Ecobank Transnational Incorporated : 1Q24 Earnings Release

News Release

Lomé 21 May, 2024

ECOBANK REPORTS FIRST QUARTER 2024 PROFIT BEFORE TAX OF $150M,

DILUTED EPS OF 0.28 US CENTS ON NET REVENUE OF $496M.

ROTE: 29.5%, Cost-to-income: 53.8%, Loans-to-deposits: 53.7%, and Total CAR: 14.3%

Stable credit quality with NPL ratio at 7.0% and cost-of-risk at 262 basis points.

Results reflect the resilience of Ecobank's diversified business model, efficiency, and stability.

Group-wideFinancial Summary ( in millions of $ except ratios and per-share metrics)		1Q24 Regions & Business Unit Segments Highlights ($m)
Income Statement	1Q24	1Q23	YoY %	CC1 %	Regions	Net revenues	PBT	ROE
Net revenues (operating income)	496	483	3%	30%	UEMOA	168	74	25.3%
Pre-provision,pre-tax operating profit	229	207	11%	43%	NIGERIA	36	4	4.2%
Profit before tax	150	125	20%	69%	AWA	152	73	33.3%
Profit available to ETI shareholders	69	63	9.3%	-	CESA	161	81	31.9%
Diluted EPS ($ cents)	0.28	0.26	9.3%	-	INTERNATIONAL	80	44	22.1%
Balance Sheet					Business Units	Net revenues	PBT	CIR
Gross loans and advances to customers (EOP)	10,314	11,454	(10)%	21%	CORP & INVT. BANKING	257	101	39.9%
Deposits from customers (EOP)	19,200	20,233	(5)%	24%	COMMERCIAL BANKING	141	62	54.4%
Basel II/III Total CAR2	14.3%	14.2%	1%	-	CONSUMER BANKING	127	45	62.6%
Tangible book value per share ($ cents) TBVPS	3.49	5.14	(32)%	-
Profitability Metrics
Return on shareholders' equity (ROE)	27.9%	18.3%	-	-
Return on tangible shareholders' equity (ROTE)3	29.5%	19.5%	-	-
For notes refer to page 10
CEO COMMENTARY

Jeremy Awori, CEO of Ecobank Group, said: "We made meaningful progress in our Growth, Transformation, and Returns strategy, evidenced by revenue growth across all our businesses. We particularly focused on our Consumer, Commercial, and Payments businesses due to their promising growth opportunities."

"The results for the quarter were strong and demonstrated the continued benefits of diversification and business growth despite uncertainty around rate cuts, persisting inflation, pressure on African currencies, muted economic output, and geopolitical risks. Our revenues increased by $13 million to $496 million. Excluding the impact of foreign currency translation, the increase was even more robust at $114 million. Expenses, in constant currency, increased, mainly due to inflation. However, we maintained cost discipline, resulting in an improved cost-to-income ratio of 53.8%, with enhancements in our business lines. We delivered a profit before tax of $150 million, with an increase of $25 million, or $61 million at constant currency and generated a return on tangible shareholders' equity (ROTE) of 29.5%," Awori continued.

"Customer deposits increased by $3.9 billion at constant currency to $19.2 billion on continued deposit mobilisation efforts, improving the balance sheet's liquidity. Given the challenging macroeconomic conditions, credit quality deteriorated slightly, as expected, and we continue to work appropriately with borrowers. Furthermore, we successfully repaid our $500 million 5-year Eurobond in mid-April, demonstrating confidence in us and our financing capabilities," Awori continued.

"We are fully committed to improving our customers' experiences by streamlining operations, upgrading our technology platforms, and simplifying and automating manual processes. We are investing in building and enhancing our customer value propositions as we grow our Consumer and Commercial franchises. These transformational initiatives are the bedrock of our GTR strategy, positioning us to serve our customers and communities well and deliver sustainable long- term returns to our shareholders, regardless of the economic cycle," Awori added.

"We will continue to focus on banking fundamentals, running our day-to-day operations with discipline and efficiency, and doing what is right for our customers. We are confident in our strategy to deliver for our customers, employees, communities, shareholders, and broader stakeholders and will leave no stone unturned in driving our transformative initiatives," Awori concluded.

Investor Contact: Ato Arku([e-mail])

Media Contact: Christiane Bossom([e-mail])

SUMMARY FINANCIAL REVIEW OF THE ECOBANK GROUP

Selected Income Statement Highlights
For the year ended:	31 Mar	31 Mar		CC1 %
(in millions of US dollars except per share data)	2024	2023	YoY %
Net interest income	289	266	9%	36%
Non-interest revenue	207	217	(5)%	22%
Net revenues (operating income)	496	483	3%	30%
Operating expenses	(267)	(277)	(4)%	20%
Pre-provision,pre-tax operating profit	229	207	11%	43%
Net impairment charges and modification losses on financial assets	(79)	(71)	12%	(324)%
Net monetary loss arising from hyperinflationary economies	-	(11)	n.m	-
Profit before tax	150	125	20%	69%
Profit for the period	105	88	20%	78%
Profit available to ETI shareholders	69	63	9%	-
Ratios
NIM	5.6%	5.0%	-	-
NIR ratio	41.6%	45.0%	-	-
Cost-to-income	53.8%	57.3%	-	-
Effective tax rate	30.1%	30.0%	-	-
Per Share Data (US cents)
Basic EPS	0.279	0.256	9.3%	-
Diluted EPS	0.279	0.256	9.3%	-

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

1. Constant currency = year-on-year percentage change on a constant currency basis n.m. = not meaningful

Discussion of results:

Group profit available (attributable) to shareholders of ETI in the first quarter of 2024 was $69 million, up 9% from the prior year period, driven by positive operating leverage (revenue growth exceeding growth in operating expenses).

Group profit before tax increased by 20% in the first quarter of 2024, or 69% when adjusted for foreign currency translation effects, to $150 million, primarily due to positive operating leverage. As a result, pre-provision,pre-tax operating profit (PPOP) increased 11% or 43% at constant currency to $229 million.

Group net revenue (net interest income plus non-interest revenue) for the first quarter of 2024 was $496 million, up 3% or 30% at constant currency from the prior year's quarter. Growth continued to benefit from the favourable net impact of higher rates on interest earnings assets and fees generated on payment and trade volumes on modest client activity. Corporate and Investment Banking's (CIB) net revenue increased 8% to $257 million, driven by higher rates and cash management. Net revenues at Commercial Banking (CMB) rose 8% to $141 million, benefiting from higher payments and cash management fees. Consumer Banking's (CSB) net revenue grew by 2% to $127 million, driven by deposit margins and payments.

Net interest income for the first quarter of 2024 was $289 million, increasing by 9% or 36% at constant currency, and the net interest margin (NIM) was 5.6% compared with a net interest income of $266 million and a NIM of 5.0% in the prior year period. Interest income earned on interest- earning assets increased slightly by 1% to $453 million, primarily driven by the favourable net

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impact of higher interest rates and a modest increase in investment securities balances. Interest expense on interest-bearingliabilities decreased by 11% to $164 million on improving deposit mix as efforts to drive current and savings accounts (CASA) paid off.

Non-interestrevenues decreased 5% or in constant currency, increased 22% to $207 million in the first quarter of 2024. Unadjusted for foreign currency translation impacts, net fees and commission income of $122 million decreased by 2%. Net trading income of $80 million decreased by 9%, reflecting lower fixed-income, currencies and commodities (FICC) and trade fees and the impact of management's decision to change Zimbabwe's functional currency to US dollars because of material dislocations in the country's CPI index and the exchange rate.

Group operating expenses for the first quarter of 2024 were $267 million, decreased by 4% or, in constant currency, increased by 20%. The underlying expense increase was due to a mix of inflationary-driven costs, staff-related costs, and costs associated with business growth, distribution, and technology. The cost-to-income ratio, an efficiency measure, improved to 53.8% in the current quarter from 57.3% in the prior year's quarter. It benefited from positive jaws, a differential of the year-on-year percentage changes in net revenues and operating expenses. The positive jaw ratio was 6.2% in the first quarter of 2024 compared to 1.5% in the first quarter of 2023.

Group pre-provision,pre-tax profit (net revenue minus total operating expenses), a key metric for assessing the bank's earnings power, increased 11% or 43% at constant currency to $229 million.

Group income taxes for the first quarter of 2024 were $45 million compared with $37 million in the prior year's quarter. The associated effective income tax rate (ETR) was 30.1% versus 30.0% a year ago.

Group-wide impairments charges
For the period ended (in millions of US dollars)	31 Mar	31 Mar
2024	2023
Gross impairment charges on loans and advances	(105)	(33)
Less: recoveries and impairment charge releases	35	16
Net impairment charges on loans and advances	(70)	(18)
Impairment charges on other assets	(9)	(29)
Modification losses on GoG net of impairment charge releases	-	(24)
Net impairment charges and modification losses on financial assets	(79)	(71)
Cost-of-risk	2.62%	0.62%

(1) Cost-of-risk is computed on an annualised basis

Group gross impairment charges on loans and advances for the first quarter of 2024 were $105 million compared with $33 million in the prior year's quarter. Ghana was the primary driver responsible for the increase in gross impairments, where weak credit market fundamentals prompted a conservative and proactive rise in impairment charges. Loans recovered, and the release of previously booked impairment reserves for expected credit losses amounted to $35 million compared with $16 million in the prior year, bringing the net impairment charge on loans and advances to $70 million for the first quarter, compared with $18 million in the prior's year quarter. As a result, the cost-of-riskincreased to 2.62% from 0.62% for the previous year.

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Impairment charges on other financial assets (aside from loans and advances) declined significantly by 69% to $9 million in the first quarter, primarily because last year's quarter included the net modification losses Ghana incurred from the final exchange of its eligible bonds for the new bonds under the Government of Ghana's (GoG) Domestic Debt Exchange Program (DDEP) in February 2023.

BALANCE SHEET SUMMARY

Selected Balance Sheet Information
As at: (in millions of US dollars, except per share amounts)	31 Mar	31 Dec	31 Mar			YoY
2024	2023	2023 YoY % YTD %	CC* %
Gross loans and advances to customers (EOP)	10,314	11,062	11,454	(10)%	(7)%	21%
Less allowance for impairments (expected credit losses)	(553)	(519)	(521)	6%	6%	-
Net loans and advances to customers (EOP)	9,761	10,543	10,934	(11)%	(7)%	21%
Net loans and advances to customers (AVERAGE)1	10,273	10,566	10,124	1%	(3)%	-
Deposits from customers (EOP)	19,200	19,974	20,233	(5)%	(4)%	24%
Deposits from customers (AVERAGE)1	19,461	19,719	19,803	(2)%	(1)%	-
Total assets	26,526	27,230	28,716	(8)%	(3)%	21%
Equity attributable to owners of ETI	916	1,054	1,349	(32)%	(13)%	-
Total equity to all owners	1,603	1,734	1,979	(19)%	(8)%	27%
Loan-to-deposit ratio	53.7%	55.4%	56.6%	(5)%	(3)%	-
CET1 ratio2	9.8%	10.4%	9.6%	2%	(6)%	-
Tier 1 capital adequacy ratio2	10.5%	11.1%	10.2%	3%	(5)%	-
Total capital adequacy ratio (CAR)2	14.3%	15.0%	14.2%	1%	(5)%	-
Risk-weighted assets (RWA)	13,524	13,913	15,356	(12)%	(3)%	-
End-of-period ordinary shares outstanding (millions of shares)	24,730	24,730	24,730	-	-	-
Per Share Data (in US Cents)
Book value per ordinary share, BVPS3	3.70	4.26	5.45	(32)%	(13)%	-
Tangible book value per ordinary share, TBVPS4	3.49	4.04	5.14	(32)%	(14)%	-
Share price (EOP)	1.88	2.29	2.44	(23)%	(18)%	-

(1) The year-on-year growth of the sum of the average last four quarters (EOP) of loans and customer deposits for the period. Showing averages help to smooth out any one-off spikes within the year.

(2)Basel II/III CET1, Tier 1 and Total CAR ratios of 9.8%, 10.5% and 14.3% are only estimates as of 31 March 2024 and are subject to change. We report regulatory capital ratios semi-annually (submission deadline of 30 April for CAR for 31 December and submission deadline of 31 October for CAR for 30 June) to the regulator, the Central Bank of West African States (BCEAO).

1. ETI shareholders' equity divided by end-of-period ordinary shares outstanding
2. 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 EOP = End-of-period
   *CC = year-on-year percentage change on at constant currency Average deposits and loans is on a quarterly basis

Group gross loans and advances (EOP) were $10.3 billion as of 31 March 2024, compared to $11.5 billion and $11.5 billion as of 31 December 2023 and 31 March 2023, respectively. The 10% year- on-year (YoY) decrease was primarily driven by foreign currency translation effects. If adjusted for these effects, gross loans grew 21%, mainly driven by underlying loan growth in CESA and Nigeria.

Group customer deposits (EOP) were $19.2 billion as of 31 March 2024, compared with $20.0 billion and $20.2 billion as of 31 December 2023 and 31 March 2023, respectively. On a year-on- year basis, customer deposits declined 5% but increased by 24% on a constant currency basis, with continuing strength in mix and volumes. Deposits continued to remain stable and diversified. Moreover, roughly 80% of the first quarter's customer deposits are CASA, which are 'sticky' and less volatile. The average rate paid for customer deposits and other borrowings was 2.9% compared with 3.1% a year ago, a decline that reflected the actions taken to increase non-interest-bearing deposits.

Equity available (attributable) to ETI shareholders was $916 million as of 31 March 2024, decreasing by 32% year-on-yearor 13% year-to-date(YTD). The contributing factors that drove the

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decline were an increase of $136 million to $211 million in reserves for foreign currency translation difference arising mainly from the Central Bank of Nigeria's second devaluation of the Nigerian naira in February, partially offset by lower unrealised revaluation losses on debt securities of $0.4 million in the first quarter of 2024 compared to $23 million in the prior year.

The Group's CET1 ratio, Tier 1 ratio, and Total Capital Adequacy Ratio (CAR) for the period ended 31 March 2024 were 9.8%, 10.5% and 14.3%, compared with 10.4%, 11.1% and 15.0%, respectively as of 31 December 2023. The capital adequacy ratios reflected the negative impacts of foreign currency translation reserves (FCTR) on the capital supply (numerator), which is primarily denominated in local currencies and partially counterbalanced by local currency assets included in the risk-weightedassets (RWA). The Group's CAR position remains resilient partly because of ongoing RWA optimisation initiatives that have decreased the RWA density.

Asset Quality
	31 Mar	31 Dec	31 Mar
As at: (in millions of US dollars)	2024	2023	2023
Gross loans and advances to customers	10,314	11,062	11,454
Of which Stage 1	7,868	9,032	9,677
Of which Stage 2	1,728	1,429	1,181
Of which Stage 3 (Non-Performing Loans)	717	600	596
Less allowance for impairments (accumulated expected credit losses)	(553)	(519)	(521)
(1)	(57)	(59)	(65)
Of which Stage 1: 12-month ECL
Of which Stage 2: Life-time ECL	(113)	(140)	(139)
Of which Stage 3: Life-time ECL	(382)	(320)	(316)
Net loans and advances to customers	9,761	10,543	10,934
NPL ratio	7.0%	5.4%	5.2%
Accumulated ECL as a % of gross loans and advances	5.4%	4.7%	4.5%
NPL coverage ratio	77.0%	86.5%	87.3%
Stage 3 coverage ratio	53.3%	53.3%	53.0%
(1) Expected Credit Losses

Non-performing loans (impaired or stage 3 loans) were $717 million as of 31 March 2024, up 20% year-on-yearand year-to-date,respectively. If adjusted for currency translation impacts, NPLs rose 53% year-on-year,primarily driven by an increase in NPLs in Ghana, mainly, and Nigeria. The increase in the former's NPLs reflects weak credit market fundamentals. As a result, the NPL ratio increased to 7.0% from 5.4% and 5.2% as of 31 December 2023 and 31 March 2023, respectively. Group-wide gross impairment reserves for expected credit losses of $553 million were up 6.1%, or at constant currency, 32%, driven by impairment reserve builds in line with episodic stresses in the Ghana and Nigeria loan portfolios.

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REGIONAL PERFORMANCE

We categorise the Group's pan-African operations into four geographical regions. These reportable regions are Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), and Central, Eastern and Southern Africa (CESA). Accordingly, 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 reported within their country of domicile and therefore in the applicable regions of UEMOA, Nigeria, AWA, and CESA. In addition, the Group categorises its Paris banking subsidiary and representative offices in Beijing, London, and Dubai as International.

Comparisons noted in the commentary on our regions are calculated for the period ended 31 March 2024 versus 31 March 2023, unless otherwise specified.

Francophone West Africa (UEMOA)
	31 Mar	31 Mar
Year ended: (in millions of US dollars)	2024	2023	YoY %	*CC %
Net interest income	100	89	12%	11%
Non-interest revenue	68	65	4%	3%
Net revenue	168	154	9%	8%
Operating expenses	(83)	(75)	10%	9%
Pre-provision,pre-tax operating profit	85	79	8%	7%
Gross impairment charges on loans	(22)	(12)	88%	86%
Less loan recoveries and impairment releases	13	4	195%	191%
Net impairment charges on loans	(9)	(7)	25%	24%
Impairment charges on other assets	(1.2)	(0.0)	n.m	n.m
Impairment charges on financial assets	(11)	(7)	41%	-
Profit before tax	74	71	4%	3%
Ratios:
Net interest margin (NIM)	4.4%	4.2%	-	-
Cost-to-income ratio (CIR)	49.4%	48.9%	-	-
Return on equity (ROE)	25.3%	25.5%	-	-

Selected income statement line items only * CC = year-on-year percentage change

and thus may not sum up at constant currency

Francophone West Africa (UEMOA)

UEMOA's profit before tax for the first quarter of 2024 was $74 million, increasing by 4% or, at constant currency, by 3% from the prior year, benefiting from revenue growth exceeding operating expenses. The annualised ROE for the quarter was 25.3% versus 25.5% for the previous year.

Net revenues increased by 9% or 8% at constant currency to $168 million on higher net interest income growth. The net interest income of $100 million increased by 12% or 11% at constant currency, primarily driven by the net impact of higher rates, helping to expand NIM by 19 basis points to 4.4%. On the other hand, non-interest revenues were $68 million, increasing by 4% or 3% at constant currency, driven by modest fee income generation from foreign currency sales and digital wholesale payments.

Operating expenses for the quarter were $83 million, up 10% or 9% at constant currency, driven by inflation and staff compensation increases. The cost-to-income ratio of 49.4% deteriorated slightly compared with 48.9% in the prior year.

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Net impairment charges on loans of $9 million for the first quarter of 2024 were lower than the $7 million in the prior year. Gross provisions increased by 88%, partially offset by an increase in impairment reserve releases by 195% in the quarter.

NIGERIA
	31 Mar	31 Mar
Period ended: (in millions of US dollars)	2024	2023	YoY %	*CC %
Net interest income	23	33	(30)%	103%
Non-interest revenue	13	30	(55)%	26%
Net revenue	36	62	(42)%	65%
Operating expenses	(27)	(52)	(48)%	46%
Pre-provision,pre-tax operating profit	9	10	(10)%	168%
Gross impairment charges on loans	(6)	(4)	62%	382%
Less loan recoveries and impairment releases	0.2	0	(51)%	44%
Net impairment charges on loans	(6)	(3)	73%	418%
Impairment charges on other assets	-	-	n.m	n.m
Impairment charges on financial assets	(6)	(3)	73%	418%
Profit before tax	4	7	(48)%	55%
Ratios:
Net interest margin (NIM)	3.8%	4.1%	-	-
Cost-to-income ratio (CIR)	74.2%	83.3%	-	-
Return on equity (ROE)	4.2%	3.8%	-	-

Selected income statement line items only * CC = year-on-year percentage change

and thus may not sum up at constant currency

Nigeria

Nigeria's profit before tax for the first quarter of 2024 was $4 million down from $7 million in the prior year's quarter, a decrease of 48%. However, if adjusted for foreign currency effects, PBT increased by 55%, driven by favourable operating leverage. The annualised ROE for the quarter was 4.2% an improvement on the 3.8% achieved in the prior year's period.

Net revenues of $36 million, were down by 42%, but up 65%, primarily driven by the net impact of higher interest rates. Net interest income of $23 million decreased by 30%, however, increased 103% in constant currency terms, benefiting from higher market rates. Non-interestrevenues of $13 million decreased by 55%, but in constant currency terms increased by 26% from increased market liquidity and volatility within client-driven foreign currency and fixed-income sales.

Operating expenses were $27 million in the first quarter of 2024, decreasing by 48% or increasing by 46% at constant currency, predominantly driven by continued increases in the general prices of goods and services. Other cost drivers included technology-related costs, operations and processes, and higher Nigeria Deposit Insurance Corp. (NDIC) premiums. The cost-to-income ratio improved to 74.2% from 83.3% a year ago.

The period's net impairment charge on loans was $6 million compared with $3 million a year ago, reflecting additional impairment charges on specific loans.

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Anglophone West Africa (AWA)
	31 Mar	31 Mar
Year ended: (in millions of US dollars)	2024	2023	YoY %	*CC %
Net interest income	110	91	20%	36%
Non-interest revenue	42	28	52%	67%
Net revenue	152	119	28%	44%
Operating expenses	(63)	(61)	3%	16%
Pre-provision,pre-tax operating profit	89	57	54%	73%
Gross impairment charges on loans	(28)	(9)	218%	267%
Less loan recoveries and impairment releases	12	1	760%	882%
Net impairment charges on loans	(16)	(7)	118%	532%
Impairment charges on other assets	(0.1)	(0.1)	23%	(100)%
Modification losses on GoG net of impairment charge releases		(24)	-	-
Impairment charges on financial assets	(16)	(31)	(48)%	(123)%
Profit before tax	73	26	175%	(40)%
Ratios:
Net interest margin (NIM)	11.8%	10.0%	-	-
Cost-to-income ratio (CIR)	41.6%	51.7%	-	-
Return on equity (ROE)	33.3%	14.7%	-	-

Selected income statement line items only * CC = year-on-year percentage change

and thus may not sum up at constant currency

Anglophone West Africa (AWA)

AWA's profit before tax for the first quarter of 2024 was $73 million compared with $26 million in the prior year, reflecting an increase of 175%, or, at constant currency, a decrease of 40%. The annualised ROE for the quarter was 33.3%, an improvement from 14.7% in the prior year.

AWA's net revenue in the first quarter of 2024 increased by 28% or 44% at constant currency to $152 million, driven by robust growth in net interest income and non-interest revenue. Net interest income was $110 million, up 20% or 36% at constant currency, predominantly driven by an expansion in NIM from higher market rates. Non-interestrevenues of $42 million increased by 52% or 67% at constant currency, driven by FICC-related fees, commissions, and fees from Cards, Trade and Cash Management.

Operating expenses increased 3%, or 16%, at constant currency to $63 million, mainly driven by inflation and technology costs. Despite higher inflation, AWA improved its cost-to-income ratio to 41.6% from 51.7% in 2023 due to stringent cost discipline.

Net impairment charges on loans of $16 million were higher than the $7 million in the prior year's quarter, driven by a significant increase in gross impairment charges arising from an increase in non-performing loans. The increase in NPLs in the quarter resulted from a substantial increase in credit risk, reflecting weak market fundaments. Impairment charges on other financial assets of $16 million were primarily due to proactive measures to build additional impairment reserves on the GoG Eurobond exposure. However, they were down compared to $31 million in the prior year due to the non-recurrence of net modification losses in the current quarter.

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Central, Eastern and Southern Africa (CESA)
	31 Mar	31 Mar
Year ended: (in millions of US dollars)	2024	2023	YoY %	*CC %
Net interest income	88	83	6%	44%
Non-interest revenue	73	74	(2)%	57%
Net revenue	161	157	2%	50%
Operating expenses	(79)	(72)	10%	38%
Pre-provision,pre-tax operating profit	82	85	(4)%	62%
Gross impairment charges on loans	(8)	(10)	(17)%	14%
Less loan recoveries and impairment releases	10	7	54%	54%
Net impairment charges on loans	3	(3)	(196)%	n.m.
Impairment charges on other assets	(3.2)	(1)	264%	286%
Impairment charges on financial assets	(1)	(4)	(84)%	(37)%
Net monetary loss arising from hyperinflationary economy	-	(11)	-	-
Profit before tax	81	70	15%	64%
Ratios:
Net interest margin (NIM)	6.8%	6.2%	-	-
Cost-to-income ratio (CIR)	49.2%	45.9%	-	-
Return on equity (ROE)	31.9%	30.5%	-	-

Selected income statement line items only * CC = year-on-year percentage change

and thus may not sum up at constant currency

Central, Eastern and Southern African Region (CESA)

CESA's profit before tax for the first quarter of 2024 was $81 million compared with $70 million in the prior year. The 15% increase or 64% at constant currency in profit before tax was driven by significantly higher revenues. The annualised ROE for the quarter improved slightly to 31.9% from 30.5% in the prior year's quarter.

Net revenues of $161 million increased 2% or 50% at constant currency, primarily driven by an expansion in net interest margin and FICC-related fees and commissions. Net interest

income increased 6% or 44% at constant currency to $88 million, driven mainly by repricing actions in line with higher regional market rates, increased balances in the investment portfolio, and modest loan growth. Non-interestrevenues of $73 million fell 2% or at constant currency rose by 57%, significantly driven by Cash Management and Cards, partially offset by a decrease in net trading income partly driven by Zimbabwe.

Operating expenses were $79 million for the quarter, increasing by 10% or 38% at constant currency due to inflation and currency weaknesses. The cost-to-income ratio deteriorated in the quarter to 49.2% versus 45.9% in the prior year.

Net impairment charges on loans for the quarter were a benefit of $3 million compared with an impairment charge of $3 million in the prior year, primarily due to a significant increase in loan recoveries and impairment charge releases back to the income statement.

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Notes:

1. Constant currency reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm's underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period
2. ROTE is profit available (attributable) to ETI shareholders divided by the average end-of-period tangible shareholders' equity

EOP = end-of-period

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

Ecobank Group is the leading private pan-African financial services group with unrivalled African expertise. Present in 35 sub-Saharan African countries, France, the UK, UAE, and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 15,000 people and offers over 32 million customers, Consumer, Commercial, Corporate and Investment Banking as well as Payments products, services and solutions across multiple channels, including digital. For further information, please visit 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.

Earnings Call Information:

Ecobank will not be holding an Earnings Conference Call to discuss the financial results for the three months ended 31 March 2024. The financial results, which have been submitted to the NGX, BRVM and GSE, can be accessed, including the Earnings Press Release, by visiting www.ecobank.com. If you should have any questions related to these results, please contact Ecobank Investor Relations via [e-mail]

Contact information:

Investor RelationsMedia

Ato Arku, [phone] Christiane Bossom, [phone]

[e-mail]

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