Ecobank Transnational Incorporated : Q4 2021 Unaudited Financials NGX PDF 901.89 KB

ECOBANK TRANSNATIONAL INCORPORATED

Unaudited Consolidated Financial Statements

For year ended 31 December 2021

Ecobank Transnational Incorporated Unaudited Consolidated Financial Statements

For the year ended 31 December 2021

CONTENTS

Unaudited consolidated financial statements:

Press release

Consolidated statement of comprehensive income USD Consolidated statement of comprehensive income NGN 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 unaudited consolidated financial statements

Page 1

Press Release

Ecobank Group reports unaudited results for year ended 31 December 2021

• Gross earnings up 6% to $2,327.3 million (up 13% to NGN 953.00 billion)
• Revenue up 4% to $1,741.1 million (up 11% to NGN 712.9 billion)
• Profit before tax and goodwill impairment up 41% to $478.0 million (up 52% to NGN 195.7 billion)
• Profit before tax up 174% to $478.0 million (up 194% to NGN 195.7 billion)
• Profit after tax up 296% to $349.5 million (up 324% to NGN 143.1 billion)
• Total assets up 5% to $27.3 billion (up 11% to NGN 11,560.3 billion)
• Loans and advances to customers up 4% to $9.6 billion (up 10% to NGN 4,066.4 billion)
• Deposits from customers up 7% to $19.5 billion (up 13% to NGN 8,283.2 billion)
• Total equity up 5% to $2.1 billion (up 11% at NGN 902.9 billion)

	Financial Highlights		Year ended				Year ended		% Change
		31 December 2021		31 December 2020
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Income Statement:
	Gross Earnings		2 327 317	952 951 456		2 201 659	841 142 704		6%	13%
	Revenue		1 741 138	712 932 528		1 679 765	641 753 366		4%	11%
	Operating profit before impairment losses		718 749	294 301 510		625 727	239 058 683		15%	23%
	Profit before tax and goodwill impairment		477 992	195 720 297		337 882	129 087 648		41%	52%
	Profit before tax		477 992	195 720 297		174 318	66 598 105		174%	194%
	Profit after tax		349 504	143 109 145		88 319	33 742 229		296%	324%

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)		1,041	426,301		0,010	3,730		10564%	11329%
	Diluted (cents and kobo)		1,041	426,301		0,010	3,730		10564%	11329%

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)		0,004	1,488		0,007	2,798		-50%	-47%
	Diluted (cents and kobo)		0,004	1,488		0,007	2,798		-50%	-47%
	Financial Highlights			As at			As at		% Change
		31 December 2021		31 December 2020
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Statement of Financial Position:
	Total assets		27 257 878	11 560 338 637		25 939 473	10 384 349 227		5%	11%
	Loans and advances to customers		9 588 103	4 066 410 363		9 239 948	3 699 028 383		4%	10%
	Deposits from customers		19 530 874	8 283 238 972		18 296 952	7 324 818 794		7%	13%
	Total equity		2 128 906	902 890 322		2 027 713	811 754 346		5%	11%

	The unaudited financial statements for the year ended 31 December	2021 have been approved by the Board of Directors on 27 January 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

PUBLIC	2

Unaudited Consolidated Statement of Comprehensive Income - USD

Interest Income

Interest Expense

Net Interest Income

Fee and commission income

Fee and commission expense

Net trading income

Other operating income

Non-interest revenue

Operating income

Staff expenses

Depreciation and amortisation

Other operating expenses

Operating expenses

Operating profit before impairment charges and taxation

Impairment charges on financial assets

Operating profit after impairment charges before taxation

Net monetary loss arising from hyperinflationary economies

Share of post-tax results of associates

Profit before tax and goodwill impairment

Goodwill impairment

Profit before tax

Taxation

Profit after tax from continuing operations

Profit after tax from discontinued operations

Profit after tax

Attributable to:

Owners of the parent

• Continuing operations
• Discontinued operations

Non-controlling interests

• Continuing operations
• Discontinued operations

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

Basic (cents )

Diluted (cents )

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

Basic (cents )

Diluted (cents )

Consolidated statement of other comprehensive income

Profit after tax

Other comprehensive income

Items that may be reclassified to profit or loss: Exchange difference on translation of foreign operations Fair value (loss) / gain on debt instruments at FVTOCI

Taxation relating to components of other comprehensive income that may be subsequently reclassed to profit or loss

Items that will not be reclassified to profit or loss:

Remeasurements of defined benefit obligations

Fair value gain in equity instruments designated at FVTOCI Property and equipment - revaluation gain

Taxation relating to components of other comprehensive income that will not be subsequently reclassed to profit or loss

Other comprehensive (loss) /income for the year, net of taxation

Total comprehensive income for the year

Total comprehensive income attributable to:

Owners of the parent

• Continuing operations
• Discontinued operations

Non-controlling interests

• Continuing operations
• Discontinued operations

Year ended		Year ended		% Change
31 December 2021		31 December 2020
US$'000		US$'000
1 462 338		1 390 438		5%
(536 834)		(483 212)		11%
925 504		907 226		2%
499 787		424 589		18%
(48 495)		(35 643)		36%
307 488		346 276		-11%
56 854		37 317		52%
815 634		772 539		6%
1 741 138		1 679 765		4%
(449 006)		(462 992)		-3%
(109 722)		(104 206)		5%
(463 661)		(486 840)		-5%
(1 022 389)		(1 054 038)		-3%
718 749		625 727		15%
(201 922)		(227 025)		-11%
516 827		398 702		30%
(38 030)		(60 523)		-37%
(805)		(297)		171%
477 992		337 882		41%
		(163 564)		nm
-
477 992		174 318		174%
(130 143)		(89 335)		46%
347 849		84 983		309%
1 655		3 336		-50%
349 504		88 319		296%
256 933		4 202		6015%
256 039		2 401		10564%
894		1 801		-50%
92 571		84 117		10%
91 810		82 582		11%
761		1 535		-50%
349 504		88 319		296%
1,041		0,010		10564%
1,041		0,010		10564%
0,004		0,007		-50%
0,004		0,007		-50%
349 504		88 319		296%
(214 715)		(8 553)		-2410%
(88 798)		76 639		-216%
7 894		(2 025)		490%
1 199		(233)		615%
141		79		78%
2 752		29 208		-91%
(2 944)		(9 605)		-69%
(294 471)		85 510		-444%
55 033		173 829		-68%
2 044		69 446		-97%
1 150		67 645		-98%
894		1 801		-50%
52 989		104 383		-49%
52 228		102 848		-49%
761		1 535		-50%
55 033		173 829		-68%

Unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

nm-not meaningful

Page 3

Unaudited Consolidated Statement of Comprehensive Income - NGN

			Year ended		Year ended		% Change
			31 December 2021		31 December 2020
			NGN'000		NGN'000
Interest Income			598 774 093		531 216 133		13%
Interest Expense			(219 813 950)		(184 610 900)		19%
Net Interest Income			378 960 143		346 605 233		9%
Fee and commission income			204 644 554		162 214 012		26%
Fee and commission expense			(19 856 934)		(13 617 390)		46%
Net trading income			125 905 125		132 294 570		-5%
Other operating income			23 279 640		14 256 941		63%
Non-interest revenue			333 972 385		295 148 133		13%
Operating income			712 932 528		641 753 366		11%
Staff expenses			(183 851 586)		(176 885 859)		4%
Depreciation and amortisation			(44 927 158)		(39 811 849)		13%
Other operating expenses			(189 852 274)		(185 996 975)		2%
Operating expenses			(418 631 018)		(402 694 683)		4%
Operating profit before impairment charges and taxation			294 301 510		239 058 683		23%
Impairment charges on financial assets			(82 679 697)		(86 734 785)		-5%
Operating profit after impairment charges before taxation			211 621 813		152 323 898		39%
Net monetary loss arising from hyperinflationary economies			(15 571 898)		(23 122 781)		-33%
Share of post-tax results of associates			(329 618)		(113 469)		190%
Profit before tax and goodwill impairment			195 720 297		129 087 648		52%
Goodwill impairment			-		(62 489 543)		nm
Profit before tax			195 720 297		66 598 105		194%
Taxation			(53 288 814)		(34 130 393)		56%
Profit after tax from continuing operations			142 431 483		32 467 712		339%
Profit after tax from discontinued operations			677 662		1 274 517		-47%
Profit after tax			143 109 145		33 742 229		324%
Attributable to:
Owners of the parent			105 204 695		1 605 372		6453%
- Continuing operations			104 838 635		917 301		11329%
- Discontinued operations			366 060		688 071		-47%
Non-controlling interests			37 904 450		32 136 857		18%
- Continuing operations			37 592 848		31 550 411		19%
- Discontinued operations			311 602		586 446		-47%
			143 109 145		33 742 229		324%
Earnings per share from continuing operations attributable to owners of the parent during the period
(expressed in Naira kobo per share):
Basic (kobo )			426,301		3,730		11329%
Diluted (kobo )			426,301		3,730		11329%
Earnings per share from discontinued operations attributable to owners of the parent during the period
(expressed in Naira kobo per share):
Basic (kobo )			1,488		2,798		-47%
Diluted (kobo )			1,488		2,798		-47%
Consolidated statement of other comprehensive income
Profit after tax			143 109 145		33 742 229		324%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations			(39 301 959)		66 517 228		-159%
Fair value (loss) /gain on debt instruments at FVTOCI			(36 359 543)		29 279 891		-224%
Taxation relating to components of other comprehensive income that may be subsequently reclassed to
profit or loss			3 232 305		(773 650)		518%
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations			490 947		(89 018)		652%
Fair value gain in equity instruments designated at FVTOCI			57 734		30 182		91%
Property and equipment - revaluation gain			1 126 844		11 158 902		-90%
Taxation relating to components of other comprehensive income that will not be subsequently reclassed to
profit or loss			(1 205 461)		(3 669 585)		-67%
Other comprehensive ( loss) / income for the year, net of taxation			(71 959 133)		102 453 950		-170%
Total comprehensive income for the year			71 150 012		136 196 179		-48%
Total comprehensive income attributable to:
Owners of the parent			36 569 287		79 634 526		-54%
- Continuing operations			36 203 227		78 946 455		-54%
- Discontinued operations			366 060		688 071		-47%
Non-controlling interests			34 580 725		56 561 653		-39%
- Continuing operations			34 269 123		55 975 207		-39%
- Discontinued operations			311 602		586 446		-47%
			71 150 012		136 196 179		-48%
Unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
nm-not meaningful

Page 4