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    ETI   TG0000000132

ECOBANK TRANSNATIONAL INCORPORATED

(ETI)
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Ecobank Transnational Incorporated : Q2 2021 NSE PDF 1.31 MB

07/26/2021 | 10:48am EDT

PUBLIC

ECOBANK TRANSNATIONAL INCORPORATED

Condensed Unaudited Consolidated Financial Statements

For period ended 30 June 2021

PUBLIC

PUBLIC

Ecobank Transnational Incorporated

Condensed Unaudited Consolidated Financial Statements For the period ended 30 June 2021

CONTENTS

Condensed Unaudited Consolidated financial statements:

Press release

Consolidated statement of comprehensive income USD (Six months) Consolidated statement of comprehensive income USD (Second quarter) Consolidated statement of comprehensive income NGN (Six months) Consolidated statement of comprehensive income NGN (Second quarter) 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

PUBLIC

Page 1

PUBLIC

Press Release

Ecobank Group reports performance for the first six months of 2021

  • Gross earnings up 5% to $1,090.4 million (up 13% to NGN 442.9 billion)
  • Revenue up 7% to $824.5 million (up 15% to NGN 334.9 billion)
  • Operating profit before impairment charges up 23% to $340.4 million (up 33% to NGN 138.3 billion)
  • Profit before tax up 23% to $210.1 million (up 33% to NGN 85.3 billion)
  • Profit for the period up 20% to $154.0 million (up 29% to NGN 62.6 billion)
  • Total assets up 3% to $26.8 billion (up 6% to NGN 11,021.6 billion)
  • Loans and advances to customers down 4% to $8.9 billion (down 2% to NGN 3,634.4 billion)
  • Deposits from customers up 5% to $19.1 billion (up 7% to NGN 7,861.3 billion)
  • Total equity down 4% to $2.0 billion (down 1% to NGN 803.2 billion)

Financial Highlights

Period ended

Period ended

% Change

30 June 2021

30 June 2020

US$'000

NGN'000

US$'000

NGN'000

US$

NGN

Income Statement:

Gross Earnings

1,090,438

442,893,660

1,040,935

392,013,029

5%

13%

Revenue

824,505

334,881,980

770,885

290,313,001

7%

15%

Operating profit before impairment charges

340,418

138,264,599

276,811

104,246,200

23%

33%

Profit before tax

210,073

85,323,511

170,297

64,133,344

23%

33%

Profit for the period

154,010

62,552,894

128,877

48,534,695

20%

29%

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)

0.429

174.211

0.359

135.000

19%

29%

Diluted (cents and kobo)

0.429

174.211

0.359

135.000

19%

29%

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

1.387

0.003

1.055

Diluted (cents and kobo)

0.003

1.387

0.003

1.055

Financial Highlights

As at

As at

% Change

30 June 2021

31 December 2020

US$'000

NGN'000

US$'000

NGN'000

US$

NGN

Statement of Financial Position:

Total assets

26,838,642

11,021,556,726

25,939,473

10,384,349,227

3%

6%

Loans and advances to customers

8,850,219

3,634,430,935

9,239,948

3,699,028,383

-4%

-2%

Deposits from customers

19,143,121

7,861,314,070

18,296,952

7,324,818,794

5%

7%

Total equity

1,955,825

803,179,098

2,027,713

811,754,346

-4%

-1%

The financial statements were approved for issue by the board of directors on 23 July 2021.

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

PUBLIC

Page 2

PUBLIC

Condensed Unaudited Consolidated Statement of Comprehensive Income - USD

6 Month period ended

6 Month period ended

% Change

30 June 2021

30 June 2020

US$'000

US$'000

Interest income

696,142

684,514

2%

Interest expense

(241,202)

(255,904)

-6%

Net Interest Income

454,940

428,610

6%

Fee and commission income

228,581

201,973

13%

Fee and commission expense

(23,139)

(13,022)

78%

Net trading income

132,694

136,099

-3%

Other operating income

31,429

17,225

82%

Non-interest revenue

369,565

342,275

8%

Operating income

824,505

770,885

7%

Staff expenses

(210,567)

(227,332)

-7%

Depreciation and amortisation

(48,843)

(47,701)

2%

Other operating expenses

(224,677)

(219,041)

3%

Operating expenses

(484,087)

(494,074)

-2%

Operating profit before impairment charges and taxation

340,418

276,811

23%

Impairment charges on financial assets

(107,266)

(96,873)

11%

Operating profit after impairment charges before taxation

233,152

179,938

30%

Net monetary loss arising from hyperinflationary economies

(23,116)

(9,490)

144%

Share of post-tax results of associates

37

(151)

125%

Profit before tax

210,073

170,297

23%

Taxation

(57,618)

(42,695)

35%

Profit after tax from continuing operations

152,455

127,602

19%

Profit after tax from discontinued operations

1,555

1,275

22%

Profit for the period

154,010

128,877

20%

Attributable to:

Owners of the parent

106,323

89,095

19%

- Continuing operations

105,483

88,406

19%

- Discontinued operations

840

689

22%

Non-controlling interests

47,687

39,782

20%

- Continuing operations

46,972

39,195

20%

- Discontinued operations

715

587

22%

154,010

128,877

20%

Earnings per share from continuing operations attributable to owners of the parent during the period

(expressed in United States cents per share):

Basic (cents )

0.429

0.359

19%

Diluted (cents )

0.429

0.359

19%

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

0.003

n/m

Diluted (cents )

0.003

0.003

n/m

Unaudited consolidated statement of comprehensive income

Profit for the period

154,010

128,877

20%

Other comprehensive income

Items that may be reclassified to profit or loss:

Exchange difference on translation of foreign operations

(107,092)

(180,616)

-41%

Fair value (loss) /gain on debt instruments at FVTOCI

(91,323)

98,849

-192%

Taxation relating to components of other comprehensive income that may be subsequently

reclassed to profit or loss

532

(1,543)

134%

Other comprehensive loss for the period, net of taxation

(197,883)

(83,310)

138%

Total comprehensive (loss) / income for the period

(43,873)

45,567

-196%

Total comprehensive (loss) / income attributable to:

Owners of the parent

(76,507)

4,456

n/m

- Continuing operations

(77,347)

3,767

n/m

- Discontinued operations

840

689

22%

Non-controlling interests

32,634

41,111

-21%

- Continuing operations

31,919

40,524

-21%

- Discontinued operations

715

587

22%

(43,873)

45,567

-196%

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

PUBLIC

Page 3

PUBLIC

Condensed Unaudited Consolidated Statement of Comprehensive Income - USD

Quarter ended

Quarter ended

% Change

30 June 2021

30 June 2020

US$'000

US$'000

Interest income

350,228

344,403

2%

Interest expense

(132,382)

(125,136)

6%

Net Interest Income

217,846

219,267

-1%

Fee and commission income

115,140

96,800

19%

Fee and commission expense

(9,845)

(4,884)

102%

Net trading income

68,536

55,857

23%

Other operating income

23,439

11,187

110%

Non-interest revenue

197,270

158,960

24%

Operating income

415,116

378,227

10%

Staff expenses

(102,628)

(108,982)

-6%

Depreciation and amortisation

(22,691)

(24,348)

-7%

Other operating expenses

(116,007)

(101,438)

14%

Operating expenses

(241,326)

(234,768)

3%

Operating profit before impairment charges and taxation

173,790

143,459

21%

Impairment charges on financial assets

(50,573)

(54,639)

-7%

Operating profit after impairment charges before taxation

123,217

88,820

39%

Net monetary loss arising from hyperinflationary economies

(13,479)

(8,709)

55%

Share of post-tax results of associates

17

(70)

124%

Profit before tax

109,755

80,041

37%

Taxation

(31,808)

(18,881)

68%

Profit after tax from continuing operations

77,947

61,160

27%

Profit after tax from discontinued operations

236

230

3%

Profit for the period

78,183

61,390

27%

Attributable to:

Owners of the parent

54,191

40,723

33%

- Continuing operations

54,063

40,598

33%

- Discontinued operations

128

125

2%

Non-controlling interests

23,992

20,667

16%

- Continuing operations

23,884

20,561

16%

- Discontinued operations

108

106

2%

78,183

61,390

27%

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

PUBLIC

Page 4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

ETI - Ecobank Transnational Inc. published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 14:47:08 UTC.


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Financials (USD)
Sales 2021 1 827 M - -
Net income 2021 202 M - -
Net Debt 2021 - - -
P/E ratio 2021 815x
Yield 2021 -
Capitalization 130 B 316 M -
Capi. / Sales 2021 71,3x
Capi. / Sales 2022 66,6x
Nbr of Employees 13 551
Free-Float 33,6%
Chart ECOBANK TRANSNATIONAL INCORPORATED
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Ecobank Transnational Incorporated Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 5,30 $
Average target price 0,02 $
Spread / Average Target -99,6%
EPS Revisions
Managers and Directors
Ade Ayeyemi Group Chief Executive Officer & Executive Director
Ayo Adepoju Group Chief Financial Officer
Alain Francis Nkontchou Chairman
Eddy Ogbogu Group Executive-Operations & Technology
Catherine W. Ngahu Independent Executive Director