Ecobank Transnational Incorporated : Q2 2020 NSE

ECOBANK TRANSNATIONAL INCORPORATED

Condensed Unaudited Consolidated Financial Statements

For period ended 30 June 2020

Ecobank Transnational Incorporated

Condensed Unaudited Consolidated Financial Statements

For the period ended 30 June 2020

CONTENTS

Condensed Unaudited Consolidated financial statements:

Press release

Condensed Unaudited Consolidated statement of comprehensive income USD (Six months) Condensed Unaudited Consolidated statement of comprehensive income USD (Quarter 2) Condensed Unaudited Consolidated statement of comprehensive income NGN (Six months) Condensed Unaudited Consolidated statement of comprehensive income NGN (Quarter 2) Condensed Unaudited Consolidated statement of financial position USD

Condensed Unaudited Consolidated statement of financial position NGN Condensed Unaudited Consolidated statement of changes in equity USD Condensed Unaudited Consolidated statement of changes in equity NGN Condensed Unaudited Consolidated statement of cash flows USD Condensed Unaudited Consolidated statement of cash flows NGN Notes to the condensed unaudited consolidated financial statements

Page 1

Press Release

Ecobank Group reports performance for the first six months of 2020

• Gross earnings down 7% to $1,040.9 million (down 3% to NGN 392.0 billion)
• Revenue down 1% to $770.9 million (up 4% to NGN 290.3 billion)
• Profit before tax down 16% to $170.3 million (down 13% to NGN 64.1 billion)
• Profit for the period down 22% to $128.9 million (down 18% to NGN 48.5 billion)
• Total assets up 3% to $24.3 billion (up 9% to NGN 9,392.1 billion)
• Loans and advances to customers down 7% to $8.6 billion (down 1% to NGN 3,334.2 billion)
• Deposits from customers up 3% to $16.7 billion (up 9% to NGN 6,461.5 billion)
• Total equity up 2% to $1.9 billion (up 8% to NGN 742.7 billion)

	Financial Highlights		Period ended		Period ended		% Change
		30 June 2020		30 June 2019
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Income Statement:
	Gross Earnings		1,040,935	392,013,029		1,122,106	405,201,836		-7%	-3%
	Revenue		770,885	290,313,001		775,684	280,105,962		-1%	4%
	Operating profit before impairment losses		276,811	104,246,200		260,616	94,110,611		6%	11%
	Profit before tax		170,297	64,133,344		203,357	73,433,909		-16%	-13%
	Profit for the period		128,877	48,534,695		164,747	59,491,516		-22%
				-18%

Earnings per share from continuing operations attributable to owners of the parent during the period (expressed in United States cents / kobo per share):

	Basic (cents and kobo)		0.36	136.44		0.49	176.55		-26%	-23%
	Diluted (cents and kobo)		0.36	136.44		0.49	175.67		-26%	-22%

Earnings per share from discontinued operations attributable to owners of the parent during the period (expressed in United States cents / kobo per share):

	Basic (cents and kobo)		0.003	1.06			0.01	4.87
	Diluted (cents and kobo)		0.002	0.90			0.01	4.84
	Financial Highlights		As at					As at		% Change
		30 June 2020			31 December 2019
			US$'000	NGN'000			US$'000	NGN'000		US$	NGN
	Statement of Financial Position:
	Total assets		24,284,781	9,392,139,055		23,641,184	8,621,939,805		3%	9%
	Loans and advances to customers		8,620,957	3,334,155,120		9,276,608	3,383,178,938		-7%	-1%
	Deposits from customers		16,707,120	6,461,478,660		16,246,120	5,924,959,964		3%	9%
	Total equity		1,920,453	742,735,199		1,885,777	687,742,872		2%	8%

	The financial statements were approved for issue by the board of directors on 29 July 2020.
	Prof. Enase Okonedo		Ade Ayeyemi	Ayo Adepoju
	Non-executive Director		Group Chief Executive Officer	Group Chief Financial Officer
	FRC/2014/ICAN/00000005959		FRC/2020/003/00000020528	FRC/2017/ICAN/00000017517

www.ecobank.com

Condensed Unaudited Consolidated Statement of Comprehensive Income - USD

		6 Month Period ended		6 Month Period ended		% Change
		30 June 2020		30 June 2019
		US$'000		US$'000
Interest income		684,514		682,809		0%
Interest expense		(255,904)		(320,353)		-20%
Net Interest Income		428,610		362,456		18%
Fee and commission income		201,973		235,814		-14%
Fee and commission expense		(13,022)		(22,748)		-43%
Net trading income		136,099		177,723		-23%
Other operating income		17,225		22,439		23%
Non-interest revenue		342,275		413,228		-17%
Operating income		770,885		775,684		-1%
Staff expenses		(227,332)		(243,404)		-7%
Depreciation and amortisation		(47,701)		(53,367)		-11%
Other operating expenses		(219,041)		(218,297)		0%
Operating expenses		(494,074)		(515,068)		-4%
Operating profit before impairment losses and taxation		276,811		260,616		6%
Impairment charges on loans and advances		(132,376)		(137,459)		-4%
Impairment charges on other financial assets		(13,766)		(23,938)		-42%
Recoveries		49,269		104,132		-53%
Impairment charges on financial assets		(96,873)		(57,265)		69%
Operating profit after impairment losses before taxation		179,938		203,351		-12%
Net monetary loss arising from hyperinflationary economy		(9,490)		-		nm
Share of post-tax results of associates		(151)		6		nm
Profit before tax		170,297		203,357		-16%
Taxation		(42,695)		(41,925)		2%
Profit after tax from continuing operations		127,602		161,432		-21%
Profit after tax from discontinued operations		1,275		3,315		-62%
Profit for the period		128,877		164,747		-22%
Attributable to:
Owners of the parent		89,095		120,233		-26%
- Continuing operations		88,406		118,443		-25%
- Discontinued operations		689		1,790		-62%
Non-controlling interests		39,782		44,514		-11%
- Continuing operations		39,195		42,989		-9%
- Discontinued operations		587		1,525		-62%
		128,877		164,747		-22%
Earnings per share from continuing operations attributable to owners of the parent during the period
(expressed in United States cents per share):
Basic (cents )		0.36		0.49		-26%
Diluted (cents )		0.36		0.49		-26%
Earnings per share from discontinued operations attributable to owners of the parent during the
period (expressed in United States cents per share):
Basic (cents )		0.003		0.013		n/m
Diluted (cents )		0.002		0.013		n/m
Unaudited consolidated statement of comprehensive income
Profit for the period		128,877		164,747		-22%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(180,616)		(193,226)		-7%
Fair value gain on debt instruments at FVTOCI		98,849		49,982		98%
Taxation relating to components of other comprehensive income that may be subsequently
reclassed to profit or loss		(1,543)		(7,303)		-79%
Other comprehensive loss for the period, net of taxation		(83,310)		(150,547)		-45%
Total comprehensive income for the period		45,567		14,200		221%
Total comprehensive income /(loss) attributable to:
Owners of the parent		4,456		(18,230)		124%
- Continuing operations		3,767		(20,020)		119%
- Discontinued operations		689		1,790		-62%
Non-controlling interests		41,111		32,430		27%
- Continuing operations		40,524		30,905		31%
- Discontinued operations		587		1,525		-62%
		45,567		14,200		221%

The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

Page 3

Condensed Unaudited Consolidated Statement of Comprehensive Income - USD

		Quarter ended		Quarter ended		% Change
		30 June 2020		30 June 2019
		US$'000		US$'000
Interest income		344,403		360,272		-4%
Interest expense		(125,136)		(170,171)		-26%
Net Interest Income		219,267		190,101		15%
Fee and commission income		96,800		116,875		-17%
Fee and commission expense		(4,884)		(12,456)		-61%
Net trading income		55,857		81,691		-32%
Other operating income		11,187		11,293		-1%
Non-interest revenue		158,960		197,403		-19%
Operating income		378,227		387,504		-2%
Staff expenses		(108,982)		(126,285)		-14%
Depreciation and amortisation		(24,348)		(27,152)		-10%
Other operating expenses		(101,438)		(104,603)		-3%
Operating expenses		(234,768)		(258,040)		-9%
Operating profit before impairment losses and taxation		143,459		129,464		11%
Impairment charges on loans and advances		(74,450)		(56,872)		31%
Impairment charges on other financial assets		(6,699)		(7,518)		-11%
Recoveries		26,510		35,788		-26%
Impairment charges on financial assets		(54,639)		(28,602)		91%
Operating profit after impairment losses before taxation		88,820		100,862		-12%
Net monetary loss arising from hyperinflationary economy		(8,709)		-		nm
Share of post-tax results of associates		(70)		(22)		nm
Profit before tax		80,041		100,840		-21%
Taxation		(18,881)		(21,374)		-12%
Profit after tax from continuing operations		61,160		79,466		-23%
Profit after tax from discontinued operations		230		741		-69%
Profit for the period		61,390		80,207		-23%
Attributable to:
Owners of the parent		40,723		57,823		-30%
- Continuing operations		40,598		57,423		-29%
- Discontinued operations		125		400		-69%
Non-controlling interests		20,667		22,384		-8%
- Continuing operations		20,561		22,043		-7%
- Discontinued operations		106		341		-69%
		61,390		80,207		-23%

The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

nm-not meaningful

Page 4

Condensed Unaudited Consolidated Statement of Comprehensive Income - NGN

		6 Month Period ended		6 Month Period ended		% Change
		30 June 2020		30 June 2019
		NGN'000		NGN'000
Interest income		257,785,939		246,568,025		5%
Interest expense		(96,372,686)		(115,682,140)		-17%
Net Interest Income		161,413,253		130,885,885		23%
Fee and commission income		76,062,432		85,154,402		-11%
Fee and commission expense		(4,904,047)		(8,214,493)		-40%
Net trading income		51,254,479		64,177,258		-20%
Other operating income		6,486,884		8,102,910		-20%
Non-interest revenue		128,899,748		149,220,077		-14%
Operating income		290,313,001		280,105,962		4%
Staff expenses		(85,612,556)		(87,895,215)		-3%
Depreciation and amortisation		(17,964,055)		(19,271,269)		-7%
Other operating expenses		(82,490,190)		(78,828,867)		5%
Operating expenses		(186,066,801)		(185,995,351)		0%
Operating profit before impairment losses and taxation		104,246,200		94,110,611		11%
Impairment charges on loans and advances		(49,852,408)		(49,637,592)		0%
Impairment charges on other financial assets		(5,184,235)		(8,644,211)		-40%
Recoveries		18,554,559		37,602,934		-51%
Impairment losses on financial assets		(36,482,084)		(20,678,869)		76%
Operating profit after impairment losses before taxation		67,764,116		73,431,742		-8%
Net monetary loss arising from hyperinflationary economy		(3,573,906)		-		nm
Share of post-tax results of associates		(56,866)		2,167		nm
Profit before tax		64,133,344		73,433,909		-13%
Taxation		(16,078,810)		(15,139,467)		6%
Profit after tax from continuing operations		48,054,534		58,294,442		-18%
Profit after tax from discontinued operations		480,161		1,197,074		-60%
Profit for the period		48,534,695		59,491,516		-18%
Attributable to:
Owners of the parent		33,552,912		43,417,140		-23%
- Continuing operations		33,293,437		42,770,756		-22%
- Discontinued operations		259,475		646,384		-60%
Non-controlling interests		14,981,783		16,074,376		-7%
- Continuing operations		14,760,721		15,523,686		-5%
- Discontinued operations		221,062		550,690		-60%
		48,534,695		59,491,516		-18%
Earnings per share from continuing operations attributable to owners of the parent during the
period (expressed in Naira kobo per share):
Basic (kobo )		136.44		176.55		-23%
Diluted (kobo )		136.44		175.67		-22%
Earnings per share from discontinued operations attributable to owners of the parent during the
period (expressed in Naira kobo per share):
Basic (kobo )		1.055		4.868
Diluted (kobo )		0.899		4.837
Unaudited consolidated statement of comprehensive income
Profit for the period		48,534,695		59,491,516		-18%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(26,086,001)		(76,568,728)		-66%
Fair value gain on debt instruments at FVTOCI		37,226,240		18,048,917		-106%
Taxation relating to components of other comprehensive income that may be subsequently
reclassed to profit or loss		(581,089)		(2,637,174)		-78%
Other comprehensive income /(loss) for the period, net of taxation		10,559,150		(61,156,985)		-117%
Total comprehensive income / (loss) for the period		59,093,845		(1,665,469)		nm
Total comprehensive income / (loss) attributable to:
Owners of the parent		34,284,440		(12,314,216)		378%
- Continuing operations		34,024,965		(12,960,600)		363%
- Discontinued operations		259,475		646,384		-60%
Non-controlling interests		24,809,405		10,648,747		133%
- Continuing operations		24,588,343		10,098,057		143%
- Discontinued operations		221,062		550,690		-60%
		59,093,845		(1,665,469)		nm

The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

Page 5

Condensed Unaudited Consolidated Statement of Comprehensive Income - NGN

		Quarter ended		Quarter ended		% Change
		30 June 2020		30 June 2019
		NGN'000		NGN'000
Interest income		133,333,831		129,871,981		3%
Interest expense		(48,522,563)		(61,345,288)		-21%
Net Interest Income		84,811,268		68,526,693		24%
Fee and commission income		37,577,933		42,121,476		-11%
Fee and commission expense		(1,926,221)		(4,490,779)		-57%
Net trading income		21,892,635		29,432,238		-26%
Other operating income		4,277,482		4,070,213		5%
Non-interest revenue		61,821,829		71,133,148		-13%
Operating income		146,633,097		139,659,841		5%
Staff expenses		(42,306,379)		(45,520,777)		-7%
Depreciation and amortisation		(9,418,815)		(9,786,507)		-4%
Other operating expenses		(39,457,353)		(37,693,617)		5%
Operating expenses		(91,182,547)		(93,000,901)		-2%
Operating profit before impairment losses and taxation		55,450,550		46,658,940		19%
Impairment charges on loans and advances		(28,656,349)		(20,480,676)		40%
Impairment charges on other financial assets		(2,598,306)		(2,703,345)		-4%
Recoveries		10,226,673		12,875,617		-21%
Impairment losses on financial assets		(21,027,982)		(10,308,404)		104%
Operating profit after impairment losses before taxation		34,422,568		36,350,536		-5%
Net monetary loss arising from hyperinflationary economy		(3,288,125)		-		nm
Share of post-tax results of associates		(27,227)		(7,964)		nm
Profit before tax		31,107,216		36,342,572		-14%
Taxation		(7,364,884)		(7,703,978)		-4%
Profit after tax from continuing operations		23,742,332		28,638,594		-17%
Profit after tax from discontinued operations		97,779		265,784		-63%
Profit for the period		23,840,111		28,904,378		-18%
Attributable to:
Owners of the parent		15,852,816		20,836,784		-24%
- Continuing operations		15,799,718		20,693,311		-24%
- Discontinued operations		53,098		143,473		-63%
Non-controlling interests		7,987,295		8,067,594		-1%
- Continuing operations		7,942,239		7,945,283		0%
- Discontinued operations		45,056		122,311		-63%
		23,840,111		28,904,378		-18%

The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

Page 6

Condensed Unaudited Consolidated Statement of Financial Position - USD

		As at 30 June 2020		As at 31 December 2019
		US$'000		US$'000
Assets
Cash and balances with central banks		3,318,722		2,829,313
Trading financial assets		304,561		182,662
Derivative financial instruments		67,515		65,459
Loans and advances to banks		2,071,346		1,891,889
Loans and advances to customers		8,620,957		9,276,608
Treasury bills and other eligible bills		1,938,825		1,632,749
Investment securities		5,053,336		4,857,763
Pledged assets		271,872		351,478
Other assets		1,286,974		1,184,770
Investment in associates		4,138		3,664
Intangible assets		298,341		309,974
Property and equipment		807,258		831,182
Investment properties		20,308		21,710
Deferred income tax assets		130,797		116,424
		24,194,950		23,555,645
Assets held for sale and discontinued operations		89,831		85,539
Total assets		24,284,781		23,641,184
Liabilities
Deposits from banks		2,196,069		2,207,593
Deposits from customers		16,707,120		16,246,120
Derivative financial instruments		52,822		51,255
Borrowed funds		2,038,357		2,075,001
Other liabilities		1,034,853		845,970
Provisions		73,750		68,482
Current income tax liabilities		48,100		54,756
Deferred income tax liabilities		53,482		67,556
Retirement benefit obligations		48,549		31,082
		22,253,102		21,647,815
Liabilities held for sale and discontinued operations		111,226		107,592
Total liabilities		22,364,328		21,755,407
Equity
Share capital and premium		2,113,957		2,113,957
Retained earnings and reserves		(632,808)		(637,264)
Equity attributable to owners of the parents		1,481,149		1,476,693
Non-controlling interests		439,304		409,084
Total equity		1,920,453		1,885,777
Total liabilities and equity		24,284,781		23,641,184
The above condensed unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes
	-	(0)

Page 7

Condensed Unaudited Consolidated Statement of Financial Position - NGN

		As at 30 June 2020		As at 31 December 2019
		NGN'000		NGN'000
Assets
Cash and balances with central banks		1,283,515,734		1,031,850,451
Trading financial assets		117,788,967		66,616,831
Derivative financial instruments		26,111,426		23,872,897
Loans and advances to banks		801,093,066		689,971,918
Loans and advances to customers		3,334,155,120		3,383,178,938
Treasury bills and other eligible bills		749,840,569		595,463,560
Investment securities		1,954,377,698		1,771,626,166
Pledged assets		105,146,496		128,184,027
Other assets		497,737,195		432,085,620
Investment in associates		1,600,372		1,336,261
Intangible assets		115,383,382		113,047,518
Property and equipment		312,207,032		303,132,075
Investment properties		7,854,119		7,917,637
Deferred income tax assets		50,585,740		42,459,833
		9,357,396,916		8,590,743,732
Assets held for sale and discontinued operations		34,742,139		31,196,073
Total Assets		9,392,139,055		8,621,939,805
Liabilities
Deposits from banks		849,329,686		805,109,167
Deposits from customers		6,461,478,660		5,924,959,964
Derivative financial instruments		20,428,909		18,692,699
Borrowed funds		788,334,570		756,752,865
Other liabilities		400,229,397		308,525,259
Provisions		28,522,813		24,975,386
Current income tax liabilities		18,602,675		19,969,513
Deferred income tax liabilities		20,684,164		24,637,673
Retirement benefit obligations		18,776,326		11,335,605
		8,606,387,200		7,894,958,131
Liabilities held for sale and discontinued operations		43,016,656		39,238,802
Total liabilities		8,649,403,856		7,934,196,933
Equity
Share capital and premium		353,511,708		353,511,708
Retained earnings and reserves		219,322,669		185,038,229
Equity attributable to owners of the parents		572,834,377		538,549,937
Non-controlling interests		169,900,822		149,192,935
Total equity		742,735,199		687,742,872
Total liabilities and equity		9,392,139,055		8,621,939,805

The above condensed unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes

-

(0)

Page 8

Condensed Unaudited Consolidated Statement of Changes in Equity - USD

Amounts in US$'000

		Share Capital		Retained Earnings	Other Reserves		Total equity and reserves		Non-Controlling		Total Equity
							attributable		Interest
At 1 January 2019 (Restated)		2,113,957		185,893	(842,367)		1,457,483		275,539		1,733,022
Changes in Equity for 1 January to 31 June 2019:
Foreign currency translation differences		-		-	(161,510)		(161,510)		(31,716)		(193,226)
Net changes in debt instruments,net of taxes		-		-	23,047		23,047		19,632		42,679
Profit for the period		-		120,233	-		120,233		44,514		164,747
Total comprehensive income for the period		-		120,233	(138,463)		(18,230)		32,430		14,200
Change in minority ownership		-		-	(29,476)		(29,476)		29,476		-
Dividend relating to 2018		-		-	-		-		(19,638)		(19,638)
At 30 June 2019		2,113,957		306,126	(1,010,306)		1,409,777		317,807		1,727,584
Changes in Equity for 1 July to 31 December 2019:
Foreign currency translation differences		-		-	(81,709)		(81,709)		31,716		(49,993)
Net changes in equity investment securities, net of taxes		-		-	(184)		(184)		-		(184)
Net changes in debt instruments,net of taxes		-		-	36,152		36,152		(14,375)		21,777
Net gains on revaluation of property		-		-	10,315		10,315		1,826		12,141
Impact of adopting IAS 29 at 1 January 2019		-		-	(35,542)		(35,542)		-		(35,542)
Remeasurements of post-employment benefit obligations		-		-	902		902		-		902
Profit for the period		-		73,725	-		73,725		36,462		110,187
Total comprehensive income for the period		-		73,725	(70,066)		3,659		55,629		59,288
Change in minority ownership		-		-	29,476		29,476		35,486		64,962
Dividend relating to 2018		-		-			-		162		162
Transfer from share option reserve		-		-	94		94		-		94
Convertible bond - equity component		-		-	(2,695)		(2,695)		-		(2,695)
Transfer to general banking reserves		-		(28,124)	28,124		-		-		-
Transfer to statutory reserve		-		(106,164)	106,164		-		-		-
Transfer to other group reserve		-		-	36,382		36,382		-		36,382
At 31 December 2019 / January 2020		2,113,957		245,563	(882,827)		1,476,693		409,084		1,885,777
Changes in Equity for 1 January to 30 June 2020:
Foreign currency translation differences		-		-	(181,945)		(181,945)		1,329		(180,616)
Net changes in debt instruments,net of taxes		-		-	97,306		97,306		-		97,306
Profit for the period		-		89,095	-		89,095		39,782		128,877
Total comprehensive income for the period		-		89,095	(84,639)		4,456		41,111		45,567
Dividend relating to 2019		-		-	-		-		(10,891)		(10,891)
At 30 June 2020		2,113,957		334,658	(967,466)		1,481,149		439,304		1,920,453

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Page 9

Condensed Unaudited Consolidated Statement of Changes in Equity - NGN

Amounts in NGN '000

		Share Capital		Retained Earnings	Other Reserves		Total equity and reserves		Non-Controlling		Total Equity
							attributable		Interest
At 1 January 2019 (Restated)		353,511,708		(12,139,267)	189,413,718		530,786,159		100,345,847		631,132,006
Changes in Equity for 1 January to 30 June 2019:
Foreign currency translation differences		-		-	(64,053,820)		(64,053,820)		(12,514,908)		(76,568,728)
Net changes in debt investment securities, net of taxes		-		-	8,322,464		8,322,464		7,089,279		15,411,743
Profit for the period		-		43,417,140	-		43,417,140		16,074,376		59,491,516
Total comprehensive loss for the period		-		43,417,140	(55,731,356)		(12,314,216)		10,648,747		(1,665,469)
Change in minority ownership		-		-	(10,644,029)		(10,644,029)		10,644,029		-
Dividend relating to 2018		-		-	-		-		(7,091,446)		(7,091,446)
At 30 June 2019		353,511,708		31,277,873	123,038,333		507,827,914		114,547,177		622,375,091
Changes in Equity for 1 July to 31 December 2019:
Foreign currency translation differences		-		-	(23,120,457)		(23,120,457)		13,049,872		(10,070,585)
Net changes in equity instruments, net of taxes		-		-	(66,565)		(66,565)		-		(66,565)
Net changes in debt instruments,net of taxes		-		-	13,093,759		13,093,759		(5,187,472)		7,906,287
Net gains on revaluation of property		-		-	3,731,623		3,731,623		660,586		4,392,209
Impact of adopting IAS 29 at 1 January 2019		-		-	(12,857,909)		(12,857,909)		-		(12,857,909)
Remeasurements of post-employment benefit obligations		-		-	326,313		326,313		-		326,313
Profit for the period		-		26,750,392	-		26,750,392		13,220,038		39,970,430
Total comprehensive income for the period		-		26,750,392	(18,893,236.0)		7,857,156		21,743,024		29,600,180
Change in minority ownership		-		-	10,644,029		10,644,029		12,857,055		23,501,084
Dividend relating to 2018		-		-	-		-		45,679		45,679
Change in minority interest		-		-	-		-		-		-
Transfer to share option reserve		-		-	34,006		34,006		-		34,006
Convertible bond - equity component		-		-	(974,961)		(974,961)		-		(974,961)
Transfer to other group reserve		-		-	13,161,793		13,161,793		-		13,161,793
Transfer from general banking reserves		-		(38,406,592)	38,406,592		-		-		-
Transfer to statutory reserve		-		(10,174,325)	10,174,325		-		-		-
At 31 December 2019 / January 2020		353,511,708		9,447,348	175,590,881		538,549,937		149,192,935		687,742,872
Changes in Equity for 1 January to 30 June 2020:
Foreign currency translation differences		-		-	(35,913,623)		(35,913,623)		9,827,622		(26,086,001)
Net changes in debt instruments,net of taxes		-		-	36,645,151		36,645,151		-		36,645,151
Profit for the period		-		33,552,912	-		33,552,912		14,981,783		48,534,695
Total comprehensive income for the period		-		33,552,912	731,528		34,284,440		24,809,405		59,093,845
Dividend relating to 2019		-		-	-		-		(4,101,518)		(4,101,518)
At 30 June 2020		353,511,708		43,000,260	176,322,409		572,834,377		169,900,822		742,735,199

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Page 10

Condensed Unaudited Consolidated Statement of Cash Flows - USD

		6 Month Period ended		6 Month Period ended
		30 June 2020		30 June 2019
		US$'000		US$'000
Cash flows from operating activities
Profit before tax		170,297		203,357
Adjusted for:
Foreign exchange income		(68,391)		(38,884)
Impairment losses on loans and advances		83,107		33,327
Impairment losses on other financial assets		13,766		23,938
Depreciation of property and equipment		37,141		43,145
Net interest income		(428,610)		(362,456)
Amortisation of software and other intangibles		10,560		10,222
(Profit) / loss on sale of property and equipment		(2,017)		48
Share of post-tax results of associates		151		(6)
Income taxes paid		(62,545)		(76,773)
Changes in operating assets and liabilities
Trading financial assets		(121,899)		(61,303)
Derivative financial instruments		(2,056)		6,349
Treasury bills and other eligible bills		(255,405)		267,163
Loans and advances to banks		(497,259)		40,924
Loans and advances to customers		622,145		428,938
Pledged assets		79,606		(67,576)
Other assets		(102,204)		(467,295)
Mandatory reserve deposits with central banks		(146,497)		(285,932)
Deposits from customers		461,000		246,178
Other deposits from banks		(706,597)		485,051
Derivative liabilities		1,567		10,221
Other liabilities		188,883		(162,439)
Provisions		5,268		9,139
Interest received		684,514		682,809
Interest paid		(255,904)		(320,353)
Net cashflow (used in) / from operating activities		(291,379)		647,792
Cash flows from investing activities
Purchase of software		(20,847)		(7,203)
Purchase of property and equipment		(11,181)		(65,372)
Proceeds from sale of property and equipment		5,344		3,241
Purchase of investment securities		(214,615)		(484,547)
Redemption of investment securities		137,117		228,749
Net cashflow used in investing activities		(104,182)		(325,132)
Cash flows from financing activities
Repayment of borrowed funds		(308,482)		(291,743)
Proceeds from borrowed funds		190,612		628,436
Dividends paid to non-controlling shareholders		(10,891)		(19,638)
Net cashflow (used in) /from financing activities		(128,761)		317,055
Net (decrease) / increase in cash and cash equivalents		(524,322)		639,715
Cash and cash equivalents at beginning of period		2,559,766		2,141,855
Effects of exchange differences on cash and cash equivalents		(94,970)		(253,369)
Cash and cash equivalents at end of the period		1,940,474		2,528,201

The above condensed unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Page 11

Condensed Unaudited Consolidated Statement of Cash Flows - NGN

		6 Month Period ended		6 Month Period ended
		30 June 2020		30 June 2019
		NGN'000		NGN'000
Cash flows from operating activities
Profit before tax		64,133,344		73,433,909
Adjusted for:
Foreign exchange income		(25,755,847)		(14,041,337)
Impairment losses on loans and advances		31,297,849		12,034,658
Impairment losses on other financial assets		5,184,235		8,644,211
Depreciation of property and equipment		13,987,190		15,580,019
Net interest income		(161,413,253)		(130,885,885)
Amortisation of software and other intangibles		3,976,865		3,691,249
(Profit) /loss on sale of property and equipment		(759,596)		17,333
Share of profit of associates		56,866		(2,167)
Income taxes paid		(23,554,261)		(27,723,371)
Changes in operating assets and liabilities
Trading financial assets		(45,906,801)		(22,137,025)
Derivative financial instruments		(774,283)		2,292,677
Treasury bills and other eligible bills		(96,184,764)		96,474,788
Loans and advances to banks		(187,266,262)		14,777,998
Loans and advances to customers		234,297,959		154,893,089
Pledged assets		29,979,383		(24,402,257)
Other assets		(38,489,723)		(168,744,122)
Mandatory reserve deposits with central banks		(55,170,335)		(103,252,430)
Deposits from customers		173,611,231		88,896,929
Other deposits from banks		(266,102,331)		175,155,962
Derivative liabilities		590,128		3,690,888
Other liabilities		71,132,777		(58,658,078)
Provisions		1,983,913		3,300,169
Interest received		257,785,939		246,568,025
Interest paid		(96,372,686)		(115,682,140)
Net cashflow (used in) / from operating activities		(109,732,463)		233,923,092
Cash flows from investing activities
Purchase of software		(7,850,918)		(2,601,063)
Purchase of property and equipment		(4,210,731)		(23,606,374)
Proceeds from sale of property and equipment		2,012,535		1,170,352
Purchase of investment securities		(80,823,372)		(174,973,963)
Proceeds from sale and redemption of securities		51,637,855		82,603,173
Net cashflow used in investing activities		(39,234,631)		(117,407,875)
Cash flows from financing activities
Repayment of borrowed funds		(116,173,405)		(105,350,831)
Proceeds from borrowed funds		71,783,913		226,933,481
Dividends paid to non-controlling shareholders		(4,101,518)		(7,091,446)
Net cashflow (used in) / from financing activities		(48,491,010)		114,491,204
Net (decrease) / increase in cash and cash equivalents		(197,458,104)		231,006,421
Cash and cash equivalents at beginning of period		933,546,660		780,020,754
Effects of exchange differences on cash and cash equivalents		14,389,764		(99,787,689)
Cash and cash equivalents at end of the period		750,478,320		911,239,486

The above condensed unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Page 12

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

1. General information
   Ecobank Transnational Incorporated (ETI) and its subsidiaries (together, 'the Group') provide retail, corporate and investment banking services throughout sub Saharan Africa outside South Africa. The Group had operations in 39 countries and employed over 14,605 people as at 30 June 2020 (30 June 2019: 15,513 ) .
   Ecobank Transnational Incorporated is a limited liability company and is incorporated and domiciled in the Republic of Togo. The address of its registered office is as follows: 2365 Boulevard du Mono, Lomé, Togo. The company has a primary listing on the Ghana Stock Exchange, the Nigerian Stock Exchange and the Bourse Regionale Des Valeurs Mobilieres (Abidjan) Cote D'Ivoire.
2. Summary of significant accounting policies
   This note provides a list of the significant changes in accounting policies adopted in the preparation of these condensed consolidated interim financial statements to the extent they have not already been disclosed elsewhere. These policies have been consistently applied to all the periods presented, unless otherwise stated. The notes also highlight new standards and interpretations issued at the time of preparation of the condensed consolidated interim financial statements and their potential impact on the Group. For a full list of the accounting policies used to prepare the financial statements, we refer the readers to the Group annual financial statements for the year ended 31 December 2019. These have remained unchanged except for as stated below. The financial statements are for the Group consisting of Ecobank Transnational Incorporated and its subsidiaries.

2.1 Basis of presentation and measurement

The Group's unaudited condensed consolidated interim financial statements ('Condensed Financial Statements') for the period ended 30 June2020 have been prepared in accordance with IAS 34 Interim Financial Reporting. These Condensed Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the audited 31 December 2019 Annual Consolidated Financial Statements and the accompanying notes included on pages 174 to 291 in our 2019 Annual Report. The Condensed Financial Statements have been prepared on a going concern basis.

Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2019 Annual Consolidated Financial Statements. Our significant accounting policies and future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2.3 of our audited 2019 Annual Consolidated Financial Statements.

1. Critical accounting estimates, and judgements in applying accounting policies
   The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Except as indicated below, the critical accounting estimates, and judgements exercised in applying accounting policies in these Condensed Financial Statements are consistent to those used in preparation of our audited 2019 Annual Consolidated Financial Statements which can be found in note 3 on page 199-200 of our 2019 Annual Report.
2. Significant Events and Transactions

Information on events and transactions affecting Group were presented in our annual report for the year ended 31 December 2019. Updates to these events and transactions are contained in the Ecobank Q2 2020 Results Earnings Release that is available for download on our website through the following link: https://www.ecobank.com/Group/investor-relations.

Losses recognised on impairment of financial assets are disclosed in note 12 to these Condensed Financial Statements.

Details of the Group's principles, methodology, valuation techniques and level of inputs used in the valuation of the Group's financial instruments are contained in the Group's annual financial statements for the year ended 31 December 2019. There have been no significant change to these principles, methodology, valuation techniques and level of inputs used in the valuation of the Group's financial instruments for the period ended 30 June 2020. There have been no changes in the business or economic circumstances that affect the fair value of the entity's financial assets and financial liabilities.

There have no other significant events or transactions in the period that have had a significant impact on the financial position or performance of the Group during the 6 months period ended 30 June 2020 other than as disclosed above.

_________________________________________________________________________

Page 13

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

5 Liquidity risk management

Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfil commitments to lend.

5.1 Liquidity risk management process

The Group's liquidity management process, as carried out within the Group and monitored by a separate team in Group Treasury, includes:

• Day-to-dayfunding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or are borrowed by customers;
• Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow;
• Monitoring statement of financial position liquidity ratios against internal and regulatory requirements; and
• Managing the concentration and profile of debt maturities.

5.2 Undiscounted cash flows

The table below presents the cash flows payable by the Group by remaining contractual maturities at the statement of financial position date. The amounts disclosed in the table are the contractual undiscounted cash flows, whereas the Group manages the inherent liquidity risk based on expected undiscounted cash inflows.

As at 30 June 2020
	Up to 1 month	1 -3 months	3 - 12 months	1 - 5 years	Over 5 years	Total
Assets
Cash and balances with central banks	2,141,889	-	-	-	1,181,792	3,323,681
Trading financial assets	26,883	17,031	216,692	58,487	501	319,594
Derivative financial instruments	-	67,515	-	-	-	67,515
Loans and advances to banks	1,241,601	440,334	328,951	90,541	-	2,101,427
Loans and advances to customers	2,161,377	947,917	1,479,777	3,624,873	1,084,444	9,298,388
Treasury bills and other eligible bills	215,207	403,750	1,302,367	98,449	-	2,019,773
Investment securities	232,963	494,392	963,577	1,864,594	1,643,458	5,198,984
Pledged assets	-	-	280,266	-	-	280,266
Other assets	401,525	73,845	575,934	68,353	35,018	1,154,675
Total assets (expected maturity dates)	6,421,445	2,444,784	5,147,564	5,805,297	3,945,213	23,764,303
Liabilities
Deposits from banks	1,118,248	841,857	181,052	68,453	-	2,209,610
Deposit from customers	11,596,920	2,970,780	1,011,986	833,656	335,661	16,749,003
Other borrowed funds	205,874	97,652	106,996	1,099,965	639,933	2,150,420
Other liabilities	137,843	105,976	345,115	175,211	17,348	781,493
Derivative financial instruments	-	55,356	-	-	-	55,356
Total liabilities (contractual maturity dates)	13,058,885	4,071,621	1,645,149	2,177,285	992,942	21,945,882
Gap analysis	(6,637,440)	(1,626,837)	3,502,415	3,628,012	2,952,271	1,818,421
As at 31 December 2019	Up to 1 month	1 -3 months	3 - 12 months	1 - 5 years	Over 5 years	Total
Assets
Cash and balances with central banks	1,748,025	-	-	-	1,264,686	3,012,711
Financial Asset held for trading	5,905	34,977	147,125	1,056	68,759	257,822
Derivative financial instruments	20,427	45,032	-	-	-	65,459
Loans and advances to banks	1,603,529	404,680	238,222	-	-	2,246,431
Loans and advances to customers	3,363,696	1,628,089	1,871,518	3,641,301	1,401,980	11,906,584
Treasury bills and other eligible bills	181,080	404,854	1,113,704	66,644	-	1,766,282
Investment securities	1,089,572	46,899	716,138	2,209,469	1,452,255	5,514,333
Pledged assets	-	-	351,478	-	-	351,478
Other assets	474,792	43,267	449,653	142,201	39,723	1,149,636
Total assets (expected maturity dates)	8,487,026	2,607,798	4,887,838	6,060,671	4,227,403	26,270,736
Liabilities
Deposits from banks	3,135,012	526,621	223,189	199,602	-	4,084,424
Deposit from customers	12,987,391	1,183,962	1,161,846	816,802	221,060	16,371,061
Borrowed funds	145,114	38,584	167,677	2,515,933	54,640	2,921,948
Derivative financial instruments	568,362	10,259	88,657	96,132	14,106	777,516
Other liabilities	672,660	373,110	1,189,981	26,452	565,847	2,828,050
Total liabilities(contractual maturity dates)	17,508,539	2,132,536	2,831,350	3,654,921	855,653	26,982,999
Gap analysis	(9,021,513)	475,262	2,056,488	2,405,750	3,371,750	(712,263)

_________________________________________________________________________________________________________

Page14

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

6 Fair value of financial assets and liabilities

(a) Financial instruments not measured at fair value

The table below summarises the carrying amounts and fair values of those financial assets and liabilities not measured at fair value on the group's consolidated statement of financial position.

							Carrying value		Fair value
Financial assets:					30 Jun. 2020		31 Dec. 2019		30 Jun. 2020	31 Dec. 2019
Cash and balances with central banks					3,318,722	2,829,313	3,318,722		2,829,313
Loans and advances to banks					2,071,346	1,891,889	2,543,383		2,246,431
Loans and advances to customers					8,620,957	9,276,608	8,688,364		9,325,099
Other assets (excluding prepayments)					1,198,776	1,154,675	1,198,776		1,154,675
Financial liabilities:
Deposits from banks					2,196,069	2,207,593	2,211,917		2,018,980
Deposit from customers					16,707,120	16,246,120	16,834,296		16,371,061
Other liabilities (excluding deferred income)					960,014	781,493	960,014		781,493
Borrowed funds					2,038,357	2,075,001	2,130,463		2,191,461
(i) Cash
The carrying amount of cash and balances with banks is a reasonable approximation of fair value
(ii) Loans and advances to banks
	Loans and advances to banks include inter-bank placements and items in the course of collection. The carrying amount of floating rate placements and overnight deposits is a reasonable approximation
	of fair value. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining
	maturity.
(iii) Loans and advances to customers
	Loans and advances are net of charges for impairment. The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received.
	Expected cash flows are discounted at current market rates to determine fair value.
(iv) Deposit from banks, due to customers and other deposits
	The estimated fair value of deposits with no stated maturity, which includes non-interest bearing deposits, is the amount repayable on demand.
	The estimated fair value of fixed interest-bearing deposits not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity. For those
	notes where quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity.
(v) Other assets
	The bulk of these financial assets have short term (less than 12 months) maturities and their amounts are a reasonable approximation of fair value
(vi) Other liabilities
	The carrying amount of financial liabilities in other liabilities is a reasonable approximation of fair value as these are short term in nature
(b) Fair value hierarchy
	IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from
	independent sources; unobservable inputs reflect the Group's market assumptions. These two types of inputs have created the following fair value hierarchy:
i)	Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. This level includes listed equity securities and debt instruments on exchanges.
ii)	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
iii)	Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). This level includes equity investments and debt instruments with significant unobservable
	components.
This hierarchy requires the use of observable market data when available. The Group considers relevant and observable market prices in its valuations where possible.
					30 June 2020			31 December 2019
			Level 1	Level 2	Level 3		Level 1		Level 2	Level 3
	Treasury and other eligible bills	786,229		1,152,596		-	879,087	753,662		-
	Trading financial assets	42,581		261,980		-	166,724	15,938		-
	Derivative financial instruments			67,515		-	-	65,459		-
	Pledged assets	-		271,872		-	-	351,478		-
	Investment securities		963,592		4,089,654		90		776,839		4,080,834		90
	Total financial assets		1,792,402		5,843,617		90		1,822,650		5,267,371		90
	Derivative financial instruments		-		52,822		-		-		51,255		-
	Total financial liabilities		-		52,822		-		-		51,255		-

____________________________________________________________________________________________________________________

Page15

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

There are no movements between Level 1 and Level 2. The following table presents the changes in Level 3 instruments for the available for sale securities:

6 Fair value of financial assets and liabilities (continued)
													31 Jun. 2019		31 Dec 2019
													Level 3		Level 3
Opening balance											90	90
Transfer from level 3 to level 2												-
Gains & losses recognised in other comprehensive income											-		-
Closing balance											90		90
Total gains or losses for the period included in profit or loss for assets held at the end of the reporting period											-	-
Level 3 fair value measurement
	The table below sets out information about significant unobservable value inputs used at year end in measuring financial instruments categorised as Level 3 in the fair value hierarchy.
	Type of financial instrument		Fair value as at 30		Valuation technique		Significant unobservable input	Change in unobservable input by 10 basis point	Change in unobservable input by 50 basis
			June 2020											point
	OCEANIC HEALTH MANAGEMENT
			90		Discounted cash flow		Weighted average cost of capital	-				-
(c) Financial instrument classification
							FVTOCI - Debt		Equity	FVTOCI - Equity		Liabilities at fair	Liabilities at
30 June 2020	Amortised cost		FVTPL			Instruments at		value through		Total
		Instruments		instruments		amortized cost
								FVTPL		profit or loss
Assets
3,318,722	-	-	-	-	-	-	3,318,722
Cash and balances with central banks
Trading financial assets	-	304,561	-	-	-	-	-	304,561
Derivative financial instruments	-	67,515	-	-	-	-	-	67,515
Loans and advances to banks	2,071,346	-	-	-	-	-	-	2,071,346
Loans and advances to customers	8,620,957	-	-	-	-	-	-	8,620,957
Treasury bills and other eligible bills	-	-	1,938,825	-	-	-	-	1,938,825
Investment securities - Equity instruments	-	-	-	151,203	90	-	-	151,293
Investment securities - Debt instruments	-	-	4,902,043	-	-	-	-	4,902,043
Pledged assets	271,872	-	-	-	-	-	-	271,872
Other assets, excluding prepayments	1,198,776		-		-		-	-		-	-		1,198,776
Total	15,481,673	372,076	6,840,868	151,203	90	-	-	22,845,910
Liabilities
Deposits from banks	-	-	-	-	-	-	2,196,069	2,196,069
Deposit from customers	-	-	-	-	-	-	16,707,120	16,707,120
Derivative financial instruments	-	-	-	-	-	52,822	-	52,822
Borrowed funds	-	-	-	-	-	-	2,038,357	2,038,357
Other liabilities, excluding non-financial liabilities	-		-		-		-	-		-	960,014		960,014
Total	-	-	-	-	-	52,822	21,901,560	21,954,382
							FVTOCI - Debt		Equity	FVTOCI - Equity		Liabilities at fair	Liabilities at
31 December 2019	Amortised cost		FVTPL			Instruments at		value through		Total
		Instruments		instruments		amortized cost
								FVTPL		profit or loss
Assets
Cash and balances with central banks	2,829,313	-	-	-	-	-	-	2,829,313
Trading financial assets	-	182,662	-	-	-	-	-	182,662
Derivative financial instruments	-	65,459	-	-	-	-	-	65,459
Loans and advances to banks	1,891,889	-	-	-	-	-	-	1,891,889
Loans and advances to customers	9,276,608	-	-	-	-	-	-	9,276,608
Treasury bills and other eligible bills	-	-	1,632,749	-	-	-	-	1,632,749
Investment securities - Equity instruments	-	-	-	163,904	90	-	-	163,994
Investment securities - Debt instruments	-	-	4,693,769	-	-	-	-	4,693,769
Pledged assets	351,478	-	-	-	-	-	-	351,478
Other assets, excluding prepayments	1,154,675		-		-		-	-		-	-		1,154,675
Total	15,503,963	248,121	6,326,518	163,904	90	-	-	22,242,596
Liabilities
Deposits from banks	-	-	-	-	-	-	2,207,593	2,207,593
Deposit from customers	-	-	-	-	-	-	16,246,120	16,246,120
Derivative financial instruments	-	-	-	-	-	51,255	-	51,255
Borrowed funds	-	-	-	-	-	-	2,075,001	2,075,001
Other liabilities, excluding non-financial liabilities	-		-		-		-	-		-	781,493		781,493
Total	-		-		-		-	-		51,255	21,310,207		21,361,462

____________________________________________________________________________________________________________________

Page16

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

7 Financial Risk Management

The Group's capital management objectives are:

• To comply with the capital requirements set by regulators in the markets where the Group's entities operate and safeguard the Group's ability to continue as a going concern;
• To maintain a strong capital base that supports the development of the business; and
• To sustain a sufficient level of returns for the Group's shareholders.

On a consolidated basis, the Group is required to comply with Basel II/III capital requirements set by the BCEAO for banks headquartered in the UEMOA zone. On a standalone basis, banking subsidiaries are required to maintain minimum capital levels and minimum capital adequacy ratios which are determined by their national or regional regulators.

The Group's capital is divided into two tiers:

• Tier 1 capital: share capital (net of treasury shares), retained earnings, reserves created by appropriations of retained earnings, and non-controlling interests allowed as Tier 1 capital by the regulator. Certain intangibles and goodwill are deducted in calculating Tier 1 capital; and
• Tier 2 capital: subordinated debt and other loss-absorbing instruments, certain revaluation reserves, and noncontrolling interests allowed as Tier 2 capital by the regulator.

Risk-weighted assets are calculated in accordance with regulatory guidelines. Credit risk-weighted assets are measured by applying a hierarchy of risk weights related to the nature of the risks associated with each of the Group's on- and off- balance sheet asset classes. Operational risk weighted assets are calculated by applying a scaling factor to the Group's average gross income over the last three years. Market risk-weighted assets are calculated by applying factors to the Group's trading exposures to foreign currencies, interest rates, and prices.

The table below summarises the composition of regulatory capital and the ratios of the Group. The Group has remained compliant with the minimum regulatory capital adequacy ratio requirements (7.25% Tier 1 CAR and 9.50% Total CAR in 2019).

			'Restated
	31 Dec 2019		31 Dec 2018
Tier 1 capital
Share capital	2,113,957	2,113,957
Retained earnings	245,563	184,895
IFRS 9 Day One transition adjustment	99,767	200,531
Statutory reserves	584,396	478,232
Other reserves	(1,618,813)	(1,420,359)
Non-controlling interests	241,775	182,899
Less: goodwill	(191,634)	(199,105)
Less: intangibles	(118,340)	(79,229)
Less: other deductions	-		-
Total qualifying Tier 1 capital	1,356,671	1,461,821
Tier 2 capital
Subordinated debt and other instruments	271,185	398,788
Revaluation reserves	102,955	77,176
Minority interests included in Tier 2 capital	63,785	44,118
Total qualifying Tier 2 capital	437,925	520,082
Total regulatory capital	1,794,596	1,981,903
Risk-weighted assets:
Credit risk weighted assets	12,126,499	12,240,152
Market risk weighted assets	82,123	268,212
Operational risk weighted assets	3,294,858		3,501,410
Total risk-weighted assets	15,503,480	16,009,774
Tier 1 Capital Adequacy Ratio	8.8%	9.1%
Total Capital Adequacy Ratio	11.6%		12.4%

___________________________________________________________________________________

Page17

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

			6 Month Period ended		6 Month Period ended
			30 June 2020		30 June 2019
			US$'000	NGN'000		US$'000	NGN'000
8	Net interest income
	Interest income
	Loans and advances to banks		36,211	13,636,954		22,899	8,269,020
	Loans and advances to customers		370,469	139,517,525		378,877	136,815,645
	Treasury bills and other eligible bills		112,599	42,404,449		93,930	33,918,906
	Investment securities		164,871	62,089,929		183,210	66,158,659
	Financial assets held for trading measured at FVTPL		16	6,026		2,743	990,520
	Others		348	131,056		1,150	415,275
			684,514	257,785,939		682,809	246,568,025
	Interest expense
	Deposits from banks		33,034	12,440,506		44,164	15,947,989
	Leases		1,663	626,281		182,299	65,829,689
	Due to customers		149,542	56,317,073		92,913	33,551,659
	Other borrowed funds		71,665	26,988,826		977	352,803
			255,904	96,372,686		320,353	115,682,140
9	Net fee and commission income
	Fee and commission income:
	Credit related fees and commissions		66,089	24,888,921		69,255	25,008,558
	Portfolio and other management fees		3,104	1,168,957		5,133	1,853,569
	Corporate finance fees		7,746	2,917,121		8,479	3,061,838
	Cash management and related fees		84,766	31,922,624		100,648	36,344,831
	Card management fees		32,058	12,072,948		39,412	14,232,002
	Brokerage fees and commissions		1,548	582,972		1,344	485,330
	Other fees		6,662	2,508,889		11,543	4,168,274
			201,973	76,062,432		235,814	85,154,402
	Fee and commission expense
	Brokerage fees paid		811	305,420		794	286,720
	Other fees paid		12,211	4,598,627		21,954	7,927,773
			13,022	4,904,047		22,748	8,214,493
10	Net trading income
	Foreign exchange		95,431	35,939,031		148,348	53,569,700
	Trading income on securities		40,668	15,315,448		29,375	10,607,558
			136,099	51,254,479		177,723	64,177,258
11	Other operating income
	Lease income		106	39,919		1,113	401,914
	Dividend income		773	291,110		4,268	1,541,210
	Other		16,346	6,155,855		17,058	6,159,786
			17,225	6,486,884		22,439	8,102,910
12	Impairment losses on loans and advances and other financial assets
	Impairment losses on loans and advances		132,376	49,852,408		137,459	49,637,592
	Recoveries		(49,269)	(18,554,559)		(104,132)	(37,602,934)
	Impairment charge on other financial assets		13,766	5,184,235		23,938	8,644,211
			96,873	36,482,084		57,265	20,678,869
13	Operating expenses
	Staff expenses		227,332	85,612,556		243,404	87,895,215
	Depreciation and amortisation		47,701	17,964,055		53,367	19,271,269
	Other operating expenses		219,041	82,490,190		218,297	78,828,867
			494,074	186,066,801		515,068	185,995,351
14	Taxation
	Corporate Income Tax		55,889	21,047,631		57,586	20,794,785
	Deferred income tax		(13,194)	(4,968,821)		(15,661)	(5,655,318)
			42,695	16,078,810		41,925	15,139,467

_____________________________________________________________________________________________

Page 18

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

15 Earnings per share
Basic	30 June 2020
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the company by the
weighted average number of ordinary shares in issue outstanding during the period.
Profit attributable to equity holders of the Company from continuing operations	89,095
Profit attributable to equity holders of the Company from discontinued operations	689
Weighted average number of ordinary shares in issue (in thousands)	24,592,619
Basic earnings per share (expressed in US cents per share) from continuing operations	0.36
Basic earnings per share (expressed in US cents per share) from discontinued operations	0.003
Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has two categories of dilutive potential ordinary shares: convertible debts and share options granted to employees.

The convertible debt is assumed to have been converted into ordinary shares, and the net profit is adjusted to eliminate the interest expense less the tax effect. For the share options, a calculation is made to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.

Profit attributable to equity holders of the company from continuing operations	89,095
Interest expense on dilutive convertible loans	-
	89,095
Profit attributable to equity holders of the company from discontinued operations	689
Interest expense on dilutive convertible loans	-
Adjusted profit	689
Weighted average number of ordinary shares in issue (in thousands)	24,592,619
Adjustment for dilutive convertible loans	-
Weighted average number of ordinary shares for diluted earnings per share (in thousands)	24,592,619
Dilutive earnings per share (expressed in US cents per share) from continuing operations	0.36
Dilutive earnings per share (expressed in US cents per share) from discontinued operations	0.002

________________________________________________________________________________________

Page 19

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

			As at 30 June 2020		As at 31 December 2019
			US$'000	NGN'000		US$'000	NGN'000
16	Cash and balances with central banks
	Cash in hand		611,742	236,591,219		636,886	232,272,324
	Balances with central banks other than mandatory reserve deposits		1,295,797	501,149,490		927,741	338,347,143
	Included in cash and cash equivalents		1,907,539	737,740,709		1,564,627	570,619,467
	Mandatory reserve deposits with central banks		1,411,183	545,775,025		1,264,686	461,230,984
			3,318,722	1,283,515,734		2,829,313	1,031,850,451
17	Trading financial assets
	Debt securities measured at FVTPL
	- Government bonds		304,561	117,788,967		182,662	66,616,831
			304,561	117,788,967		182,662	66,616,831
18	Loans and advances to banks
	Items in course of collection from other banks		45,750	17,693,813		64,238	23,427,599
	Deposits with other banks		908,785	351,472,599		1,226,587	447,336,279
	Placements with other banks		1,116,811	431,926,654		601,064	219,208,040
			2,071,346	801,093,066		1,891,889	689,971,918
19	Loans and advances to customers
	Analysis by type:
	Overdrafts		1,125,324	435,219,057		1,564,461	570,558,927
	Credit cards		3,529	1,364,841		3,450	1,258,215
	Term loans		7,941,786	3,071,485,736		8,123,795	2,962,748,036
	Mortgage loans		140,874	54,483,020		141,952	51,769,894
	Others		-	-		-	-
	Gross loans and advances		9,211,513	3,562,552,654		9,833,658	3,586,335,072
	Less: allowance for impairment		(590,556)	(228,397,534)		(557,050)	(203,156,134)
			8,620,957	3,334,155,120		9,276,608	3,383,178,938
20	Treasury bills and other eligible bills
	Maturing within three months		432,115	167,120,476		381,444	139,112,627
	Maturing after three months		1,506,710	582,720,093		1,251,305	456,350,933
			1,938,825	749,840,569		1,632,749	595,463,560
21	Investment securities
	Debt securities
	- At FVTOCI listed		2,477,528	958,183,954		1,901,387	693,435,839
	- At FVTOCI unlisted		2,425,519	938,069,473		2,793,413	1,018,757,721
	Total		4,903,047	1,896,253,427		4,694,800	1,712,193,560
	Equity securities
	- At FVTOCI unlisted		90	34,808		90	32,823
	- At FVTPL listed		2,040	788,970		2,169	791,034
	- At FVTPL unlisted		149,073	57,653,983		161,735	58,984,755
			151,203	58,477,761		163,994	59,808,612
	Total investment securities		5,054,250	1,954,731,188		4,858,794	1,772,002,172
	Allowance for impairment		(914)	(353,490)		(1,031)	(376,006)
			5,053,336	1,954,377,698		4,857,763	1,771,626,166

__________________________________________________________________________________________________________________________________

Page 20

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

22 Other assets Fees receivable Accounts receivable

Repossessed assets from customers Prepayments

Sundry receivables

Impairment provision on receivables

1. Right-of-useassets
   Included in the amount for property and equipment in the statement of financial position are right-of-use assets show below:
   Land and buildings Motor Vehicles Furniture and equipment Other equipment
2. Deposits from banks Operating accounts with banks Other deposits from banks
3. Deposit from customers Current accounts
   Term deposits Savings deposits
4. Other liabilities Accrued income Unclaimed dividend Accruals
   Obligations under customers' letters of credit Bankers draft
   Accounts payable Other liabilities
5. Lease liabilities
   Short term Long term

	As at 30 June 2020		As at 31 December 2019
	US$'000	NGN$'000		US$'000	NGN$'000
	11,468	4,435,249		9,302	3,392,439
	737,048	285,053,313		738,616	269,373,255
	162,658	62,907,982		170,389	62,140,868
	179,314	69,349,690		156,458	57,060,233
	287,602	111,230,074		236,368	86,203,410
	1,378,090	532,976,308		1,311,133	478,170,205
	(91,116)	(35,239,113)		(126,363)	(46,084,585)
	1,286,974	497,737,195		1,184,770	432,085,620
	89,476	34,604,843		86,672	31,609,278
	689	266,471		778	283,737
	2,000	773,500		2,254	822,034
	31	11,989		41	14,953
	92,196	35,656,803		89,745	32,730,002
	1,307,965	505,855,464		612,892	223,521,712
	888,104	343,474,222		1,594,701	581,587,455
	2,196,069	849,329,686		2,207,593	805,109,167
	10,213,286	3,949,988,360		9,817,747	3,580,532,331
	3,317,410	1,283,008,318		3,574,917	1,303,772,230
	3,176,424	1,228,481,982		2,853,456	1,040,655,403
	16,707,120	6,461,478,660		16,246,120	5,924,959,964
	74,839	28,943,983		64,477	23,514,762
	12,053	4,661,498		4,144	1,511,317
	33,576	12,985,518		202,518	73,858,315
	14,308	5,533,619		68,482	24,975,385
	15,615	6,039,101		27,929	10,185,706
	306,990	118,728,383		51,830	18,902,401
	577,472	223,337,295		426,590	155,577,373
	1,034,853	400,229,397		845,970	308,525,259
	9,052	3,500,861		36,791	13,417,678
	65,371	25,282,234		88,316	32,208,845
	74,423	28,783,095		125,107	45,626,523

__________________________________________________________________________________________________________________________________

Page 21

Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

Note 28: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - USD

Ecobank groups its business in Africa into four geographical regions. These reportable operating segments are Nigeria, Francophone West Africa (UEMOA), Anglophone West Africa (AWA), Central, Eastern and Southern, Africa (CESA).

In 000 of $

		NIGERIA	UEMOA	AWA	CESA	OTHERS AND CONSO	Ecobank Group
		ADJUSTMENT(1)

		Income Statement Highlights for the period ended 30 June 2020
		Net interest income	85,359	144,582	150,695	99,045	(51,071)	428,610
		Net fees and commission income	17,711	61,138	42,610	62,814	4,678	188,951
		Other income	33,285	31,117	37,805	37,382	13,735	153,324
		Operating income	136,355	236,837	231,110	199,241	(32,658)	770,885
		Impairment charges on financial assets	2,360	18,468	28,151	4,393	43,501	96,873
		Total operating expenses	109,727	143,338	106,286	116,717	18,006	494,074
		Operating profit after impairment losses	24,268	75,031	96,673	78,131	(94,165)	179,938
		Net monetary loss arising from hyperinflationary economy	-	-	-	(9,490)	-	(9,490)
		Share of post-tax results of associates	-	-	-	(151)	-	(151)
		Profit before tax	24,268	75,031	96,673	68,490	(94,165)	170,297
		Balance Sheet Highlights as at 30 June 2020
		Total assets	5,781,689	8,692,649	4,120,861	5,475,462	214,120	24,284,781
		Total Liabilities	5,270,723	7,967,003	3,607,432	4,962,438	556,732	22,364,328
		In 000 of $
							OTHERS AND
			NIGERIA	UEMOA	AWA	CESA	CONSO	Ecobank Group
							ADJUSTMENT(1)
		Income Statement Highlights for the period ended 30 June 2019
		Net interest income	46,263	139,126	126,717	98,273	(47,923)	362,456
		Net fees and commission income	22,994	67,322	46,683	73,327	2,740	213,066
		Other income	43,708	34,419	34,060	64,940	23,035	200,162
		Operating income	112,965	240,867	207,460	236,540	(22,148)	775,684
		Impairment charges on financial assets	(5,566)	(2,209)	24,733	(2,123)	42,430	57,265
		Total operating expenses	114,114	145,882	101,770	124,627	28,675	515,068
		Operating profit after impairment losses	4,417	97,194	80,957	114,036	(93,253)	203,351
		Share of post-tax results of associates	-	-	2	(149)	153	6
		Profit before tax	4,417	97,194	80,959	113,887	(93,100)	203,357
		Balance Sheet Highlights as at 31 December 2019
		Total assets	5,628,885	8,960,332	3,898,882	5,597,660	(444,575)	23,641,184
		Total Liabilities	5,141,095	8,263,104	3,444,102	5,080,545	(173,439)	21,755,407
		Others & Conso adjustments comprise of ETI, the Holdco, eProcess (the Group's technology service company), the International business in Paris,	the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in ' Others & Conso adjustments'

	__________________________________________________________________________________________________________________________________________
Page 22	Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

Note 29: BUSINESS FINANCIAL PERFORMANCE - USD

The group operating segments are described below:

1. Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
2. Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
3. Consumer: Focuses on serving banking customers that are individuals

In 000 of $
CIB	Commercial	Consumer	Others	Consolidation	Ecobank Group
Adjustments
Income Statement Highlights for the period ended 30 June 2020

	Net interest income	246,721	89,378	112,482	(20,363)	392	428,610
	Net fees and commission income	73,891	47,478	65,972	17,208	(15,598)	188,951
	Other income	108,196	37,148	11,698	122,883	(126,601)	153,324
	Operating income	428,808	174,004	190,152	119,728	(141,807)	770,885
	Impairment charges on financial assets	55,418	17,423	10,491	13,541	-	96,873
	Total operating expenses	200,632	129,185	156,287	71,527	(63,557)	494,074
	Operating profit after impairment losses	172,758	27,396	23,374	34,660	(78,250)	179,938
	Net monetary loss arising from hyperinflationary economy	(6,071)	(1,012)	(1,840)	(567)	-	(9,490)
	Share of post-tax results of associates	(151)	-	-	-	-	(151)
	Profit before tax	166,536	26,384	21,534	34,093	(78,250)	170,297
	Balance Sheet Highlights as at 30 June 2020
	Total assets	13,456,342	1,638,112	911,835	4,890,842	3,387,650	24,284,781
	Total Liabilities	11,117,938	3,918,364	5,742,320	2,751,927	(1,166,221)	22,364,328
	In 000 of $
						Consolidation
		CIB	Commercial	Consumer	Others	Ecobank Group
		Adjustments
	Income Statement Highlights for the period ended 30 June 2019
	Net interest income	174,910	74,997	108,764	3,305	480	362,456
	Net fees and commission income	81,418	56,968	77,710	12,033	(15,063)	213,066
	Other income	113,064	50,879	20,178	141,568	(125,527)	200,162
	Operating income	369,392	182,844	206,652	156,906	(140,110)	775,684
	Impairment charges on financial assets	38,021	7,146	4,858	19,244	(12,004)	57,265
	Total operating expenses	203,329	131,931	163,394	67,995	(51,581)	515,068
	Operating profit after impairment losses	128,042	43,767	38,400	69,667	(76,525)	203,351
	Share of post-tax results of associates	(147)	-	-	153	-	6
	Profit before tax	127,895	43,767	38,400	69,820	(76,525)	203,357
	Balance Sheet Highlights as at 31 December 2019
	Total assets	13,898,717	1,750,062	1,003,741	4,013,305	2,975,359	23,641,184
	Total Liabilities	12,957,810	3,813,213	5,505,945	1,942,446	(2,464,007)	21,755,407

	__________________________________________________________________________________________________________________________________________
Page 23	Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

Note 30: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - NGN

Ecobank groups its business in Africa into four geographical regions. These reportable operating segments are Nigeria, Francophone West Africa (UEMOA), Anglophone West Africa (AWA), Central, Eastern and Southern, Africa (CESA).

In 000,000 of NGN

		NIGERIA	UEMOA	AWA	CESA	OTHERS AND CONSO	Ecobank Group
		ADJUSTMENT(1)

		Income Statement Highlights for the period ended 30 June 2020
		Net interest income	32,146	54,449	56,751	37,300	(19,233)	161,413
		Net fees and commission income	6,670	23,024	16,047	23,656	1,761	71,158
		Other income	12,535	11,719	14,237	14,078	5,172	57,741
		Operating income	51,351	89,192	87,035	75,034	(12,300)	290,312
		Impairment charges on financial assets	889	6,955	10,602	1,654	16,382	36,482
		Total operating expenses	41,323	53,981	40,027	43,955	6,781	186,067
		Operating profit after impairment losses	9,139	28,256	36,406	29,425	(35,463)	67,763
		Net monetary loss arising from hyperinflationary economy	-	-	-	(3,574)	-	(3,574)
		Share of post-tax results of associates	-	-	-	(57)	-	(57)
		Profit before tax	9,139	28,256	36,406	25,794	(35,463)	64,132
		Balance Sheet Highlights as at 30 June 2020
		Total assets	2,236,068	3,361,882	1,593,743	2,117,635	82,811	9,392,139
		Total Liabilities	2,038,452	3,081,238	1,395,174	1,919,223	215,317	8,649,404
		In 000,000 of NGN
							OTHERS AND
			NIGERIA	UEMOA	AWA	CESA	CONSO	Ecobank Group
							ADJUSTMENT(1)
		Income Statement Highlights for the period ended 30 June 2019
		Net interest income	16,706	50,240	45,759	35,487	(17,306)	130,886
		Net fees and commission income	8,303	24,311	16,858	26,479	989	76,940
		Other income	15,783	12,429	12,299	23,450	8,319	72,280
		Operating income	40,792	86,980	74,916	85,416	(7,998)	280,106
		Impairment charges on financial assets	(2,010)	(798)	8,931	(767)	15,323	20,679
		Total operating expenses	41,208	52,679	36,750	45,004	10,354	185,995
		Operating profit after impairment losses	1,594	35,099	29,235	41,179	(33,675)	73,432
		Share of post-tax results of associates	-	-	1	(54)	55	2
		Profit before tax	1,594	35,099	29,236	41,125	(33,620)	73,434
		Balance Sheet Highlights as at 31 December 2019
		Total assets	2,052,854	3,267,833	1,421,922	2,041,467	(162,136)	8,621,940
		Total Liabilities	1,874,957	3,013,554	1,256,064	1,852,875	(63,253)	7,934,197

Others & Conso adjustments comprise of ETI, the Holdco, eProcess (the Group's technology service company), the International business in Paris, the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in ' Others & Conso adjustments'

	__________________________________________________________________________________________________________________________________________
Page 24	Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

Note 31: BUSINESS FINANCIAL PERFORMANCE - NGN

The group operating segments are described below:

1. Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
2. Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
3. Consumer: Focuses on serving banking customers that are individuals

In 000,000 of NGN
CIB	Commercial	Consumer	Others	Consolidation	Ecobank Group
Adjustments
Income Statement Highlights for the period ended 30 June 2020

	Net interest income	92,914	33,659	42,360	(7,669)	149	161,413
	Net fees and commission income	27,827	17,880	24,845	6,480	(5,874)	71,158
	Other income	40,746	13,990	4,405	46,277	(47,677)	57,741
	Operating income	161,487	65,529	71,610	45,088	(53,402)	290,312
	Impairment charges on financial assets	20,870	6,561	3,951	5,100	-	36,482
	Total operating expenses	75,557	48,651	58,857	26,937	(23,935)	186,067
	Operating profit after impairment losses	65,060	10,317	8,802	13,051	(29,467)	67,763
	Net monetary loss arising from hyperinflationary economy	(2,286)	(381)	(693)	(214)	-	(3,574)
	Share of post-tax results of associates	(57)	-	-	-	-	(57)
	Profit before tax	62,717	9,936	8,109	12,837	(29,467)	64,132
	Balance Sheet Highlights as at 30 June 2020
	Total assets	5,204,240	633,540	352,652	1,891,533	1,310,174	9,392,139
	Total Liabilities	4,299,863	1,515,427	2,220,842	1,064,308	(451,036)	8,649,404
	In 000,000 of NGN
						Consolidation
		CIB	Commercial	Consumer	Others	Ecobank Group
		Adjustments
	Income Statement Highlights for the period ended 30 June 2019
	Net interest income	63,161	27,082	39,276	1,193	174	130,886
	Net fees and commission income	29,401	20,572	28,062	4,345	(5,440)	76,940
	Other income	40,828	18,373	7,286	51,121	(45,328)	72,280
	Operating income	133,390	66,027	74,624	56,659	(50,594)	280,106
	Impairment charges on financial assets	13,730	2,580	1,754	6,949	(4,334)	20,679
	Total operating expenses	73,424	47,641	59,003	24,554	(18,627)	185,995
	Operating profit after impairment losses	46,236	15,806	13,867	25,156	(27,633)	73,432
	Share of post-tax results of associates	-	-	-	55,250	(55,248)	2
	Profit before tax	46,236	15,806	13,867	80,406	(82,881)	73,434
	Balance Sheet Highlights as at 31 December 2019
	Total assets	5,068,862	638,248	366,064	1,463,652	1,085,114	8,621,940
	Total Liabilities	4,725,713	1,390,679	2,008,018	708,410	(898,623)	7,934,197

	__________________________________________________________________________________________________________________________________________
Page 25	Condensed unaudited consolidated interim financial statements - 30 June 2020

Ecobank Transnational Incorporated

Condensed unaudited consolidated interim financial statements

For the period ended 30 June 2020

Notes

(All amounts in thousands of US dollar unless otherwise stated)

32 Contingent liabilities and commitments a) Legal proceedings

The Group is a party to various legal actions arising out of its normal business operations. The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Group, either individually or in the aggregate.

b) Loan commitments, guarantee and other financial facilities

At 30 June 2020 the Group had contractual amounts of the off-statement of financial position financial instruments that commit it to extend credit to customers guarantees and other facilities are as follows:

	30 June 2020		31 Dec 2019
Guaranteed commercial papers and bank acceptances	20,328	136,357
Documentary and commercial letters of credit	1,251,219	1,308,351
Performance bond, guarantees and indemnities	1,464,223	1,759,919
Loan commitments	1,174,901		452,255
	3,910,671		3,656,882

c) Tax exposures

The income tax expense recognised in the financial statements for an interim period complying with IAS 34 is based on the weighted average annual income tax rate for the full year. The Group is exposed to ongoing tax reviews in some subsidiary entities. The Group considers the impact of tax exposures, including whether additional taxes may be due. This assessment relies on estimates and assumptions and may involve series of judgments about future events. New information may become available that causes the Group to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities would impact tax expense in the period in which such a determination is made. The total amount of tax exposure as at 30 June 2020 is $145 million (December 2019: $150 million). Based on Group's assessment, the probable liability is not likely to exceed $9 million (December 2019: $ 9 million) which provisions have been made in the books.

33 Covid-19 impact

The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections worldwide. Consequently, in most countries, a lot of measures have been taken to contain the virus: limiting the movement of people, restricting flights and closing borders, temporarily closing businesses and schools, and canceling events. This pandemic is having an immediate impact on businesses such as tourism, transport, retail, and entertainment affecting African economic activity as well. In response, the central banks of countries where ETI operates, along with respective governments, intervened with monetary and fiscal measures aimed at mitigating market concerns and providing liquidity to the market.

At Ecobank, the management team has taken appropriate steps to assess the impact on the Group's financial statement based on the information available as of date. GThe duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Group.

The Company is currently reviewing the key parameters for the impairment model such as Forward-Looking Information (FLI) since the assessment of the increase in credit risk is based on a forward-looking model taking into account a "Macro-sector factor", Probability of Default (PD) and Loss Given Default (LGD). This would be finalized during the second half of 2020. In the meantime, we accounted for an additional collective assessment impairment of $36 million to cope with the expected potential risk of this pandemic in our financial structure and the various current uncertainties in the markets. Our cost of risk has increased from 1.0% (unadjusted) to 1.7% (adjusted with this additional collective impairment), representing an increase in the cost of risk by 70bps. This estimate is based on the current best available data about past events, current conditions, and forecasts of future economic conditions at the moment.

Management is closely monitoring the evolution of this pandemic, including how it may affect the Group.

The statements regarding the impact of the COVID-19 pandemic on our business, results, financial position, the ' 'firm's liquidity and regulatory capital ratio and the measurement of impairment of intangible assets such as goodwill under IAS 36 and fair value measurement of assets and liabilities at fair value in accordance with IFRS 13 are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

34 Insider trading and market abuse prohibition

The Ecobank Group has in place a dealing policy of financial instruments which is applicable to all Ecobank employees (ETI and its affiliates), Directors, contractors (Staff) and in-house staff of outsourced service providers. The policy sets standard terms and conditions similar to the standards set out by the Nigeria Stock Exchange, the Ghana Stock Exchange and the BRVM ( UEMOA Regional Stock Exchange) on Insider Trading. The Group ensures that all Directors and Staff are kept informed about the policy as it is periodically circulated to serve as a reminder of their obligations under it.

Staff Members, Directors, Executive management and their Connected Persons, must not deal in Ecobank Securities at any time during a "Close Period" the period from the end of the relevant financial year or period up to and including the time of announcement and released to the public or any other period as defined by the Group.

The Ecobank Group commits itself to making necessary disclosures in compliance with the Securities and Exchange Commission ("SEC") Rules and Regulations which stipulates that Directors and top Management employees and other insiders of public companies shall notify the SEC of any sale or purchase of shares in the company, not later than forty-eight (48) hours after such activity.

____________________________________________________________________________________________________________________________

Page 26

Condensed unaudited consolidated interim financial statements - 30 June 2020

	STATEMENT OF VALUE ADDED
				Period ended					Period ended
				30 June 2020					30 June 2019
			US$'000	%		NGN'000	%		US$'000	%	NGN'000	%
	Gross income		1,040,935			392,013,029			1,122,106		405,201,836
	Interest expenses paid		(255,904)			(96,372,686)			(320,353)		(115,682,140)
	Fee and commission expenses		(13,022)			(4,904,047)			(22,748)		(8,214,493)
			772,009			290,736,296			779,005		281,305,203
	Impairment loss on financial assets		(96,873)			(36,482,084)			(57,265)		(20,678,869)
			675,136			254,254,212			721,740		260,626,334
	Bought in material & services		(228,531)			(86,064,096)			(218,297)		(78,828,867)
	Value Added		446,605	100%		168,190,116	100%		503,443	100%	181,797,467	100%
	Distributions
	Employees
	Staff salaries and benefits		227,332	51%		85,612,556	51%		243,404	48%	87,895,215	48%
	Government
	Income tax		42,695	10%		16,078,810	10%		41,925	8%	15,139,467	8%
	Retained in the group
	Asset replacement ( depreciation and amortisation)		47,701	11%		17,964,055	11%		53,367	11%	19,271,269	11%
	Expansion(transfer to reserves and non-controlling interest)		128,877	29%		48,534,695	29%		164,747	33%	59,491,516	33%
			446,605	100%		168,190,116	100%		503,443	100%	181,797,467	100%

Page 27

No	Shareholders1	Number of	Percentage Holdings
Ordinary shares
1	Strategic Shareholding	8,582,347,883	47.27
2	Directors Direct Shareholding	12,010,768	0.07
3	Government Shareholding	374,577	0
4	Staff Schemes	-	-
5	Free Float	9,562,170,631	52.67
	Total	18,156,903,859	100

1.Stanbic Nominees holds 36.60% en bloc for various shareholders including QNB. The shares are available for trade on the floor of the exchange.

NAME	HOLDING	% HOLDING
STRATEGIC SHAREHOLDING
NEDBANK GROUP LIMITED	5,249,014,550	28.91
GOVERNMENT EMPLOYEES PENSION FUND	3,333,333,333	18.36
	8,582,347,883	47.27
DIRECTORS
NKONTCHOU ALAIN FRANCIS	6,915,768	0.04
AYEYEMI ADEMOLA	5,095,000	0.03
	12,010,768	0.07
GOVERNMENT
OSUN STATE FINANCE INVESTMENT	21,333	-
COMPANY LIMITED
OSUN STATE GOVERNMENT OF NIGERIA	340,000	-
OSUN STATE INVESTMENT CO LTD	7,911	-
OSUN STATE INVESTMENT CO.LTD	5,333	-
	374,577	0

About Ecobank:

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking Group, Ecobank, present in 35 African countries. The Ecobank Group is also represented in France through its subsidiary EBI SA in Paris. ETI also has representative offices in Dubai-United Arab Emirates, London-UK,Beijing-China, Johannesburg- South Africa, and Addis Ababa-Ethiopia.

ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) - the BRVM - in Abidjan.

The Group is owned by more than 600,000 local and international institutional and individual shareholders. It employs 14,605 people in 39 different countries in 733 branches and offices. Ecobank is a full-service bank, providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Additional information may be found on the Group's corporate website at: www.ecobank.com.

Investor Relations :

Ecobank is committed to continuous improvement in its investor communications. For further information, including any suggestions as to how we can communicate more effectively, please contact Ecobank Investor Relations via [e-mail]. Full contact details below:

Investor contact:

Ato Arku

1. [phone]

1. [phone]

1. [e-mail]