ECOBANK TRANSNATIONAL INCORPORATED : AUDITED FINANCIAL STATEMENTS FOR Q3 2022

ECOBANK TRANSNATIONAL INCORPORATED

Audited Consolidated Financial Statements

For period ended 30 September 2022

Ecobank Transnational Incorporated

Audited Consolidated Financial Statements

For the period ended 30 September 2022

CONTENTS

Audited Consolidated financial statements:

Press release

Consolidated statement of comprehensive income USD (9 months) Consolidated statement of comprehensive income USD (Quarter 3 ) Consolidated statement of comprehensive income NGN (9 months) Consolidated statement of comprehensive income NGN (Quarter 3) Consolidated statement of financial position USD

Consolidated statement of financial position NGN

Consolidated statement of changes in equity USD

Consolidated statement of changes in equity NGN

Consolidated statement of cash flows USD

Consolidated statement of cash flows NGN

Notes to the consolidated financial statements

Page 1

Press Release

Ecobank Group audited reports performance for the nine months of 2022

• Gross earnings up 7% to $1,819.0 million (up 11% to NGN 761.3 billion)
• Revenue up 7% to $1,355.0 million (up 11% to NGN 570.4 billion)
• Operating profit before impairment charges up 12% to $592.4 million (up 16% to NGN 249.4 billion)
• Profit before tax up 14% to $400.7 million (up 17% to NGN 168.7 billion)
• Profit for the period up 9% to $278.9 million (up 12% to NGN 117.4 billion)
• Total assets down 7% to $25.6 billion (down 4% to NGN 11,219.7 billion)
• Loans and advances to customers down 4% to $9.2 billion (down 1% to NGN 4,030.8 billion)
• Deposits from customers down 7% to $18.4 billion (down 4% to NGN 8,063.0 billion)
• Total equity down 20% to $1.7 billion (down 17% to NGN 757.6 billion)

	Financial Highlights		Period ended		Period ended		% Change
		30 September 2022		30 September 2021
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Income Statement:
	Gross Earnings		1,818,973	761,298,027		1,697,189	686,768,230		7%	11%
	Revenue		1,355,031	570,415,956		1,265,311	516,156,880		7%	11%
	Operating profit before impairment charges		592,423	249,387,306		528,135	215,441,513		12%	16%
	Profit before tax		400,727	168,690,659		352,205	143,674,588		14%	17%
	Profit for the period		278,912	117,411,229		256,186	104,505,664		9%
				12%

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)		0.797	335.580		0.738	301.062		8%	11%
	Diluted (cents and kobo)		0.797	335.580		0.738	301.062		8%	11%

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

	Basic (US cents and kobo)		-	-		0.004	1.483
	Diluted (US cents and kobo)		-	-		0.004	1.483
	Financial Highlights		As at				As at		% Change
		30 September 2022		31 December 2021
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Statement of Financial Position:
	Total assets		25,631,068	11,219,743,709		27,561,793	11,689,232,030		-7%	-4%
	Loans and advances to customers		9,208,147	4,030,774,268		9,575,865	4,061,220,105		-4%	-1%
	Deposits from customers		18,419,554	8,062,975,568		19,713,349	8,360,628,444		-7%	-4%
	Total equity		1,730,629	757,565,541		2,164,306	917,903,818		-20%	-17%

	The financial statements were approved for issue by the board of directors on 25 November 2022.
	Alain Nkontchou		Ade Ayeyemi	Ayo Adepoju
	Group Chairman		Group Chief Executive Officer	Group Chief Financial Officer
	FRC/2020/003/00000021578		FRC/2020/003/00000020528	FRC/2017/ICAN/00000017517

www.ecobank.com

Page 2

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Audited consolidated statement of comprehensive income - USD

		9 Month period ended		9 Month period ended		% Change
		30 September 2022		30 September 2021

		US$'000	US$'000
Interest income	1,154,174		1,091,169	6%
Interest income calculated using the effective interest method	1,148,609		1,088,000	6%
Other interest income	5,565		3,169	76%
Interest expense	(413,742)		(393,938)	5%
Net interest income	740,432		697,231	6%
Fee and commission income	393,027		353,093	11%
Fee and commission expense	(49,840)		(36,600)	36%
Trading income	221,281		209,532	6%
Net investment income	10,499		13,640	-23%
Other operating income	39,632		28,415	39%
Non-interest revenue	614,599		568,080	8%
Operating income	1,355,031		1,265,311	7%
Staff expenses	(329,560)		(324,566)	2%
Depreciation and amortisation	(76,425)		(81,518)	-6%
Other operating expenses	(356,623)		(331,092)	8%
Operating expenses	(762,608)		(737,176)	3%
Operating profit before impairment charges and taxation	592,423		528,135	12%
Impairment charges on financial assets	(132,794)		(146,026)	-9%
Non-conversion premium on bonds	(25,000)		-			n/m
Operating profit after impairment charges before taxation	434,629		382,109	14%
Net monetary loss arising from hyperinflationary economies	(34,262)		(29,589)	16%
Share of post-tax results of associates	360		(315)	214%
Profit before tax		400,727		352,205			14%
Taxation	(121,815)		(97,674)	25%
Profit after tax from continuing operations	278,912		254,531	10%
Profit after tax from discontinued operations	-		1,655			n/m
Profit for the period		278,912		256,186			9%
Attributable to:
Ordinary shareholders	196,046		182,394	7%
- Continuing operations	196,046		181,500	8%
- Discontinued operations	-		894			n/m
Other equity instrument holder	7,312		-			n/m
Non-controlling interests	75,554		73,792	2%
- Continuing operations	75,554		73,031	3%
- Discontinued operations	-		761			n/m
		278,912		256,186			9%
Earnings per share from continuing operations attributable to owners of the parent during the period
(expressed in United States cents per share):
Basic (cents )		0.797		0.738	8%
Diluted (cents )		0.797		0.738			8%
Earnings per share from discontinued operations attributable to owners of the parent during the
period (expressed in United States cents per share):
Basic (cents )		-		0.004			n/m
Diluted (cents )		-		0.004			n/m
Audited consolidated statement of comprehensive income
Profit for the period		278,912		256,186	9%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(490,191)		(140,924)	248%
Fair value loss on debt instruments at FVTOCI		(170,373)		(62,792)	171%
Taxation relating to components of other comprehensive income that may be subsequently
reclassed to profit or loss		35,368		(5,893)	700%
Items that will not be reclassified to profit or loss:
Property and equipment - net revaluation gain		(4,337)		2,752	-258%
Fair value gain in equity instruments designated at FVOCI		770		141	446%
Remeasurements of defined benefit obligations		(640)		1,199	-153%
Taxation relating to components of other comprehensive income that will not be subsequently
reclassed to profit or loss		(939)		(2,944)	-68%
Other comprehensive loss for the period, net of taxation		(630,342)		(208,461)	202%
Total comprehensive (loss) /income for the period		(351,430)		47,725			-836%
Total comprehensive (loss) / income attributable to:
Ordinary shareholders		(330,505)		(7,299)	4428%
- Continuing operations		(330,505)		(8,193)	3934%
- Discontinued operations		-		894			n/m
Other equity instrument holder		7,312		-			n/m
Non-controlling interests		(28,237)		55,024	-151%
- Continuing operations		(28,237)		54,263	-152%
- Discontinued operations		-		761			n/m
		(351,430)		47,725			-836%

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

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Consolidated statement of comprehensive income - USD

			Quarter ended		Quarter ended		% Change
			30 September 2022		30 September 2021

		US$'000		US$'000
Interest income	393,373	395,027	0%
Interest income calculated using the effective interest method	387,871	391,881	-1%
Other interest income	5,502	3,146	75%
Interest expense	(145,959)	(152,736)	-4%
Net interest income	247,414	242,291	2%
Fee and commission income	123,918	124,512	0%
Fee and commission expense	(11,404)	(13,461)	-15%
Trading income	57,315	76,838	-25%
Net investment income	2,353	5,262	-55%
Other operating income	25,645	5,364	378%
Non-interest revenue	197,827	198,515	0%
Operating income	445,241	440,806	1%
Staff expenses	(107,857)	(113,999)	-5%
Depreciation and amortisation	(25,678)	(32,675)	-21%
Other operating expenses	(119,878)	(106,415)	13%
Operating expenses	(253,413)	(253,089)	0%
Operating profit before impairment charges and taxation	191,828	187,717	2%
Impairment charges on financial assets	(17,631)	(38,760)	-55%
Non-conversion premium on bonds	(25,000)	-
Operating profit after impairment charges before taxation	149,197	148,957	0%
Net monetary loss arising from hyperinflationary economies	(10,139)	(6,473)	57%
Share of post-tax results of associates	360	(352)	202%
Profit before tax		139,418		142,132		-2%
Taxation	(45,925)	(40,056)	15%
Profit after tax from continuing operations	93,493	102,076	-8%
Profit after tax from discontinued operations	-	100		n/m
Profit for the period		93,493		102,176		-8%
Attributable to:
Ordinary shareholders	65,742	76,071	-14%
- Continuing operations	65,742	76,017	-14%
- Discontinued operations	-	54		n/m
Other equity instrument holder	3,656	-		n/m
Non-controlling interests	24,095	26,105	-8%
- Continuing operations	24,095	26,059	-8%
- Discontinued operations	-	46		n/m
		93,493		102,176		-8%

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

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