Nigeria is Ecobank’s biggest market and also its Achilles heel – a drain on capital that is severely hindering its business elsewhere. The bank’s issues in Nigeria are threefold: its local subsidiary is blighted by low profitability, which is in turn exacerbated by both a cost burden and a stock of impaired loans that dwarfs those of its market peers.
Given that Nigeria is Ecobank’s largest single market and accounts for 24% of the group’s balance sheet, the weak growth and volatile asset quality it reports are critical to the group’s overall performance.
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