Ecobank Transnational Incorporated : Q1 2021 NSE PDF 1.22 MB

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ECOBANK TRANSNATIONAL INCORPORATED

Condensed Unaudited Consolidated Financial Statements

For the period ended 31 March 2021

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Ecobank Transnational Incorporated

Condensed unaudited consolidated financial Statements For the period ended 31 March 2021

CONTENTS

Condensed 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

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Press Release

Ecobank Group reports performance for 2021 first quarter

• Gross earnings stable at $532.8 million (up 10% to NGN 214.3 billion)
• Revenue up 4% to $409.4 million (up 15% to NGN 164.6 billion)
• Operating income before impairment losses up 25% to $166.6 million (up 37% to NGN 67.0 billion)
• Profit before tax up 11% to $100.3 million (up 22% to NGN 40.3 billion)
• Profit after tax up 12% to $75.8 million (up 23% to NGN 30.5 billion)
• Total assets down 1% to $25.6 billion (up 1% to NGN 10,442.3 billion)
• Loans and advances to customers down 3% to $8.9 billion (down 1% to NGN 3,644.3 billion)
• Deposits from customers down 1% to $18.1 billion (up 1% to NGN 7,378.9 billion)
• Total equity down 4% to $2.0 billion (down 2% to NGN 796.8 billion)

	Financial Highlights		Period ended		Period ended			% Change
		31 March 2021		31 March 2020
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Income Statement:
	Gross Earnings		532,842	214,282,972		532,528	194,860,596		0%	10%
	Revenue		409,389	164,636,218		392,658	143,679,904		4%	15%
	Operating profit before impairment charges		166,628	67,009,626		133,352	48,795,650		25%	37%
	Profit before tax		100,318	40,342,989		90,256	33,026,128		11%	22%
	Profit after tax		75,827	30,493,907		67,487	24,694,584		12%	23%

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)		0.209	84.085		0.194	71.134		8%	18%
	Diluted (cents and kobo)		0.209	84.085		0.194	71.134		8%	18%

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	1.164		0.002	0.839		26%	39%
	Diluted (cents and kobo)		0.003	1.164		0.002	0.839		26%	39%
	Financial Highlights		As at			As at		% Change
		31 March 2021		31 December 2020
			US$'000	NGN'000		US$'000	NGN'000		US$	NGN
	Statement of Financial Position:
	Total assets		25,596,400	10,433,860,532		25,939,473	10,384,349,227		-1%	0%
	Loans and advances to customers		8,940,263	3,644,319,407		9,239,948	3,699,028,383		-3%	-1%
	Deposits from customers		18,101,881	7,378,869,752		18,296,952	7,324,818,794		-1%	1%
	Total equity		1,954,716	796,800,881		2,027,713	811,754,346		-4%	-2%

	The unaudited financial statements were approved for issue by the board of directors on 23 April 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

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Condensed 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 cahrges

Net monetary loss arising from hyperinflationary economies

Share of post-tax results of associates

Profit before tax

Taxation

Profit after tax from continuing operations

Profit after tax from discontinued operations

Profit after tax

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 )

Unaudited 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 FVOCI

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

Other comprehensive loss for the period, net of taxation

Total comprehensive loss for the period

Total comprehensive loss attributable to:

Owners of the parent

• Continuing operations
• Discontinued operations

Non-controlling interests

• Continuing operations
• Discontinued operations

3 month period ended		3 month period ended		% Change
31 March 2021		31 March 2020
US$'000		US$'000
345,914		340,111		2%
(108,820)		(130,768)		-17%
237,094		209,343		13%
113,441		105,173		8%
(13,294)		(8,138)		63%
64,158		80,242		-20%
7,990		6,038		-32%
172,295		183,315		-6%
409,389		392,658		4%
(107,939)		(118,350)		-9%
(26,152)		(23,353)		12%
(108,670)		(117,603)		-8%
(242,761)		(259,306)		-6%
166,628		133,352		25%
(56,693)		(42,234)		34%
109,935		91,118		21%
(9,637)		(781)		nm
20		(81)		125%
100,318		90,256		11%
(25,810)		(23,814)		8%
74,508		66,442		12%
1,319		1,045		26%
75,827		67,487		12%
52,132		48,372		8%
51,420		47,808		8%
712		564		26%
23,695		19,115		24%
23,088		18,634		24%
607		481		26%
75,827		67,487		12%
0.209		0.194		8%
0.209		0.194		8%
0.003		0.002		26%
0.003		0.002		26%
75,827		67,487		12%
(96,867)		(149,630)		-35%
(47,667)		16,402		-391%
2,930		(263)		nm
(141,604)		(133,491)		6%
(65,777)		(66,004)		0%
(72,401)		(80,374)		-10%
(73,113)		(80,938)		-10%
712		564		26%
6,624		14,370		-54%
6,017		13,889		-57%
607		481		26%
(65,777)		(66,004)		0%

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

"n/m" : not meaningful

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Condensed unaudited consolidated statement of comprehensive Income - NGN

		3 month period ended			3 month period ended		% Change
		31 March 2021			31 March 2020
		NGN'000			NGN'000
Interest Income		139,109,680			124,452,108		12%
Interest Expense		(43,762,078)			(47,850,123)		-9%
Net Interest Income		95,347,602			76,601,985		24%
Fee and commission income		45,620,418			38,484,499		19%
Fee and commission expense		(5,346,196)			(2,977,826)		80%
Net trading income		25,801,207			29,361,844		-12%
Other operating income		3,213,187			2,209,402		45%
Non-interest revenue		69,288,616			67,077,919		3%
Operating income		164,636,218			143,679,904		15%
Staff expenses		(43,407,783)			(43,306,177)		0%
Depreciation and amortisation		(10,517,054)			(8,545,240)		23%
Other operating expenses		(43,701,755)			(43,032,837)		2%
Operating expenses		(97,626,592)			(94,884,254)		3%
Operating profit before impairment charges and taxation		67,009,626			48,795,650		37%
Impairment charges on financial assets		(22,799,150)			(15,454,102)		48%
Operating profit after impairment charges		44,210,476			33,341,548		33%
Net monetary loss arising from hyperinflationary economies		(3,875,530)			(285,781)		nm
Share of post-tax results of associates		8,043			(29,639)		-127%
Profit before tax		40,342,989			33,026,128		22%
Taxation		(10,379,519)			(8,713,926)		19%
Profit after tax from continuing operations		29,963,470			24,312,202		23%
Profit after tax from discontinued operations		530,437			382,382		39%
Profit after tax		30,493,907			24,694,584		23%
Profit after tax attributable to:
Owners of the parent		20,964,937			17,700,096		18%
- Continuing operations		20,678,605			17,493,719		18%
- Discontinued operations		286,332			206,377		39%
Non-controlling interests		9,528,970			6,994,488		36%
- Continuing operations		9,284,864			6,818,482		36%
- Discontinued operations		244,106			176,006		39%
		30,493,907			24,694,584		23%
Earnings per share from continuing operations attributable to owners of the parent during the
period (expressed in Naira kobo per share):
Basic (kobo )		84.085			71.134		18%
Diluted (kobo )		84.085			71.134		18%
Earnings per share from discontinued operations attributable to owners of the parent during the
period (expressed in Naira kobo per share):
Basic (kobo )		1.164			0.839		39%
Diluted (kobo )		1.164			0.839		39%
Unaudited consolidated statement of other comprehensive income
Profit after tax		30,493,907		24,694,584		23%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(24,552,808)		(15,016,513)		64%
Fair value (loss) / gain on debt instruments at FVOCI		(19,726,961)		6,001,757		-429%
Taxation relating to components of other comprehensive income that may be subsequently
reclassed to profit or loss		1,735,928		(96,236)		nm
Other comprehensive loss for the period, net of taxation		(42,543,841)		(9,110,992)		367%
Total comprehensive (loss) / profit for the period		(12,049,934)			15,583,592		-177%
Total comprehensive loss profit attributable to:
Owners of the parent		(18,556,594)		1,141,321		-1726%
- Continuing operations		(18,842,926)		934,944		-2115%
- Discontinued operations		286,332		206,377		39%
Non-controlling interests		6,506,660		14,442,271		-55%
- Continuing operations		6,262,554		14,266,265		-56%
- Discontinued operations		244,106		176,006		39%
		(12,049,934)			15,583,592		-177%

The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. "n/m" : not meaningful

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