS 1.35bn, up 15.5%. H1 revenue was approximately GHS 2.31bn, up 5.0%.
| Metric | Q1 2026 | H1 2026 | Signal |
|---|---|---|---|
| Profit after tax | GHS 439m | GHS 869m | +33.3% / +13.8% YoY |
| Profit before tax | — | GHS 1.35bn | +15.5% YoY |
| Revenue | — | GHS 2.31bn | +5.0% YoY |
| NPL ratio | 20.5% | — | Above FY2025 level of 17.9% |
| Capital adequacy ratio | 20.5% | — | Buffer intact |
Note the divergence within these figures. Earnings momentum is clearly positive, with H1 profit up 13.8% on modest revenue growth of 5.0%, implying continued cost and impairment discipline. Asset quality moved the other way. Both are true, and the report does not resolve the tension in favour of either.
2026 outlook
- Base case: profit after tax grows 8%–12% in 2026 as credit costs normalise and non-interest income remains firm.
- Loan growth of 10%–15% is achievable, but should be balanced against the NPL reduction objective rather than pursued alongside it.
- Return on equity should remain in the high-20% range if capital is deployed efficiently. The equity base grew a third in 2025, so maintaining ROE requires materially higher absolute earnings.
- Dividend payout can rise from the GHS 1.21 FY2025 distribution without materially weakening capital, provided earnings remain robust.
- Falling domestic interest rates cut both ways: lower securities yields and reduced trading opportunity, against improved credit demand and borrower quality.
7. Competitive Position and Economic Moat
EGH's moat differs from GCB's. GCB's advantage is domestic distribution. EGH's advantage is integration with a pan-African banking network, corporate relationships, digital infrastructure and cross-border trade capability.
| Dimension | EGH | GCB |
|---|---|---|
| Market scale | Leading | Leading |
| Corporate banking | Very strong | Very strong |
| Trade finance | Leading | Strong |
| Digital banking | Leading | Strong |
| Cross-border payments | Very strong | Moderate |
| Domestic branch reach | Strong | Leading |
| Deposit franchise | Leading | Leading |
| Asset quality | Weak, repairing | Stronger |
| Capital | Very strong | Strong |
| Revenue diversification | Very strong | Strong |
Key competitive advantages
- Ecobank Mobile, XpressLoan, GhanaPay and associated digital payment infrastructure support customer engagement and lower-cost service delivery.
- The Ecobank continental network is particularly valuable to multinational corporates, SMEs and cross-border traders — a proposition no purely domestic Ghanaian bank can match.
- EDC Investments and EDC Stockbrokers broaden the financial-services ecosystem and support fee generation.
- Trade finance and transaction banking generate fee income that is less balance-sheet intensive than lending.
- Pan-African integration creates cross-selling opportunities unavailable to domestic-only competitors.
8. Valuation
EGH is valued using the framework applied in the E3 GCB report: price-to-book as the primary method, price-to-earnings as a cross-check, and a dividend discount model as a secondary income test.
| Market statistic | Value |
|---|---|
| Latest price (25 Aug 2026) | GHS 39.02 |
| FY2025 EPS | GHS 5.65 |
| FY2025 shareholders' equity | ~GHS 7.18bn |
| Shares outstanding | ~323m |
| Book value per share | ~GHS 22.23 |
| Trailing P/E | ~6.91x |
| P/B | ~1.76x |
| FY2025 DPS | GHS 1.21 |
| Dividend yield | ~3.10% |
Price-to-book (primary, 50%)
A 2.10x target multiple is applied, justified by a sustainable return on equity in the high-20% range, strong capital, improving liquidity and a diversified earnings base. Applied to FY2025 book value per share of GHS 22.23, this implies approximately GHS 46.68.
Price-to-earnings (cross-check, 40%)
A conservative 7.0x target multiple applied to FY2025 EPS of GHS 5.65 gives approximately GHS 39.55. The multiple sits above the historical low-single-digit Ghanaian banking range but remains conservative relative to a bank generating approximately 29% return on equity.
Dividend discount model (secondary, 10%)
The DDM is weak for EGH because the payout ratio remains low relative to earnings. Using GHS 1.21 DPS, 10% long-term dividend growth and an 18% cost of equity gives approximately GHS 16.64. The 10% weight reflects that current payout policy is designed to retain capital, not to return it.
Blended valuation
| Method | Implied value | Weight | Contribution |
|---|---|---|---|
| Price-to-book | GHS 46.68 | 50% | GHS 23.34 |
| Price-to-earnings | GHS 39.55 | 40% | GHS 15.82 |
| Dividend discount model | GHS 16.64 | 10% | GHS 1.66 |
| Blended intrinsic value | — | 100% | GHS 40.82 |
| E3 12-month target | — | — | GHS 42.00 |
Two disclosures on the valuation
First, the target of GHS 42.00 sits above the mechanical blended output of GHS 40.82. The stated justification is that the 2026 earnings trajectory and expected asset-quality improvement create a reasonable probability of partial re-rating. Readers should note that this adds roughly 3 percentage points of upside beyond what the model produces, and that the asset-quality improvement it anticipates is contradicted by the Q1 2026 NPL reading. On the unadjusted blended value, capital upside from GHS 39.02 is approximately 4.6% rather than 7.6%.
Second, the 2.10x target price-to-book exceeds the multiple we would assign to a higher-quality regional peer. Section 10 notes that Standard Chartered Ghana trades near 2.0x book on materially lower NPLs. Applying a higher multiple to EGH than to a cleaner balance sheet requires that the return-on-equity and diversification advantages fully offset the credit gap. That is a defensible position, but it is an assumption rather than a conclusion, and at 1.80x the implied value falls to GHS 40.01.
Price-to-book sensitivity
| Target P/B | 1.40x | 1.60x | 1.80x | 2.00x | 2.10x | 2.30x |
|---|---|---|---|---|---|---|
| Implied price (GHS) | 31.12 | 35.57 | 40.01 | 44.46 | 46.68 | 51.13 |
Scenario analysis
| Scenario | Probability | Target | Rationale |
|---|---|---|---|
| Bear | 25% | GHS 31 | NPLs above 20%, credit costs remain elevated |
| Base | 50% | GHS 42 | PAT growth alongside asset-quality repair |
| Bull | 25% | GHS 50 | NPLs below 10%, ROE sustained, multiple expansion |
The probability-weighted value of this distribution is approximately GHS 41.25, close to the blended intrinsic value and below the stated target.
9. 2026E–2028E Forecasts
| Metric | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|
| Revenue | GHS 5.21bn | GHS 5.55bn | GHS 6.05bn | GHS 6.60bn |
| Profit after tax | GHS 1.82bn | GHS 1.98bn | GHS 2.25bn | GHS 2.55bn |
| Earnings per share | GHS 5.65 | GHS 6.13 | GHS 6.97 | GHS 7.89 |
| Return on equity | ~29% | ~28% | ~28% | ~28% |
| NPL ratio | 17.9% | <15% | ~10% | <9% |
| Dividend per share | GHS 1.21 | GHS 1.35 | GHS 1.60 | GHS 1.90 |
These are E3 Financials estimates, not company guidance. The NPL path assumed here is the principal forecast risk: reaching below 15% during 2026 requires reversing the Q1 2026 move to 20.5% within three quarters. If that does not occur, the 2027 and 2028 earnings estimates carry higher impairment charges than modelled, and the valuation in Section 8 does not hold.
10. Ghana Banking Peer Comparison
| Metric | EGH | GCB | StanChart Ghana |
|---|---|---|---|
| Share price | GHS 39.02 | GHS 39.00 | GHS 69.90 |
| FY2025 P/E | ~6.9x | ~4.48x | ~6.5x |
| P/B | ~1.76x | ~1.66x | ~2.0x |
| Return on equity | ~29% | ~30% | Strong |
| NPL ratio | 17.9% FY25 / 20.5% Q1-26 | 4.9% Q1-26 | Lower |
| Dividend per share | GHS 1.21 | GHS 1.00 | Higher yield |
| Dividend yield | ~3.1% | ~2.6% | — |
| Capital adequacy | ~21.2% | 17.8% | Strong |
| Strategic edge | Pan-African network | Domestic scale | Premium corporate |
GCB figures are restated from the E3 Financials GCB initiation at the 25 August 2026 closing price of GHS 39.00, using FY2025 EPS of GHS 8.70 and book value per share of GHS 23.53. Standard Chartered Ghana's share price is a 25 August 2026 GSE quote; its multiples and asset-quality descriptors are indicative and should be sourced before external publication.
Relative conclusion
EGH deserves a premium to GCB on geographic diversification, digital infrastructure and revenue mix. That premium should remain constrained until NPLs normalise. On the current figures EGH already trades at a 54% premium to GCB on earnings, at a comparable book multiple, with a materially weaker loan book and a similar return on equity.
GCB remains the stronger risk-adjusted value position in the E3 coverage universe, and its late-August pullback has widened that gap. EGH offers the more diversified corporate and trade-banking franchise, superior capital and a higher dividend yield. Both propositions are valid; they are not the same proposition, and an investor should be clear which one they are buying.
11. Catalysts, Risks and Conclusion
Catalysts
- Reduction of the NPL ratio below 10% by end-2026.
- Continued decline in impairment charges, sustained across more than one quarter.
- Loan growth translating into higher net interest income without renewed credit deterioration.
- Fee and transaction-banking income growing to replace cyclical trading income.
- Further dividend normalisation from the GHS 1.21 FY2025 base.
- Lower Ghana sovereign risk and stable macroeconomic conditions.
Principal risks
- Asset quality. The 17.92% FY2025 NPL ratio and the 20.5% Q1 2026 reading are the most important risks in this report.
- Sovereign exposure. Renewed Ghana debt stress could generate large impairments, as it did in 2022.
- Deposit contraction. The 2.8% decline in 2025 could constrain loan growth or raise funding costs if it persists.
- Rapid loan growth before NPLs are repaired could reverse the recent recovery.
- Falling interest rates could compress treasury yields, net interest income and the trading income that drove FY2025 earnings.
- GSE liquidity. Thin trading can cause price volatility and make large positions difficult to exit. EGH fell approximately 30% in a single month during June 2026, which illustrates the point.
- Parent-company and cross-border exposure introduces additional regulatory and FX complexity.
Investment conclusion
E3 Financials rates Ecobank Ghana PLC BUY with a 12-month target price of GHS 42.00. The stock is not a deep-value bargain at GHS 39.02. The case rests on high return on equity, exceptional capital strength, improving cost discipline, diversified income and rising shareholder distributions.
The decisive variable is credit quality, and it is currently unresolved. If management reduces NPLs toward 10%, the bank can justify a book multiple above 2.0x and a valuation above GHS 45. If NPLs remain above 20%, the appropriate multiple falls toward 1.4x–1.6x book, implying GHS 31–36. The Q1 2026 reading sits in the second range, which is why conviction is set at Medium-High rather than High.
Portfolio role: EGH should be treated as a quality and re-rating banking position rather than a pure dividend holding. Within an E3 Financials GSE portfolio we rank GCB ahead of EGH on risk-adjusted value, while EGH provides diversification into pan-African corporate and trade banking that GCB cannot offer.
12. Sources, Methodology and Certification
Primary and public sources
- Ecobank Ghana PLC audited annual financial statements: 2015, 2016, 2018, 2020, 2022, 2023, 2024 and FY2025.
- AfricanFinancials — Ecobank Ghana document archive and Q3 2025 interim filing, used as a public filing cross-check. The Q3 2025 summary reported PAT of GHS 1.43bn, assets of GHS 43.10bn, customer deposits of GHS 34.54bn, CAR of 15.18% and an NPL ratio of 20.96%.
- Ghana Stock Exchange — listed-company disclosures and market data. Latest price GHS 39.02 at 25 August 2026, cross-checked against GSE end-of-day data.
- Ecobank Group — FY2025 and 2026 investor relations releases.
- Ghana financial press — audited FY2025 results and H1 2026 summaries, used to cross-check the latest figures.
- E3 Financials — GCB Bank PLC Initiation of Coverage, June 2026, used for the peer comparison in Section 10.
Data notes
The 2015–2021 historical figures are consolidated Ecobank Ghana figures. 2022 includes the exceptional DDEP-related impairment and is not representative of normalised earnings. The 2025 figures use the audited FY2025 statements rather than the earlier Q3 projection; this supersedes the GHS 2.11bn PAT estimate used in earlier E3 work. The 2026 to 2028 estimates are E3 Financials estimates, not company guidance.
Two items remain open. The FY2025 capital adequacy ratio is stated as a range of approximately 21.2% to 21.5% across sources and should be fixed to the audited figure. The Standard Chartered Ghana comparison multiples in Section 10 are indicative and require sourcing before external publication.
Analyst certification
The views expressed represent the independent analytical opinion of E3 Financials regarding Ecobank Ghana PLC. Forecasts, valuation estimates and target prices are good-faith estimates based on public information available at the date of publication.
Disclaimer
This report is for informational and educational purposes only and does not constitute an offer, solicitation or personalised investment recommendation. It does not take account of the investment objectives, financial situation or particular needs of any individual reader. Securities involve risk, including loss of capital. Investors should independently review the company's audited financial statements, GSE disclosures and current market price, and consult a qualified financial adviser, before investing. Target prices and forecasts can change without notice. Market prices quoted are as at the dates stated and may not reflect prices available at the time of reading. Where GSE liquidity is limited, quoted prices may not be achievable in size.
E3 Financials Research Desk · Accra, Ghana · fcabfund@gmail.com