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    ETI   TG0000000132

ECOBANK TRANSNATIONAL INCORPORATED

(ETI)
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Ecobank Transnational Incorporated : Ghana's 1Q 2021 Results PDF 94.81 KB

05/04/2021 | 12:41pm EDT

Ecobank Ghana Limited and its Subsidiaries

Consolidated Financial Statements (unaudited) for the period ended 31st March 2021

Key

Return on Average Assets

5%

Return on Average Equity

31%

Ratios

Non Funded Income to Total Income

24%

Year-on-year-growth

Financial

Profit Before Tax

33%

Total Assets

18%

Highlights

Deposits

16%

Revenue

14%

Statements of comprehensive income

(All amounts are in thousands of Ghana cedis unless otherwise stated)

Group

Bank

Mar-21

Mar-20

Mar-21

Mar-20

Interest income

427,010

360,918

413,569

355,354

Interest expense

(51,585)

(56,428)

(48,701)

(67,769)

Net interest income

375,425

304,490

364,868

287,585

Fees and commission income

71,272

59,614

62,039

56,140

Fees and commission expense

(3,521)

(2,093)

(3,521)

(2,093)

Net fee and commission income

67,751

57,521

58,518

54,047

Net trading income

42,003

59,870

42,024

59,850

Other operating income

5,680

7,410

5,341

4,647

47,683

67,280

47,365

64,497

Revenue

490,859

429,291

470,751

406,129

Net impairment charge

(46,850)

(54,922)

(46,261)

(55,250)

Personnel expenses

(89,020)

(92,832)

(85,414)

(87,521)

Depreciation and amortisation

(11,606)

(9,243)

(10,895)

(8,540)

Other operating expenses

(99,075)

(88,821)

(87,790)

(86,014)

Gain on sale of equipment

151

151

Operating profit

244,459

183,473

240,542

168,804

Profit before income tax

244,459

183,473

240,542

168,804

Income tax expense

(73,361)

(55,434)

(72,285)

(50,641)

Profit after tax

171,098

128,039

168,257

118,163

Net income after tax

171,098

128,039

168,257

118,163

Other Comprehensive Income

Items that will never be reclassified

subsequently to profit or loss:

Change in value of investment securities valued at FVOCI

(21,495)

(26,118)

(21,495)

(26,118)

Other comprehensive income for the year, net of tax

(21,495)

(26,118)

(21,495)

(26,118)

Total comprehensive income for the period

149,603

101,921

146,762

92,045

Profit for the period attributable to:

Parent

171,070

127,906

168,257

118,163

Non-controlling interest

28

133

-

-

Comprehensive income for the period attributable to:

Parent

149,575

101,788

146,762

92,045

Non-controlling interest

28

133

-

-

Earnings per share

Basic and diluted (in Ghana Cedis)

2.12

1.59

2.09

1.47

Statements of financial position

(All amounts are in thousands of Ghana cedis unless otherwise stated)

Group

Bank

Mar-21

Mar-20

Dec-20

Mar-21

Mar-20

Dec-20

Assets

Cash and balances with banks

4,144,004

3,980,698

3,817,067

4,193,168

3,984,030

3,813,114

Loans & advances to customers

4,708,598

4,812,898

4,977,797

4,641,041

4,735,699

4,926,367

Non pledged trading assets

561,098

282,944

498,405

559,970

282,944

497,278

Non-trading assets

5,206,174

2,916,964

5,301,259

5,113,616

2,795,347

5,264,698

Investment in subsidiaries

-

-

-

40,440

36,489

39,883.00

Investment in associate

-

-

-

-

13,796

-

Other assets

609,509

1,036,829

608,632

606,276

960,278

605,573

Deferred income tax asset

531

3,170

-

603

Intangible assets

80,763

35,423

84,771

80,561

35,423

84,540

Non-current assets held for sale

28,327

28,327

32,670

28,327

28,327

32,670

Right-of-use-assets

51,448

-

42,052

40,274

-

37,518

Property and equipment

579,818

470,073

584,793

578,001

425,701

580,170

Total Assets

15,969,739

13,564,687

15,950,616

15,881,674

13,298,034

15,882,414

Liabilities

Deposits from banks

782,759

784,663

1,076,158

1,007,104

1,086,862

1,489,968

Deposits from customers

11,924,881

10,243,085

11,804,516

11,661,729

9,959,623

11,386,442

Borrowings

40,007

57,059

42,521

40,007

57,059

42,521

Current income tax liabilities

68,491

16,764

41,841

70,994

16,764

45,237

Deferred income tax liabilities

4,633

-

-

4,633

-

-

Other liabilities

487,117

576,885

485,288

471,119

319,785

447,371

Lease liabilities

64,390

-

52,434

55,939

-

47,488

Total liabilities

13,372,278

11,678,456

13,502,758

13,311,525

11,440,093

13,459,027

Equity and reserves

Stated capital

416,641

416,641

416,641

416,641

416,641

416,641

Retained earnings

1,289,988

875,121

1,118,918

1,268,903

852,048

1,100,646

Other reserves

308,861

93,799

330,356

308,861

93,799

330,356

Statutory reserve

569,058

500,085

569,058

563,430

495,453

563,430

Credit risk reserve

12,314

-

12,314

12,314

-

12,314

Non-controlling interest

599

585

571

-

-

-

Total equity attributable to equity holders

2,597,461

1,886,231

2,447,858

2,570,149

1,857,941

2,423,387

Total liabilities and equity

15,969,739

13,564,687

15,950,616

15,881,674

13,298,034

15,882,414

Consolidated cashflow statement

(All amounts are in thousands of Ghana cedis unless otherwise stated)

Group

Bank

Mar-21

Mar-20

Mar-21

Mar-20

Cash flows from operating activities

Profit before tax

244,459

183,473

240,542

168,804

Depreciation expense

11,606

9,243

10,895

8,540

Impairment

43,762

118,524

43,174

119,040

Unrealised losses/(gains) - net

14

(22,556)

14

(22,550)

Gain on disposal of property and equipment

(151)

-

(151)

-

Additions to right-of-use assets

(1,018)

(960)

Interest expense on leases

204

183

Changes in operating assets and liabilities

Loans and advances

269,199

455,223

285,326

454,981

Other assets

(877)

(297,392)

(703)

(193,233)

Other liabilities

1,829

175,270

23,748

92,422

Deposits from banks

(293,399)

(269,967)

(482,864)

(108,943)

Deposits from customers

120,365

514,327

275,287

234,583

Mandatory reserves

573,284

(1,017,419)

573,284

(1,017,419)

Placements

39,978

-

39,978

-

Cash flows from operating activities

1,009,255

(151,274)

1,007,753

(263,775)

Tax paid

(69,686)

(2,211)

(68,469)

(2,211)

Cash flows from operating activities

939,569

(153,485)

939,284

(265,986)

Cash flows from investing activities

Government securities - net

(447,918)

(309,970)

(476,811)

(204,309)

Proceeds from sale of property and equipment

1,510

-

1,510

-

Payments for property and equipment

(4,800)

(4,369)

(4,800)

(4,172)

Payments for intangible assets

(23)

(30,833)

(23)

(30,833)

Net cash used in investing activities

(451,231)

(345,172)

(480,124)

(239,314)

Cash flows from financing activities

Repayment of borrowed funds

(2,514)

(2,514)

Financing lease repayment

(2,493)

(2,429)

(1,995)

(2,429)

Net cash used in financing activities

(5,007)

(2,429)

(4,509)

(2,429)

Net (decrease)/increase in cash and cash equivalents

483,331

(501,086)

454,651

(507,729)

Cash and cash equivalents at 1 January

1,721,107

1,721,107

1,726,085

1,726,085

Cash and cash equivalents at 31 March

2,204,438

1,220,021

2,180,736

1,218,356

Statements of changes in equity

(All amounts are in thousands of Ghana cedis unless otherwise stated)

Group

Statutory

Credit

Non-

Stated

Retained

Other

Reserve

Risk Controlling

Capital

Earnings

Reserves

Fund

Reserve

Interest

Total

Balance at 1 January 2021

416,641

1,118,918

330,356

569,058

12,314

571

2,447,858

Profit for the period

-

171,070

-

-

-

28

171,098

Revaluation gains (net of tax)

-

-

(21,495)

-

-

-

(21,495)

At 31 March 2021

416,641

1,289,988

308,861

569,058

12,314

599

2,597,461

Bank

Statutory Regulatory

Stated

Retained

Other

Reserve

Credit

Capital

Earnings

Reserves

Fund

Risk

Total

Balance at 1 January 2021

416,641

1,100,646

330,356

563,430

12,314

2,423,387

Profit for the period

-

168,257

-

-

-

168,257

Revaluation gains (net of tax)

-

-

(21,495)

-

-

(21,495)

At 31 March 2021

416,641

1,268,903

308,861

563,430

12,314

2,570,149

Disclosures

  1. The consolidated financial statements have been prepared in accordance with International Financial Reporting standards.
  2. The accounting policies applied in the preparation of these financial statements were consistent with those applied in the preparation of the annual consolidated statements of 31 December 2020
  3. Contingent liabilities

Group

Group

Group

Bank

Bank

Mar-21

Mar-20

Dec-20

Mar-21

Mar-20

GHC '000

GHC '000

GHC '000

GHC '000

GHC '000

Guarantees and indemnities

1,265,353

786,707

1,184,757

1,265,353

786,707

Documentary letters of credit

1,102,009

1,090,135

983,383

1,102,009

1,090,135

Loan commitments

1,436,734

1,491,573

740,465

1,436,734

1,491,573

3,804,096

3,368,415

2,908,605

3,804,096

3,368,415

4. Quantitative Disclosures

ii.

Non-performing loan ratio

Per BOG

12.00%

14.24%

Per IFRS

7.80%

8.20%

iii. Liquid ratio

96.44%

90.73%

iv. Common equity Tier 1 ratio

17.41%

16.03%

v.

Leverage ratio

10.23%

9.79%

5. Qualitative Disclosures

i.

Default in statutory liquidity (times)

Nil

1

ii.

Default in statutory liquidity sanction (GHC'000)

Nil

27

iii.

Other regulatory sanctions (GHC'000)

Nil

2,429

The bank's Risk Management Concept and Framework is outlined in our Strategy, Policies, Processes and Governance structure and is based on core principles designed to ensure that we achieve our mission and serve our customers eŸciently and e¡ectively. Our Risk Appetite is defined within this framework. Policies and Processes are in place to guide our conduct of business within set risk appetite thresholds and guide e¡ective corrective measures to deviations. Our Board of Directors approves this policy annually. The Risk Committee, the Managing Director and Risk Management Department coordinate, facilitate, and oversee the e¡ectiveness and integrity of the risk management framework. The Internal and external audit functions in turn provide timely and objective assurance regarding the continuing appropriateness and adequacy of compliance with this framework, and report to the Audit and Risk sub-committee of the Board.

The principal risks faced by the bank are categorized into three; Credit, Market and Operational Risk.

The financial statements do not contain any untrue statement, misleading facts or omit material facts, to the best of my knowledge.

Signed

Signed

Daniel Sackey

Edward N. Botchway

Managing Director

Executive Director

Disclaimer

ETI - Ecobank Transnational Inc. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 16:40:01 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 1 613 M - -
Net income 2021 202 M - -
Net Debt 2021 - - -
P/E ratio 2021 1,95x
Yield 2021 -
Capitalization 312 M 311 M -
Capi. / Sales 2021 0,19x
Capi. / Sales 2022 0,17x
Nbr of Employees 13 769
Free-Float 33,8%
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
Average target price 0,02 $
Last Close Price 0,01 $
Spread / Highest target 97,1%
Spread / Average Target 51,8%
Spread / Lowest Target 26,2%
EPS Revisions
Managers and Directors
NameTitle
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