Ecobank Transnational Incorporated’s stock has nearly doubled over the past two years, highlighting a resurgence of investor confidence in West African banking equities. Shares of the Togo-based lender, listed on the Bourse Régionale des Valeurs Mobilières (BRVM) under the ticker ETIT, closed at 29 West African CFA francs (XOF) on February 13, 2026. The stock has risen 26.1% since the start of the year and 27.7% when measured in U.S. dollars. Over a 12-month period, the gain stands at 81.3%, with a 70.6% increase in the last six months. Two years ago, the share price hovered between 14 and 15 XOF.
This rally is underpinned by improved financial performance and a stronger balance sheet. For the trailing twelve months, Ecobank reported revenue of $1.96 billion, an 11.35% year-on-year increase. Net income reached $411.34 million. Total assets were recorded at $32.4 billion, supported by $4.3 billion in cash and cash equivalents against $1.9 billion in debt.
The bank’s return on equity (ROE) stands at 29.39%. Despite the significant price appreciation, the stock trades at a price-to-earnings (P/E) ratio of 1.80 and a price-to-sales (P/S) ratio of 0.39, indicating a substantial valuation discount compared to many emerging market peers.
Ecobank is the most actively traded stock on the BRVM over the past three months. With a market capitalization of 524 billion XOF, it constitutes 3.51% of the total exchange market value.
The performance reflects a broader revaluation of banking stocks on the regional exchange. After years of compressed valuations, lenders are benefiting from tighter cost management, enhanced asset quality, and robust capital positions. An ROE exceeding 25% is uncommon in many global banking sectors, making West African banks notable for their operational efficiency and risk management following previous currency and credit cycles. The low P/E multiple suggests the market still assigns a discount relative to banks in other emerging markets, where valuations often range from six to ten times earnings.
Improved liquidity on the BRVM, with higher trading volumes, has also aided price discovery. As dividend policies stabilize and balance sheets strengthen, investors are increasingly viewing regional banks through an income and value lens rather than as speculative instruments. This shift indicates that West African capital markets may be transitioning toward a phase where fundamental financial metrics are the primary drivers of equity returns.
