Ecobank Transnational Incorporated : Reports Profit Before Tax of $170 million and a return on tangible equity of 15.2% for the first half of 2020

News Release

Lomé 29 July, 2020

Ecobank Reports Profit Before Tax of $170 million

Diluted EPS of $0.0036 and Tangible Book Value Per Share (TBVPS)1 of $0.048

Ade Ayeyemi, Group CEO said: "I am pleased with our diversified business model and the investments that we have made in people, systems, and processes. These have enabled us to serve our customers and communities safely during the COVID-19 pandemic. It also highlights the strength of our franchise and the continued resilience of Ecobank staff. We have been able to serve our customers seamlessly with over 65% of employees working from home. Moreover, we are providing support to our customers, at the time that they need it most. For instance, we are extending relief to our customers through payment deferrals, loan modifications and restructurings.

"We were recognised for our commitment to improving the lives of people across Africa by Euromoney. They awarded Ecobank with the covetedprize of Africa's Best Bank for Corporate Responsibility, in the Euromoney Awards for Excellence 2020, for our focus on sustainability and partnerships in delivering positive social and environmental outcomes across Africa. I believe that all of my Ecobank colleagues have reason to beproud of themselves," Ayeyemi added.

"Our financial performance for the period was encouraging, despite the adverse impact of foreign currency translation and COVID-19. We generated profit before tax of $170 million, a growth of 12% if adjusted for the effects of currency translations. We also continued to grow customer deposits, increasing them by $604 million in the second quarter to $16.7 billion, boosting our liquidity buffers, and placing us in good stead during these unsettling economic times. The pandemic has completely changed the way that customers transact, accelerating the adoption of digital transactions which are gradually replacing cash. There is increased customer utilisation of our digital channels, through our mobile app,Ecobank Pay, OMNI, online, and self-service on our ATMs. The number of transactions in branches has dropped about 64% year-on-year, while digital engagements have increased by 56%.

"Going forward, the operating environment remains challenging as the pandemic continues to surge across the continent, though economic activities are slowly returning across our footprint. However, economic activity in sub-SaharanAfrica is forecast to reduce. But, our commitmentto the continent, our stakeholders, and employees remains steadfast. We will continue to support our customers and ensure the sustainable viability of the organisation," Ayeyemi concluded.

Business Highlights

• We helped our customers in response to the unprecedented challenges of COVID-19, allowing customers to defer payments.
• Customer deposits of $16.7bn increased 3% year-on-year (YoY). Adjusted for the impact of foreign currency translation (constant currency), it rose 9%, partly driven by an acceleration in digital adoption due to COVID-19. For the second quarter (April-June) only, customer deposits grew by $604 million.
• Customer loans, net of accumulated impairments, was $8.6bn, down 1%, but up 3% in constant currency.
• Interest earning assets (excluding customer loans), grew by $723m, 8%, YTD to $9.6bn.
• The number of in-branch transactions fell 64% YoY, while digital transactions increased by 56%.
• Our payments business accounted for 46% of total revenues through our various actions of supporting households, SMEs, corporates, and governments make and collect payments across our platform.
• Ecobank Nigeria's regulatory capital adequacy ratio (CAR) requirement is now 10% as it is no longer designated a domestic systemically important bank by the CBN.
• The BCEAO has delayed the transition to Basel II/III by one year. As a result, the UEMOA requirement for 2020 is 7.25% Tier 1 CAR and 9.5% Total CAR (as it was in 2019). The final requirements of 8.5% Tier 1 CAR and 11.5% Total CAR will thus be effective in 2023 instead of 2022.
• The BCEAO designated ETI a regional systemically important financial institution (SIFI), requiring an additional capital buffer which will increase from 0.4% in 2020 to 1% in 2022.

Financial Highlights

	Operating income			Profit before tax	Annualised ROTE2		Tangible BVPS
	$771m		$170m	15.2%		$0.048
	down 1%; up 11% in CCY		down 16%; up 12% in CCY
	Cost-to-income ratio			Profit after tax	Basic/Diluted EPS		Tier 1 / Total CAR3
64.1%			$129m	$0.0036		8.6% / 11.5%
		down 22%; up 3% in CCY
	UEMOA			NIGERIA	AWA		CESA
	ROE 19.7%		ROE 4.2%	ROE 27.1%	ROE 20.7%

• Profits negatively impacted by a net monetary loss of $9m in Zimbabwe due to hyperinflation and a depreciating currency

1. TBVPS is computed by dividing tangible shareholders' equity with the end-of-period number of ordinary shares outstanding
2. The Group changed its computation of ROTE to better align to the way investors and analysts assess the Group's use of equity.

ROTE is computed using profit attributable to ETI shareholders divided by the average end-of-period tangible shareholders' equity. Tangible shareholders' equity is ETI shareholders' equity less non-controlling interests, goodwill, and intangible assets.

3 Provisional Group consolidated Basel II/III CAR as at 30 June 2020. They are provisional until submitted to BCEAO on or before 30 October 2020.

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

• Operating expenses of $494m, down 4%, or in constant currency, up 2%

• Pre-impairment operating income of $277m, up 6%, or in constant currency, up 34%

• Profit attributable to ETI shareholders of $89m, down 26% YoY

Key Ratios

	1H	1H
Key Ratios	2020	2019
Return on average total assets (ROA)1	1.1%	1.5%
Profit attributable to ETI to average ETI tangible shareholders' equity (ROTE)2	15.2%	20.0%
Gross yield on interest earning assets	8.4%	8.7%
Cost of funds	2.5%	3.3%
Net interest margin (NIM)	5.4%	4.8%
Cost-to-income ratio (CIR)	64.1%	66.4%
Cost-of-risk (CoR)	1.7%	0.7%
Effective tax rate (ETR)	25.1%	20.6%

1. ROA (annualised)is calculated as the Group's profit after tax divided by average end-of-period total assets
2. Profit attributable to ETI shareholders divided by the average end-of-period tangible shareholders' equity

SUMMARY FINANCIAL REVIEW OF THE ECOBANK GROUP

Comparisons noted in the commentary below are calculated for the six months ended 30 June 2020 versus the six months ended 30 June 2019, unless otherwise specified.

Summary Financial Review

Selected Income Statement Highlights

	Six months ended 30 June				Constant
	(in millions of US dollars except per share data)	2020	2019	YoY	Currency1
	Net interest income	429	362	18%	28%
	Non-interest revenue	342	413	(17)%	(5)%
	Operating income (net revenue)	771	776	(1)%	11%
	Operating expenses	(494)	(515)	(4)%	2%
	Pre-impairment operating income	277	261	6%	34%
	Gross impairment losses on loans	(132)	(137)	(4)%	n.m.
	Loan recoveries and impairment losses releases	49	104	(53)%	(52)%
	Net impairment losses on loans	(83)	(33)	149%	171%
	Impairment losses on other assets	(14)	(24)	(42)%	(41)%
	Impairment losses on financial assets	(97)	(57)	69%	79%
	Net monetary loss arising from hyperinflationary economy	(9)	-	-	-
	Profit before tax	170	203	(16)%	12%
	Profit after tax from continuing operations	128	161	(21)%	-
	Profit after tax from discontinued operations	1	3	(62)%	-
	Profit for the period	129	165	(22)%	3%
	Profit attributable to ETI shareholders	89	120	(26)%	-
	Basic EPS (In US dollars )	0.0036	0.0049	(26)%
	Diluted EPS (In US dollars )	0.0036	0.0049	(26)%

Note: Selected income statement lines only and totals may not sum up.

(1) Constant currecy = year-on-year percentage change on a constant currency basis

Operating income of $771 million, decreased 1%, or in constant currency, increased by 11%, reflecting a significantly higher net interest income.

Net interest income (NII) of $429 million, increased 18%, or in constant currency, increased 28%. The increase was mainly driven by a significant decrease in interest expense thanks to a reduction in the average rates paid on funds. Also, because of the COVID-19 pandemic, customers' utilisation of online and mobile channels accelerated, driving higher balances in non-interest-bearing customer deposits. The net interest margin (NIM) for the half-year was 5.4% compared to 4.8% in the prior year, while the cost of funds decreased to 2.5% versus 3.3% for the previous year.

Non-interestrevenue (NIR) of $342 million, decreased 17%, or in constant currency, fell 5%. COVID-19 related lockdowns and border closures led to lower transaction activity resulting in lower fees and commissions on trade finance, credit, cash management, debit card payments, and ATMs. Thus, fees and commissions fell 11% to $189 million. Further contributing to the decline in NIR were additional customer relief mitigants, such as fee waivers. The net trading income of $136 million, fell 23%, reflecting a decrease in

Page 2

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

client-driven foreign exchange sales and the adverse impact from the depreciation of Zimbabwe's currency. Operating expenses of $494 million, decreased 4%, or in constant currency, increased 2%. The modest increase was inflation-driven, partially offset by cost savings in travel, rent and utilities, consultancy, technology, and training. The cost-to-incomeratio (efficiency ratio) was 64.1%, compared with 66.4% in the prior year.

Impairment losses on loans (net) were $83 million in the first half of 2020, compared with $33 million in the prior year. The period's net impairment losses were higher compared to the previous year, mainly because recoveries of non-performing loans in the six months to June were lower compared to recoveries in the prior year's period. Gross impairment charges of $132 million were little unchanged from the preceding year, reflecting the decrease in non-performing loans. Total impairment charges, including those on other assets, were $99 million in the half-year compared with $57 million in the prior year's period. The cost-of-risk, for the period, was 1.7% compared with 0.7% for the previous year.

Income taxes were $43 million in the first half of 2020 compared with $42 million in the prior year period. The effective income tax rate (ETR) was 25.1% versus 20.6% in the prior year period. The increase in the ETR was mainly due to higher income in higher tax jurisdictions.

Selected Balance Sheet Information

	30 Jun	31 Dec	30 Jun
Period As At: (in millions of US dollars, except per share amounts)	2020	2019	2019	YoY	Ccy*
Gross loans and advances to customers	9,212	9,834	9,378	(2)%
Less: allowance for impairments	591	557	634	(7)%	(2)%
Net loans and advances to customers	8,621	9,277	8,744	(1)%	3%
Deposits from customers	16,707	16,246	16,182	3%	9%
Total assets	24,285	23,641	22,435	8%	14%
Equity attributable to owners of ETI	1,481	1,477	1,489	(1)%
Total equity to all owners	1,920	1,886	1,807	6%	15%
Loan-to-deposit ratio	55.1%	60.5%	58.0%
Total capital adequacy ratio	11.5%1	11.6%	12.3%
Tier 1 capital adequacy ratio	8.6%1	8.8%	8.8%
Total capital adequacy ratio (fully loaded2)	10.8%1	10.9%	11.7%
Tier 1 capital adequacy ratio (fully loaded2)	7.9%1	8.1%	8.2%
End-of-period ordinary shares outstanding (millions of shares)	24,730	24,730	24,730
# of ordinary shares to be issued if convertible bond converts	6,667	6,667	6,667
Per Share Data (In US dollars)
Book value per ordinary share, BVPS3	0.06	0.06	0.06	(1)%
Tangible book value per ordinary share, TBVPS4	0.05	0.05	0.05	(3)%
Share price	0.01	0.02	0.03	(58)%

1. Basel II/III CAR is as of 30 June 2020 and a provisional estimate until it is submitted to BCEAO on or before 31 October 2020.
2. Fully loaded ratios include the full impact of the $299 million Day 1 impact of IFRS 9 in regulatory capital. The Group extended its transitional schedule for the recognition of the $299 million impact from three years to five years, thus now following the schedule adopted by EU/UK banks.
3. ETI shareholders' equity divided by end-of-period ordinary shares outstanding
4. Tangible ETI shareholders' equity divided by end-of-period ordinary shares outstanding. Tangible ETI shareholders' equity is ETI shareholders' equity less goodwill and intangible assets
   *Ccy = year-on-year percentage change on a constant currency

Loans and advances to customers (gross) were $9,212 million as at 30 June 2020, compared to $9,834 million, and $9,378 million as at 31 December 2019, and 30 June 2019, respectively. Loans and advances, net of accumulated impairments were $8,621 million, down 1%, or in constant currency, up 3%, from the prior year. The increase primarily reflected higher customer loan balances in AWA, mostly from Guinea within the Corporate and Investment Bank business.

Deposits from customers were $16,707 million as at 30 June 2020, compared to $16,246 million, and $16,182 million as at 31 December 2019, and 30 June 2019, respectively. Customer deposits increased 3% year-on-year, and in constant currency by 9%, driven by significantly higher deposit balances in AWA and CESA, mostly within Consumer Bank. Stay-at-home orders and lockdowns due to the pandemic drove accelerated adoption in the use of digital channels by customers, which contributed to the increase in deposits. A large portion of the incremental deposits was non-interest-bearing, which helped reduce the cost of funds to 2.5% from 3.3% in the year- ago period.

Equity attributable to ETI shareholders was $1,481 million as at 30 June 2020, compared with $1,477 million (restated) and $1,489 million as of 31 December 2019, and 30 June 2019, respectively. The year-on-year decline partly reflected the impact of the $79.5 million of interest income reversal associated with the government-related loans made to petroleum marketing companies in Nigeria for the 18-month period between 1 July 2017 and 31 December 2018. The modest year-to-date increase was driven by higher retained earnings, partially offset by the adverse impact of foreign currency translation effects.

The Group's provisional Tier 1 CAR and Total CAR were 8.6% and 11.5%, respectively, as of 30 June 2020. The 1H 2020 reduction in CAR (down from 8.8% Tier 1 and 11.6% Total as at December 2019) evidences macroeconomic pressure on profits as well as currency depreciation, an ongoing risk faced by the US dollar reporting holding company.

Page 3

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Asset Quality
In millions of US dollars	30 Jun	31 Dec	30 Jun
For the period ended:	2020	2019	2019
Gross impairment losses on loans and advances	(132)	(324)	(137)
Less: recoveries and impairment releases	49	214	104
Net impairment losses on loans and advances	(83)	(110)	(33)
Impairment losses on other assets	(14)	(24)	(24)
Impairment losses on financial assets	(97)	(134)	(57)
Cost-of-risk(1)	1.7%	1.1%	0.7%
As at:
Gross loans and advances to customers	9,212	9,834	9,378
Of which stage 1	7,136	7,733	7,201
Of which stage 2	1,172	1,145	1,268
Of which stage 3, credit impaired loans (non-performing loans)	904	955	910
Less: allowance for impairments (Expected Credit Loss)	591	557	634
Of which stage 1: 12-month ECL (2)	138	53	93
Of which stage 2: Life-time ECL	61	74	93
Of which stage 3: Life-time ECL	392	430	449
Net loans and advances to customers	8,621	9,277	8,744
Impaired loans or non-performing loans (NPLs)	904	955	910
NPL ratio	9.8%	9.7%	9.7%
NPL coverage ratio	65.3%	58.3%	69.9%
Stage 3 coverage ratio	43.4%	45.0%	49.3%

1. Cost-of-riskis computed on an annualised basis
2. Expected Credit Losses

Note: totals may not add up due to rounding.

Impaired loans (non-performingloans) were $904 million as at 30 June 2020 compared with $955 million as at 31 December 2019. The decrease in non-performing loans was largely driven by write-offs in Ghana. The NPL ratio as at 30 June 2020 was 9.8% compared with 9.7% as at December 2019. The allowance coverage for NPLs was 65.3% (43.4% on stage 3 coverage) compared with 58.3% (45.0% on stage 3 coverage) as of 31 December 2019.

Page 4

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

SUMMARY FINANCIAL REVIEW OF ECOBANK GEOGRAPHICAL REGIONS

Ecobank segments its businesses into four geographical regions. These reportable operating segments are Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), Central, Eastern and Southern Africa (CESA). Additionally, the financial results of the constituent affiliates of Ecobank Development Corporation (EDC), the Group's Investment Banking (IB) and Securities, Wealth, and Asset Management (SWAM) businesses across our geographic footprint are segmented into each country of their domicile and included accordingly into applicable regional segments of UEMOA, Nigeria, AWA, and CESA.

Comparisons noted in the commentary below are calculated for the six months ended 30 June 2020 versus the six months ended 30 June 2019, unless otherwise specified.

1H 2020 Summary Performance Geographical Regions (In millions of US dollars)

		UEMOA	NIGERIA	(1)	AWA	CESA	ETI &	Ecobank
			OTHERS (2)	Group
	Income statement highlights
	Net interest income	145		85	151	99	(51)	429
	Non-interest revenue	92		51	80	100	18	342
	Operating income (net revenue)	237	136	231	199	(33)	771
	Total operating expenses	143	110	106	117	18	494
	Pre-impairment operating income	93		27	125	83	(51)	277
	Impairment losses on financial assets	(18)		(2)	(28)	(4)	(44)	(97)
	Profit before tax	75		24	97	69	(94)	170
	Profit for the period	70		23	66	53	(85)	128
	Balance sheet highlights
	Loans & advances to customers (gross)	3,561	2,490	1,218	1,621	321	9,212
	Of which stage 1	3,174	1,341	1,026	1,191	404	7,136
	Of which stage 2	215	585	99	272	0	1,172
	Of which stage 3, credit impaired loans (non-performing loans)	172	564	93	157	(83)	904
	Less: accumulated impairments	(69)	(278)	(87)	(157)	0	(591)
	Of which stage 1: 12-month ECL(1)	(20)	(11)	(40)	(17)	(50)	(138)
	Of which stage 2: Life-time ECL	(10)	(18)	(2)	(11)	(19)	(61)
	Of which stage 3: Life-time ECL	(40)	(249)	(45)	(129)	70	(392)
	Loans and advances to customers, net	3,492	2,213	1,131	1,464	321	8,621
	Non-performing loans (Stage 3)	172	564	93	157	(83)	904
	Total assets	8,693	5,782	4,121	5,475	214	24,285
	Deposits from customers	5,894	3,675	2,924	3,994	221	16,707
	Total equity	726	796	513	513	(628)	1,920
	Ratios
	ROA	1.6%	1.0%	3.3%	1.9%		1.1%
	ROE(3)	19.7%	4.0%	27.1%	20.7%		15.2%
	Cost-to-income ratio	60.5%	80.5%	46.0%	58.6%		64.1%
	NPL ratio	4.8%	22.7%	7.6%	9.7%		9.8%
	NPL coverage	40.2%	49.2%	93.8%	99.7%		65.3%
	Loan-to-deposit ratio	60.4%	67.8%	41.7%	40.6%		55.1%

1. Also included in the Nigeria region are the results of the Resolution Vehicle
2. ETI & Others comprise the financial results of the parent company (ETI), eProcess (the Group's technology shared services company owned by ETI), Paris subsidiary, other owned ETI affiliates and structured entities, and the impact of accounting eliminations arising from Group consolidation.
3. ROE for the regions are computed using profit after tax divided by total equity. For the Group, the return number of 15.2% is profit attributable to ETI divided by ETI's shareholders' equity i.e. ROTE

Page 5

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Francophone West Africa (UEMOA)

	Six months ended 30 June (in millions of US dollars)	2020	2019	YoY	Ccy*
	Net interest income	145	139	4%	7%
	Non-interest revenue	92	102	(9)%	(7)%
	Operating income	237	241	(2)%	1%
	Operating expenses	(143)	(146)	(2)%	1%
	Pre-impairment operating income	93	95	(2)%	1%
	Gross impairment losses on loans	(38)	(45)	(15)%	(13)%
	Loan recoveries and impairment releases	20	47	(58)%	(57)%
	Net impairment losses on loans	(18)	2	n.m.	n.m.
	Impairment losses on other assets	-	-
	Impairment losses on financial assets	(18)	2	n.m.	n.m.
	Profit before tax	75	97	(23)%	(21)%
		30 Jun	31 Dec	30 Jun
	As at: (In millions of US dollars)	2020	2019	2019	YoY	Ccy
	Loans & advances to customers (gross)	3,561	$3,848	3,629	(2)%
	Of which stage 1	3,174	3,498	3,266	(3)%	-
	Of which stage 2	215	191	147	47%	-
	Of which stage 3, credit impaired loans (non-performing loans)	172	159	216	(20)%	(57)%
	Less: allowance for impairments (Expected Credit Loss)	(69)	(79)	(106)	(34)%	(76)%
	Of which stage 1: 12-month ECL(1)	(20)	(28)	(16)	24%	-
	Of which stage 2: Life-time ECL	(10)	(11)	(6)	72%	-
	Of which stage 3: Life-time ECL	(40)	(41)	(84)	(53)%	-
	Loans & advances to customers (net)	3,492	3,769	3,523	(1)%	(2)%
	Total assets	8,693	8,960	8,323	4%	(2)%
	Deposits from customers	5,894	5,737	5,845	1%	(2)%
	Total equity	726	697	620	17%	(2)%
	Cost-to-income	60.5%	59.4%	60.6%
	ROE	19.7%	22.8%	31.3%
	Loan-to-deposit ratio	60.4%	68.2%	62.1%
	NPL ratio	4.8%	4.1%	5.9%
	NPL coverage ratio	40.2%	50.1%	48.9%
	Stage 3 coverage ratio	23.0%	25.6%	38.8%

Note: Selected income statement line items only and thus may not sum up

• Ccy = year-on-year percentage change on a constant currency
  (1) ECL = Expected Credit Loss

Performance Highlights - UEMOA

Francophone West Africa posted a profit before tax of $75 million, a decrease of 23%, or in constant currency, a reduction of 21%. The reduction in PBT reflected higher impairment charges offsetting an increase in pre-impairment operating income. ROE was 19.7% compared with 31.3% in the prior year because of lower loan recoveries.

Net revenue of $237 million, decreased 2%, or in constant currency, increased 1%. Higher net interest income drove the increase in net revenues.

Net interest income of $145 million, increased 4%, or in constant currency, increased 7%, driven by a significant reduction in interest expenses, partially offset by lower interest income. The decline in repo rates, coupled with competitive pressures within the banking sector reduced net interest spreads, helping drive interest income lower. The decrease in interest expense was primarily driven by lower rates paid on funds thanks to growth in non-interest-bearing deposits.

Non-interest revenue of $92 million, decreased 9%, or in constant currency, fell 7%. The decrease reflected lower fees and commissions income on trade finance and cash management, especially on the margin generated on buying and selling Euros on behalf of clients. The impact of COVID-19 led to lower transaction activity, which further added to the decrease in non-interest revenues.

Expenses of $143 million, decreased 2%, or in constant currency, increased 1%, reflecting a modest increase in staff-related costs. The cost-to-income ratio was 60.5% compared with 60.6% in the prior-year period.

Net impairment losses were $18 million in the first half of 2020 compared with an impairment benefit of $2.1 million in the prior year. Lower recoveries drove impairment losses for the period compared with the preceding year's period.

Page 6

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

NIGERIA

	Six months ended 30 June (in millions of US dollars)	2020	2019	YoY	Ccy*
	Net interest income	85	46	85%	93%
	Non-interest revenue	51	67	(24)%	(20)%
	Operating income	136	113	21%	26%
	Operating expenses	(110)	(114)	(4)%	(0)%
	Pre-impairment operating income	27	(1)	n.m	n.m
	Gross impairment losses on loans	(14)	(23)	(40)%	(36)%
	Loan recoveries and impairment releases	15	32	(54)%	(53)%
	Net impairment losses on loans	1	9	(93)%	(93)%
	Impairment losses on other assets	(3)	(3)	(3)%	n.m.
	Impairment losses on financial assets	(2.4)	6	n.m.	n.m.
	Profit before tax	24	5	420%	457%
	As at: (In millions of US dollars)	2020	2019	2019	YoY	Ccy
	Loans & advances to customers (gross)	2,490	2,504	2,423	3%	n.m.
	Of which stage 1	1,341	1,175	1,077	25%	-
	Of which stage 2	585	731	995	(41)%	-
	Of which stage 3, credit impaired loans (non-performing loans)	564	598	351	61%	73%
	Less: allowance for impairments (Expected Credit Loss)	(278)	(279)	(265)	5%	13%
	Of which stage 1: 12-month ECL(1)	(11)	(22)	(7)	47%	-
	Of which stage 2: Life-time ECL	(18)	(56)	(82)	(78)%	-
	Of which stage 3: Life-time ECL	(249)	(201)	(176)	41%	-
	Loans & advances to customers (net)	2,213	2,225	2,158	3%	10%
	Total assets	5,782	5,933	5,830	(1)%	6%
	Deposits from customers	3,675	3,715	3,722	(1)%	6%
	Total equity	796	785	837	(5)%	2%
	Cost-to-income	80.5%	94.9%	100.8%
	ROE	4.2%	0.4%	0.2%
	Loan-to-deposit ratio	67.8%	67.4%	65.1%
	NPL ratio	22.7%	23.9%	14.5%
	NPL coverage ratio	49.2%	46.6%	75.5%
	Stage 3 coverage ratio	44.1%	33.6%	50.1%

Note: Selected income statement line items only and thus may not sum up

• Ccy = year-on-year percentage change on a constant currency
  (1) ECL = Expected Credit Loss

Key item: Ecobank Nigeria's regulatory capital adequacy ratio (CAR) requirement is now 10% as it is no longer designated a domestic systemically important bank by the CBN.

Performance Highlights - NIGERIA

Nigeria posted a profit before tax of $24 million, compared to $5 million in the prior-year period, primarily driven by significantly lower interest expenses and impairment charges.

Net revenue of $136 million, increased 21%, or in constant currency, increased 26%. Higher deposit margins drove the increase because of a decrease in the rates paid on funds and a shift in deposit mix to more non-interest-bearing deposits.

Net interest income of $85 million, increased 85%, or in constant currency, increased 93%. The increase was mainly driven by a decrease in interest expense, reflecting higher deposit margins from a reduction in the rates paid on funds, also, by the growth in the share of non-interest-bearing deposits as a percentage of total customer deposits. The shift by customers to digital platforms contributed to the increase in non-interest bearings deposits.

Non-interest revenue of $51 million, decreased 24%, or in constant currency, decreased by 20%. A significant reduction in client activity because of COVID-19 related lockdowns and border closures sustained a decrease in non-interest revenues.

Expenses of $110 million, decreased 4%, or in constant currency, were flat. Lower expenses benefited from significant decreases in personnel cost and depreciation and amortisation expenses, reflecting headcount and branch reductions. The cost-to-income ratio improved significantly to 80.5% from 100.8% in the prior year-period.

Net impairment benefit of $1 million was lower compared to the impairment benefit of $9 million in the prior-year period. The current periods net impairment benefit reflected a comparable decrease in recoveries of non-performing loans

Page 7

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Anglophone West Africa (AWA)

	Six months ended 30 June (in millions of US dollars)	2020	2019	YoY	Ccy*
	Net interest income	$151	$124	22%	28%
	Non-interest revenue	80	81	(0)%	7%
	Operating income	231	204	13%	20%
	Operating expenses	(106)	(99)	7%	12%
	Pre-impairment operating income	125	105	19%	27%
	Gross impairment losses on loans	(30)	(26)	15%	23%
	Loan recoveries and impairment releases	2	3	(31)%	(26)%
	Net impairment losses on loans	(28)	(23)	22%	30%
	Impairment losses on other assets	-	(2)	n.m.	n.m.
	Impairment losses on financial assets	(28)	(25)	14%	22%
	Profit before tax	97	81	20%	29%
		30 Jun	31 Dec	30 Jun
	As at: (In millions of US dollars)	2020	2019	2019	YoY	Ccy
	Loans & advances to customers (gross)	$1,218	$1,376	$1,238	(2)%	n.m.
	Of which stage 1	1,026	1,203	1,055	(3)%	-
	Of which stage 2	99	67	39	157%	-
	Of which stage 3, credit impaired loans (non-performing loans)	93	106	145	(36)%	(32)%
	Less: allowance for impairments (Expected Credit Loss)	(87)	(86)	(75)	16%	23%
	Of which stage 1: 12-month ECL(1)	(40)	(38)	(18)	121%	-
	Of which stage 2: Life-time ECL	(2)	(2)	(1)	383%	-
	Of which stage 3: Life-time ECL	(45)	(46)	(57)	(21)%	-
	Loans & advances to customers (net)	1,131	1,290	1,163	(3)%	4%
	Total assets	4,121	3,595	3,208	28%	33%
	Deposits from customers	2,924	2,704	2,482	18%	25%
	Total equity	513	449	412	25%	(6)%
	Cost-to-income	46.0%	46.9%	48.5%
	ROE	27.1%	30.1%	32.4%
	Loan-to-deposit ratio	41.7%	50.9%	49.9%
	NPL ratio	7.6%	7.7%	11.7%
	NPL coverage ratio	93.8%	80.9%	52.0%
	Stage 3 coverage ratio	48.3%	43.1%	39.2%

Note: Selected income statement line items only and thus may not sum up

• Ccy = year-on-year percentage change on a constant currency
  (1) ECL = Expected Credit Loss

Performance Highlights - AWA

Anglophone West Africa delivered a profit before tax of $97 million, an increase of 20%, or in constant currency, an increase of 29%, driven by positive operating leverage.

Net revenue of $231 million, increased 13%, or in constant currency, increased 20%, driven by growth in net interest income.

Net interest income of $151 million, increased 22%, or in constant currency, increased 28%. The increase was driven by a combination of higher interest income on balance sheet growth and lower interest expense on a decrease in the cost of funds. The reduction in the rates paid on funds reflected higher non-interest-bearing deposits partly because of higher digital channel utilisation, especially in Ghana.

Non-interest revenue of $80 million, was flat compared to the prior year, or in constant currency, increased 7%. The increase was driven by fees generated on client-driven foreign exchange trading, partially offset by lower fees from trade finance, cards, and cash management due to COVID-19 lockdowns.

Expenses of $106 million, increased 7%, or in constant currency, increased 12%. The increase was primarily driven by technology costs and the cost of insuring customer deposits in Ghana. The cost-to-income ratio was 46.0% compared with 48.5% in the prior-year period.

Net impairment losses on loans for the period were $28 million compared with $23 million in the year-ago period. The increase in net provisions reflected moderate recoveries of non-performing loans but more importantly, an increase in gross impairments driven by macroeconomic uncertainties due to the COVID-19 impact.

Page 8

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Central, Eastern and Southern Africa (CESA)

	Six months ended 30 June (in millions of US dollars)	2020	2019	YoY		Ccy*
	Net interest income	99	98	1%		17%
	Non-interest revenue	100	138	(28)%		3%
	Operating income	199	237	(16)%		10%
	Operating expenses	(117)	(125)	(6)%		3%
	Pre-impairment operating income	83	112	(26)%		20%
	Gross impairment losses on loans	(15)	(15)	(4)%		2%
	Loan recoveries and impairment releases	12	22	(42)%		(40)%
	Net impairment losses on loans	(2)	6	n.m.		n.m.
	Impairment losses on other assets	(2)	(4)	(50)%		n.m.
	Impairment losses on financial assets	(4.4)	2	(307)%	(288)%
	Net monetary loss arising from hyperinflationary economy	(9)				n.m.
	Profit before tax	69	114	(40)%		(3)%
		30 Jun	31 Dec	30 Jun
	As at: (In millions of US dollars)	2020	2019	2019	YoY	Ccy
	Loans & advances to customers (gross)	1,621	1,699	1,668		(3)%	n.m.
	Of which stage 1	1,191	1,382	1,415		(16)%	-
	Of which stage 2	272	175	87		213%	-
	Of which stage 3, credit impaired loans (non-performing loans)	157	143	167		(5)%	-
	Less: allowance for impairments (Expected Credit Loss)	(157)	(152)	(131)	20%	24%
	Of which stage 1: 12-month ECL(1)	(17)	(33)	(28)	(39)%	-
	Of which stage 2: Life-time ECL	(11)	(5)	(5)	111%	-
	Of which stage 3: Life-time ECL	(129)	(114)	(98)	32%	-
	Loans & advances to customers (net)	1,464	1,547	1,537		(5)%	1%
	Total assets	5,475	5,598	4,917		11%	23%
	Deposits from customers	3,994	3,903	3,599		11%	23%
	Total equity	513	517	465		10%	21%
	Cost-to-income	58.6%	58.3%	52.7%
	ROE	20.7%	23.6%	41.6%
	Loan-to-deposit ratio	40.6%	43.5%	46.4%
	NPL ratio	9.7%	8.4%	10.0%
	NPL coverage ratio	99.7%	106.4%	78.7%
	Stage 3 coverage ratio	81.8%	79.8%	58.7%

Note: Selected income statement line items only and thus may not sum up

• Ccy = year-on-year percentage change on a constant currency
  (1) ECL = Expected Credit Loss

Performance Highlights - CESA

Central, Eastern and Southern Africa posted a profit before tax of $68 million, down 40%, or in constant currency, down 3%. The macroeconomic challenges in Zimbabwe of hyperinflation and a depreciating currency contributed to the decline. A $9 million net monetary loss for the half-year was a direct impact of these challenges. ROE was 20.7%.

Net revenue of $199 million, decreased 16%, or in constant currency, increased 10%. The increase was driven by a stable net interest income, partially offset by operating losses in non-interest revenue.

Net interest income of $99 million, increased 1%, or in constant currency, increased 17%. The increase was driven by a lower cost of funds and growth in earning assets.

Non-interest revenue of $100 million, decreased 28%, or in constant currency, increased 3%. The marginal increase was driven by fees generated on corporate structured sovereign deals in select countries, partially offset by lower fees and commissions cash management, trade, cards and other services because of COVID-19 pandemic.

Expenses of $117 million, decreased 6%, or in constant currency, increased 3%. The increase reflected revenue-related costs, which were significantly offset by efficiency saves in employee activities and travel costs due to COVID-19 impact. The cost-to-income ratio deteriorated to 58.6% compared with 52.7% in the prior-year period due to the revenue headwinds.

Net impairment losses on loans were $2 million as of 30 June 2020, compared to a net impairment benefit of $6 million in the prior year. The current period's impairment reflects lower recoveries on NPLs compared to prior year.

# # #

Page 9

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

About Ecobank Transnational Incorporated ('ETI' or 'The Group')

Ecobank Transnational Incorporated ('ETI') is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,000 people and serves more than 23 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit: www.ecobank.com

Cautionary note regarding forward-looking statements

Certain statements in this document are "forward-looking statements". These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements.

Conference Call Information

Ecobank will host a live conference call on Wednesday, 29 July 2020 at 14:00 GMT (15:00 Lagos time) to present the unaudited financial results for the six months ended 30 June 2020. There will be a Q&A session at the end of the call.

The conference call facility can be accessed via online registration using the link provided below:

Online Registration:http://emea.directeventreg.com/registration/2699925

Upon registering each participant will be provided with Participant Dial-inNumbers, Direct Event Passcode and Unique Registrant ID. Registered Participants will also receive a call reminder via email on the day prior to the event.

In the 10 minutes prior to call start time, Participants will need to use the conference access information provided in the email received following registration.

Note: Due to regional restrictions some participants may receive Operator assistance when joining this conference call

and will not be automatically connected (Helpful keypad commands: *0=operator assistance; *6=self-mute/unmute). If you

should encounter any problems with the online registration, please dial the following number for assistance: [phone]-

8606 (you will also need to provide the Conference ID: 2699925).

For those who are unable to listen to the live call, a replay of the conference all will be available from 29 July at 19:30 GMT until 5

August at 19:30 GMT. You may participate by dialling [phone], UK free call: 0808-238-0667, or USA: [phone] or [phone] and the Conference ID:2699925

The earnings presentation will be posted on our website prior to the conference call 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]

Page 10

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Ecobank Group

Condensed Unaudited Consolidated Statement of	6 Month Period ended
Comprehensive Income
30 June
In thousands of US dollars, except per share amounts	2020	2019
Interest income	684,514	682,809
Interest expense	(255,904)	(320,353)
Net Interest Income	428,610	362,456
Fee and commission income	201,973	235,814
Fee and commission expense	(13,022)	(22,748)
Net trading income	136,099	177,723
Other operating income	17,225	22,439
Non-interest revenue	342,275	413,228
Operating income	770,885	775,684
Staff expenses	(227,332)	(243,404)
Depreciation and amortisation	(47,701)	(53,367)
Other operating expenses	(219,041)	(218,297)
Operating expenses	(494,074)	(515,068)
Operating profit before impairment losses and taxation	276,811	260,616
Impairment charges on loans and advances	(132,376)	(137,459)
Recoveries	49,269	104,132
Impairment charge on other financial assets	(13,766)	(23,938)
Impairment charges on financial assets	(96,873)	(57,265)
Operating profit after impairment losses before taxation	179,938	203,351
Net monetary loss arising from hyperinflationary economy	(9,490)	-
Share of post-tax results of associates	(151)	6
Profit before tax	170,297	203,357
Taxation	(42,695)	(41,925)
Profit after tax from continuing operations	127,602	161,432
Profit after tax from discontinued operations	1,275	3,315
Profit after tax	128,877	164,747
Profit after tax attributable to:
Owners of the parent	89,095	120,233
- Continuing operations	88,406	118,443
- Discontinued operations	689	1,790
Non-controlling interests	39,782	44,514
- Continuing operations	39,195	42,989
- Discontinued operations	587	1,525
	128,877	164,747
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
Diluted (cents )	0.36	0.49

Page 11

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Ecobank Group

Condensed Unaudited Consolidated Statement of Financial

Position

	As at 30 June	As at 31
In thousands of US dollars	2020	December 2019
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

Page 12

Ecobank Reports

Six months ended 30 June 2020 Earnings Results

Ecobank Group

Condensed Unaudited Consolidated Statement of Cash Flows	6 Month Period ended
In thousands of US dollars	30 June 2020	30 June 2019
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

Page 13