Ecobank Transnational Incorporated : Q4 2021 Unaudited Financials GSE PDF 828.91 KB

ECOBANK TRANSNATIONAL INCORPORATED

Unaudited consolidated financial statements For year ended 31 December 2021

Ecobank Transnational Incorporated Unaudited consolidated financial statements For the year ended 31 December 2021

CONTENTS

Unaudited consolidated financial statements:

Press release

Consolidated statement of comprehensive income USD Consolidated statement of comprehensive income GHC Consolidated statement of financial position USD Consolidated statement of financial position GHC Consolidated statement of changes in equity USD Consolidated statement of changes in equity GHC Consolidated statement of cash flows USD Consolidated statement of cash flows GHC

Notes to the unaudited consolidated financial statements

Page 1

Press Release

Ecobank Group reports unaudited results for year ended 31 December 2021

• Revenue up 4% to $1,741.1 million (up 8% to GHC 10,109.0 billion)
• Profit before tax and goodwill impairment up 41% to $478.0 million (up 47% to GHC 2,775.2 billion)
• Profit before tax up 174% to $478.0 million (up 184% to GHC 2,775.2 billion)
• Profit after tax up 296% to $349.5 million (up 311 % to GHC 2,029.2 billion)
• Total assets up 5% to $27.3 billion (up 10% to GHC 163.7 billion)
• Loans and advances to customers up 4% to $9.6 billion (up 9% to GHC 57.6 billion)
• Deposits from customers up 7% to $19.5 billion (up 12% to GHC 117.3 billion)
• Total equity up 5% to $2.1 billion (up 10% at GHC 12.8 billion)

	Financial Highlights		Year ended			Year ended			% Change
		31 December 2021		31 December 2020
			US$'000	GHC'000		US$'000	GHC'000		US$	GHC
	Income Statement:
	Revenue		1 741 138	10 109 026		1 679 765	9 401 016		4%	8%
	Operating profit before impairment charges		718 749	4 173 048		625 727	3 501 960		15%	19%
	Profit before tax and goodwill impairment		477 992	2 775 215		337 882	1 890 999		41%	47%
	Profit before tax		477 992	2 775 215		174 318	975 592		174%	184%
										311%
	Profit after tax		349 504	2 029 216		88 319	494 288		296%

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

	Basic (cents and pesewas)		1,041	6,045		0,010	0,055		10564%	10963%
	Diluted (cents and pesewas)		1,041	6,045		0,010	0,055		10564%	10963%

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

	Basic (cents and pesewas)		0,004		0,021		0,007	0,041		-50%	-49%
	Diluted (cents and pesewas)		0,004		0,021		0,007	0,041		-50%	-49%
	Financial Highlights		As at				As at		% Change
		31 December 2021		31 December 2020
			US$'000	GHC'000		US$'000		GHC'000		US$	GHC
	Statement of Financial Position:
	Total assets		27 257 878		163 713 540		25 939 473	148 742 126		5%	10%
	Loans and advances to customers		9 588 103		57 587 105		9 239 948	52 983 710		4%	9%
	Deposits from customers		19 530 874		117 304 382		18 296 952	104 918 382		7%	12%
	Total equity		2 128 906		12 786 423		2 027 713	11 627 311		5%	10%

Alain Nkontchou	Ade Ayeyemi	Ayo Adepoju
Group Chairman	Group Chief Executive Officer	Group Chief Financial Officer

www.ecobank.com

2

Unaudited Consolidated Statement of Comprehensive Income - USD

Interest Income

Interest Expense

Net Interest Income

Fee and commission income

Fee and commission expense

Net trading income

Other operating income

Non-interest revenue

Operating income

Staff expenses

Depreciation and amortisation

Other operating expenses

Operating expenses

Operating profit before impairment charges and taxation

Impairment charges on financial assets

Operating profit after impairment charges before taxation

Net monetary loss arising from hyperinflationary economy

Share of post-tax results of associates

Profit before tax and goodwill impairment

Goodwill Impairment

Profit before tax

Taxation

Profit after tax from continuing operations

Profit after tax from discontinued operations

Profit after tax

Attributable to:

Owners of the parent

• Continuing operations
• Discontinued operations

Non-controlling interests

• Continuing operations
• Discontinued operations

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

Basic (cents )

Diluted (cents )

Consolidated statement of other comprehensive income

Profit after tax

Other comprehensive income

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

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

Items that will not be reclassified to profit or loss:

Remeasurements of defined benefit obligations

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

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

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

Total comprehensive income for the year

Total comprehensive income attributable to:

Owners of the parent

• Continuing operations
• Discontinued operations

Non-controlling interests

• Continuing operations
• Discontinued operations

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

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

nm-not meaningful

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PUBLIC

Unaudited Consolidated Statement of Comprehensive Income - GHC

		Year ended		Year ended		% Change
		31 December 2021		31 December 2020
		GHC'000		GHC'000
Interest Income		8 490 316		7 781 762		9%
Interest Expense		(3 116 851)		(2 704 357)		15%
Net Interest Income		5 373 465		5 077 405		6%
Fee and commission income		2 901 757		2 376 266		22%
Fee and commission expense		(281 561)		(199 481)		41%
Net trading income		1 785 271		1 937 977		-8%
Other operating income		330 094		208 849		58%
Non-interest revenue		4 735 561		4 323 611		10%
Operating income		10 109 026		9 401 016		8%
Staff expenses		(2 606 923)		(2 591 193)		1%
Depreciation and amortisation		(637 045)		(583 202)		9%
Other operating expenses		(2 692 010)		(2 724 661)		-1%
Operating expenses		(5 935 978)		(5 899 056)		1%
Operating profit before impairment charges and taxation		4 173 048		3 501 960		19%
Impairment charges on financial assets		(1 172 357)		(1 270 574)		-8%
Operating profit after impairment charges before taxation		3 000 691		2 231 386		34%
Net monetary loss arising from hyperinflationary economy		(220 802)		(338 725)		-35%
Share of post-tax results of associates		(4 674)		(1 662)		181%
Profit before tax and goodwill impairment		2 775 215		1 890 999		47%
Goodwill Impairment		-		(915 407)		nm
Profit before tax		2 775 215		975 592		184%
Taxation		(755 608)		(499 974)		51%
Profit after tax from continuing operations		2 019 607		475 618		325%
Profit after tax from continuing operations		9 609		18 670		-49%
Profit after tax		2 029 216		494 288		311%
Attributable to:
Owners of the parent		1 491 750		23 517		6243%
- Continuing operations		1 486 559		13 437		10963%
- Discontinued operations		5 191		10 080		-49%
Non-controlling interests		537 466		470 771		14%
- Continuing operations		533 048		462 180		15%
- Discontinued operations		4 418		8 591		-49%
		2 029 216		494 288		311%
Earnings per share from continuing operations attributable to owners of the parent during the year
(expressed in Cedis pesewas per share):
Basic (pesewas)		6,045		0,055		10963%
Diluted (pesewas )		6,045		0,055		10963%
Earnings per share from discontinued operations attributable to owners of the parent during the year
(expressed in Cedis pesewas per share):
Basic (pesewas )		0,021		0,041		-49%
Diluted (pesewas )		0,021		0,041		-49%
Consolidated statement of other comprehensive income
Profit for the year		2 029 216		494 288		311%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(689 872)		342 026		-302%
Fair value (loss) /gain on debt instruments at FVTOCI		(515 559)		428 920		-220%
Taxation relating to components of other comprehensive income that may be subsequently reclassed
to profit or loss		45 832		(11 333)		504%
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations		6 961		(1 304)		634%
Fair value gain / (loss) on equity instruments designated at FVTOCI		819		442		85%
Property and equipment - revaluation gain		15 978		163 467		-90%
Taxation relating to components of other comprehensive income that will not be subsequently
reclassed to profit or loss		(17 093)		(53 756)		-68%
Other comprehensive (loss) / income for the year, net of taxation		(1 152 934)		868 462		-233%
Total comprehensive income for the year		876 282		1 362 750		-36%
Total comprehensive income attributable to:
Owners of the parent		420 392		682 359		-38%
- Continuing operations		415 201		672 279		-38%
- Discontinued operations		5 191		10 080		-49%
Non-controlling interests		455 890		680 391		-33%
- Continuing operations		451 472		671 800		-33%
- Discontinued operations		4 418		8 591		-49%
		876 282		1 362 750		-36%

Unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

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