PUBLIC
ECOBANK TRANSNATIONAL INCORPORATED
Condensed Unaudited Consolidated Financial Statements
For the period ended 31 March 2021
PUBLIC
PUBLIC
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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PUBLIC
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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PUBLIC
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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ETI - Ecobank Transnational Inc. published this content on 26 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2021 15:16:05 UTC.