ECOBANK TRANSNATIONAL INCORPORATED
Condensed Unaudited Consolidated Financial Statements
For period ended 30 June 2020
Ecobank Transnational Incorporated
Condensed Unaudited Consolidated Financial Statements
For the period ended 30 June 2020
CONTENTS
Condensed Unaudited Consolidated financial statements:
Press release
Condensed Unaudited Consolidated statement of comprehensive income USD (Six months) Condensed Unaudited Consolidated statement of comprehensive income USD (Quarter 2) Condensed Unaudited Consolidated statement of comprehensive income NGN (Six months) Condensed Unaudited Consolidated statement of comprehensive income NGN (Quarter 2) Condensed Unaudited Consolidated statement of financial position USD
Condensed Unaudited Consolidated statement of financial position NGN Condensed Unaudited Consolidated statement of changes in equity USD Condensed Unaudited Consolidated statement of changes in equity NGN Condensed Unaudited Consolidated statement of cash flows USD Condensed Unaudited Consolidated statement of cash flows NGN Notes to the condensed unaudited consolidated financial statements
Page 1
Press Release
Ecobank Group reports performance for the first six months of 2020
- Gross earnings down 7% to $1,040.9 million (down 3% to NGN 392.0 billion)
- Revenue down 1% to $770.9 million (up 4% to NGN 290.3 billion)
- Profit before tax down 16% to $170.3 million (down 13% to NGN 64.1 billion)
- Profit for the period down 22% to $128.9 million (down 18% to NGN 48.5 billion)
- Total assets up 3% to $24.3 billion (up 9% to NGN 9,392.1 billion)
- Loans and advances to customers down 7% to $8.6 billion (down 1% to NGN 3,334.2 billion)
- Deposits from customers up 3% to $16.7 billion (up 9% to NGN 6,461.5 billion)
- Total equity up 2% to $1.9 billion (up 8% to NGN 742.7 billion)
Financial Highlights | Period ended | Period ended | % Change | ||||||||
30 June 2020 | 30 June 2019 | ||||||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | US$ | NGN | ||||||
Income Statement: | |||||||||||
Gross Earnings | 1,040,935 | 392,013,029 | 1,122,106 | 405,201,836 | -7% | -3% | |||||
Revenue | 770,885 | 290,313,001 | 775,684 | 280,105,962 | -1% | 4% | |||||
Operating profit before impairment losses | 276,811 | 104,246,200 | 260,616 | 94,110,611 | 6% | 11% | |||||
Profit before tax | 170,297 | 64,133,344 | 203,357 | 73,433,909 | -16% | -13% | |||||
Profit for the period | 128,877 | 48,534,695 | 164,747 | 59,491,516 | -22% | ||||||
-18% | |||||||||||
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) | 0.36 | 136.44 | 0.49 | 176.55 | -26% | -23% | |||||
Diluted (cents and kobo) | 0.36 | 136.44 | 0.49 | 175.67 | -26% | -22% |
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 | 1.06 | 0.01 | 4.87 | ||||||||
Diluted (cents and kobo) | 0.002 | 0.90 | 0.01 | 4.84 | ||||||||
Financial Highlights | As at | As at | % Change | |||||||||
30 June 2020 | 31 December 2019 | |||||||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | US$ | NGN | |||||||
Statement of Financial Position: | ||||||||||||
Total assets | 24,284,781 | 9,392,139,055 | 23,641,184 | 8,621,939,805 | 3% | 9% | ||||||
Loans and advances to customers | 8,620,957 | 3,334,155,120 | 9,276,608 | 3,383,178,938 | -7% | -1% | ||||||
Deposits from customers | 16,707,120 | 6,461,478,660 | 16,246,120 | 5,924,959,964 | 3% | 9% | ||||||
Total equity | 1,920,453 | 742,735,199 | 1,885,777 | 687,742,872 | 2% | 8% |
The financial statements were approved for issue by the board of directors on 29 July 2020. | ||||||
Prof. Enase Okonedo | Ade Ayeyemi | Ayo Adepoju | ||||
Non-executive Director | Group Chief Executive Officer | Group Chief Financial Officer | ||||
FRC/2014/ICAN/00000005959 | FRC/2020/003/00000020528 | FRC/2017/ICAN/00000017517 |
www.ecobank.com
Condensed Unaudited Consolidated Statement of Comprehensive Income - USD
6 Month Period ended | 6 Month Period ended | % Change | ||||
30 June 2020 | 30 June 2019 | |||||
US$'000 | US$'000 | |||||
Interest income | 684,514 | 682,809 | 0% | |||
Interest expense | (255,904) | (320,353) | -20% | |||
Net Interest Income | 428,610 | 362,456 | 18% | |||
Fee and commission income | 201,973 | 235,814 | -14% | |||
Fee and commission expense | (13,022) | (22,748) | -43% | |||
Net trading income | 136,099 | 177,723 | -23% | |||
Other operating income | 17,225 | 22,439 | 23% | |||
Non-interest revenue | 342,275 | 413,228 | -17% | |||
Operating income | 770,885 | 775,684 | -1% | |||
Staff expenses | (227,332) | (243,404) | -7% | |||
Depreciation and amortisation | (47,701) | (53,367) | -11% | |||
Other operating expenses | (219,041) | (218,297) | 0% | |||
Operating expenses | (494,074) | (515,068) | -4% | |||
Operating profit before impairment losses and taxation | 276,811 | 260,616 | 6% | |||
Impairment charges on loans and advances | (132,376) | (137,459) | -4% | |||
Impairment charges on other financial assets | (13,766) | (23,938) | -42% | |||
Recoveries | 49,269 | 104,132 | -53% | |||
Impairment charges on financial assets | (96,873) | (57,265) | 69% | |||
Operating profit after impairment losses before taxation | 179,938 | 203,351 | -12% | |||
Net monetary loss arising from hyperinflationary economy | (9,490) | - | nm | |||
Share of post-tax results of associates | (151) | 6 | nm | |||
Profit before tax | 170,297 | 203,357 | -16% | |||
Taxation | (42,695) | (41,925) | 2% | |||
Profit after tax from continuing operations | 127,602 | 161,432 | -21% | |||
Profit after tax from discontinued operations | 1,275 | 3,315 | -62% | |||
Profit for the period | 128,877 | 164,747 | -22% | |||
Attributable to: | ||||||
Owners of the parent | 89,095 | 120,233 | -26% | |||
- Continuing operations | 88,406 | 118,443 | -25% | |||
- Discontinued operations | 689 | 1,790 | -62% | |||
Non-controlling interests | 39,782 | 44,514 | -11% | |||
- Continuing operations | 39,195 | 42,989 | -9% | |||
- Discontinued operations | 587 | 1,525 | -62% | |||
128,877 | 164,747 | -22% | ||||
Earnings per share from continuing operations attributable to owners of the parent during the period | ||||||
(expressed in United States cents per share): | ||||||
Basic (cents ) | 0.36 | 0.49 | -26% | |||
Diluted (cents ) | 0.36 | 0.49 | -26% | |||
Earnings per share from discontinued operations attributable to owners of the parent during the | ||||||
period (expressed in United States cents per share): | ||||||
Basic (cents ) | 0.003 | 0.013 | n/m | |||
Diluted (cents ) | 0.002 | 0.013 | n/m | |||
Unaudited consolidated statement of comprehensive income | ||||||
Profit for the period | 128,877 | 164,747 | -22% | |||
Other comprehensive income | ||||||
Items that may be reclassified to profit or loss: | ||||||
Exchange difference on translation of foreign operations | (180,616) | (193,226) | -7% | |||
Fair value gain on debt instruments at FVTOCI | 98,849 | 49,982 | 98% | |||
Taxation relating to components of other comprehensive income that may be subsequently | ||||||
reclassed to profit or loss | (1,543) | (7,303) | -79% | |||
Other comprehensive loss for the period, net of taxation | (83,310) | (150,547) | -45% | |||
Total comprehensive income for the period | 45,567 | 14,200 | 221% | |||
Total comprehensive income /(loss) attributable to: | ||||||
Owners of the parent | 4,456 | (18,230) | 124% | |||
- Continuing operations | 3,767 | (20,020) | 119% | |||
- Discontinued operations | 689 | 1,790 | -62% | |||
Non-controlling interests | 41,111 | 32,430 | 27% | |||
- Continuing operations | 40,524 | 30,905 | 31% | |||
- Discontinued operations | 587 | 1,525 | -62% | |||
45,567 | 14,200 | 221% |
The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful
Page 3
Condensed Unaudited Consolidated Statement of Comprehensive Income - USD
Quarter ended | Quarter ended | % Change | ||||
30 June 2020 | 30 June 2019 | |||||
US$'000 | US$'000 | |||||
Interest income | 344,403 | 360,272 | -4% | |||
Interest expense | (125,136) | (170,171) | -26% | |||
Net Interest Income | 219,267 | 190,101 | 15% | |||
Fee and commission income | 96,800 | 116,875 | -17% | |||
Fee and commission expense | (4,884) | (12,456) | -61% | |||
Net trading income | 55,857 | 81,691 | -32% | |||
Other operating income | 11,187 | 11,293 | -1% | |||
Non-interest revenue | 158,960 | 197,403 | -19% | |||
Operating income | 378,227 | 387,504 | -2% | |||
Staff expenses | (108,982) | (126,285) | -14% | |||
Depreciation and amortisation | (24,348) | (27,152) | -10% | |||
Other operating expenses | (101,438) | (104,603) | -3% | |||
Operating expenses | (234,768) | (258,040) | -9% | |||
Operating profit before impairment losses and taxation | 143,459 | 129,464 | 11% | |||
Impairment charges on loans and advances | (74,450) | (56,872) | 31% | |||
Impairment charges on other financial assets | (6,699) | (7,518) | -11% | |||
Recoveries | 26,510 | 35,788 | -26% | |||
Impairment charges on financial assets | (54,639) | (28,602) | 91% | |||
Operating profit after impairment losses before taxation | 88,820 | 100,862 | -12% | |||
Net monetary loss arising from hyperinflationary economy | (8,709) | - | nm | |||
Share of post-tax results of associates | (70) | (22) | nm | |||
Profit before tax | 80,041 | 100,840 | -21% | |||
Taxation | (18,881) | (21,374) | -12% | |||
Profit after tax from continuing operations | 61,160 | 79,466 | -23% | |||
Profit after tax from discontinued operations | 230 | 741 | -69% | |||
Profit for the period | 61,390 | 80,207 | -23% | |||
Attributable to: | ||||||
Owners of the parent | 40,723 | 57,823 | -30% | |||
- Continuing operations | 40,598 | 57,423 | -29% | |||
- Discontinued operations | 125 | 400 | -69% | |||
Non-controlling interests | 20,667 | 22,384 | -8% | |||
- Continuing operations | 20,561 | 22,043 | -7% | |||
- Discontinued operations | 106 | 341 | -69% | |||
61,390 | 80,207 | -23% |
The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
nm-not meaningful
Page 4
Condensed Unaudited Consolidated Statement of Comprehensive Income - NGN
6 Month Period ended | 6 Month Period ended | % Change | ||||
30 June 2020 | 30 June 2019 | |||||
NGN'000 | NGN'000 | |||||
Interest income | 257,785,939 | 246,568,025 | 5% | |||
Interest expense | (96,372,686) | (115,682,140) | -17% | |||
Net Interest Income | 161,413,253 | 130,885,885 | 23% | |||
Fee and commission income | 76,062,432 | 85,154,402 | -11% | |||
Fee and commission expense | (4,904,047) | (8,214,493) | -40% | |||
Net trading income | 51,254,479 | 64,177,258 | -20% | |||
Other operating income | 6,486,884 | 8,102,910 | -20% | |||
Non-interest revenue | 128,899,748 | 149,220,077 | -14% | |||
Operating income | 290,313,001 | 280,105,962 | 4% | |||
Staff expenses | (85,612,556) | (87,895,215) | -3% | |||
Depreciation and amortisation | (17,964,055) | (19,271,269) | -7% | |||
Other operating expenses | (82,490,190) | (78,828,867) | 5% | |||
Operating expenses | (186,066,801) | (185,995,351) | 0% | |||
Operating profit before impairment losses and taxation | 104,246,200 | 94,110,611 | 11% | |||
Impairment charges on loans and advances | (49,852,408) | (49,637,592) | 0% | |||
Impairment charges on other financial assets | (5,184,235) | (8,644,211) | -40% | |||
Recoveries | 18,554,559 | 37,602,934 | -51% | |||
Impairment losses on financial assets | (36,482,084) | (20,678,869) | 76% | |||
Operating profit after impairment losses before taxation | 67,764,116 | 73,431,742 | -8% | |||
Net monetary loss arising from hyperinflationary economy | (3,573,906) | - | nm | |||
Share of post-tax results of associates | (56,866) | 2,167 | nm | |||
Profit before tax | 64,133,344 | 73,433,909 | -13% | |||
Taxation | (16,078,810) | (15,139,467) | 6% | |||
Profit after tax from continuing operations | 48,054,534 | 58,294,442 | -18% | |||
Profit after tax from discontinued operations | 480,161 | 1,197,074 | -60% | |||
Profit for the period | 48,534,695 | 59,491,516 | -18% | |||
Attributable to: | ||||||
Owners of the parent | 33,552,912 | 43,417,140 | -23% | |||
- Continuing operations | 33,293,437 | 42,770,756 | -22% | |||
- Discontinued operations | 259,475 | 646,384 | -60% | |||
Non-controlling interests | 14,981,783 | 16,074,376 | -7% | |||
- Continuing operations | 14,760,721 | 15,523,686 | -5% | |||
- Discontinued operations | 221,062 | 550,690 | -60% | |||
48,534,695 | 59,491,516 | -18% | ||||
Earnings per share from continuing operations attributable to owners of the parent during the | ||||||
period (expressed in Naira kobo per share): | ||||||
Basic (kobo ) | 136.44 | 176.55 | -23% | |||
Diluted (kobo ) | 136.44 | 175.67 | -22% | |||
Earnings per share from discontinued operations attributable to owners of the parent during the | ||||||
period (expressed in Naira kobo per share): | ||||||
Basic (kobo ) | 1.055 | 4.868 | ||||
Diluted (kobo ) | 0.899 | 4.837 | ||||
Unaudited consolidated statement of comprehensive income | ||||||
Profit for the period | 48,534,695 | 59,491,516 | -18% | |||
Other comprehensive income | ||||||
Items that may be reclassified to profit or loss: | ||||||
Exchange difference on translation of foreign operations | (26,086,001) | (76,568,728) | -66% | |||
Fair value gain on debt instruments at FVTOCI | 37,226,240 | 18,048,917 | -106% | |||
Taxation relating to components of other comprehensive income that may be subsequently | ||||||
reclassed to profit or loss | (581,089) | (2,637,174) | -78% | |||
Other comprehensive income /(loss) for the period, net of taxation | 10,559,150 | (61,156,985) | -117% | |||
Total comprehensive income / (loss) for the period | 59,093,845 | (1,665,469) | nm | |||
Total comprehensive income / (loss) attributable to: | ||||||
Owners of the parent | 34,284,440 | (12,314,216) | 378% | |||
- Continuing operations | 34,024,965 | (12,960,600) | 363% | |||
- Discontinued operations | 259,475 | 646,384 | -60% | |||
Non-controlling interests | 24,809,405 | 10,648,747 | 133% | |||
- Continuing operations | 24,588,343 | 10,098,057 | 143% | |||
- Discontinued operations | 221,062 | 550,690 | -60% | |||
59,093,845 | (1,665,469) | nm |
The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful
Page 5
Condensed Unaudited Consolidated Statement of Comprehensive Income - NGN
Quarter ended | Quarter ended | % Change | ||||
30 June 2020 | 30 June 2019 | |||||
NGN'000 | NGN'000 | |||||
Interest income | 133,333,831 | 129,871,981 | 3% | |||
Interest expense | (48,522,563) | (61,345,288) | -21% | |||
Net Interest Income | 84,811,268 | 68,526,693 | 24% | |||
Fee and commission income | 37,577,933 | 42,121,476 | -11% | |||
Fee and commission expense | (1,926,221) | (4,490,779) | -57% | |||
Net trading income | 21,892,635 | 29,432,238 | -26% | |||
Other operating income | 4,277,482 | 4,070,213 | 5% | |||
Non-interest revenue | 61,821,829 | 71,133,148 | -13% | |||
Operating income | 146,633,097 | 139,659,841 | 5% | |||
Staff expenses | (42,306,379) | (45,520,777) | -7% | |||
Depreciation and amortisation | (9,418,815) | (9,786,507) | -4% | |||
Other operating expenses | (39,457,353) | (37,693,617) | 5% | |||
Operating expenses | (91,182,547) | (93,000,901) | -2% | |||
Operating profit before impairment losses and taxation | 55,450,550 | 46,658,940 | 19% | |||
Impairment charges on loans and advances | (28,656,349) | (20,480,676) | 40% | |||
Impairment charges on other financial assets | (2,598,306) | (2,703,345) | -4% | |||
Recoveries | 10,226,673 | 12,875,617 | -21% | |||
Impairment losses on financial assets | (21,027,982) | (10,308,404) | 104% | |||
Operating profit after impairment losses before taxation | 34,422,568 | 36,350,536 | -5% | |||
Net monetary loss arising from hyperinflationary economy | (3,288,125) | - | nm | |||
Share of post-tax results of associates | (27,227) | (7,964) | nm | |||
Profit before tax | 31,107,216 | 36,342,572 | -14% | |||
Taxation | (7,364,884) | (7,703,978) | -4% | |||
Profit after tax from continuing operations | 23,742,332 | 28,638,594 | -17% | |||
Profit after tax from discontinued operations | 97,779 | 265,784 | -63% | |||
Profit for the period | 23,840,111 | 28,904,378 | -18% | |||
Attributable to: | ||||||
Owners of the parent | 15,852,816 | 20,836,784 | -24% | |||
- Continuing operations | 15,799,718 | 20,693,311 | -24% | |||
- Discontinued operations | 53,098 | 143,473 | -63% | |||
Non-controlling interests | 7,987,295 | 8,067,594 | -1% | |||
- Continuing operations | 7,942,239 | 7,945,283 | 0% | |||
- Discontinued operations | 45,056 | 122,311 | -63% | |||
23,840,111 | 28,904,378 | -18% |
The above condensed unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful
Page 6
Condensed Unaudited Consolidated Statement of Financial Position - USD
As at 30 June 2020 | As at 31 December 2019 | |||
US$'000 | US$'000 | |||
Assets | ||||
Cash and balances with central banks | 3,318,722 | 2,829,313 | ||
Trading financial assets | 304,561 | 182,662 | ||
Derivative financial instruments | 67,515 | 65,459 | ||
Loans and advances to banks | 2,071,346 | 1,891,889 | ||
Loans and advances to customers | 8,620,957 | 9,276,608 | ||
Treasury bills and other eligible bills | 1,938,825 | 1,632,749 | ||
Investment securities | 5,053,336 | 4,857,763 | ||
Pledged assets | 271,872 | 351,478 | ||
Other assets | 1,286,974 | 1,184,770 | ||
Investment in associates | 4,138 | 3,664 | ||
Intangible assets | 298,341 | 309,974 | ||
Property and equipment | 807,258 | 831,182 | ||
Investment properties | 20,308 | 21,710 | ||
Deferred income tax assets | 130,797 | 116,424 | ||
24,194,950 | 23,555,645 | |||
Assets held for sale and discontinued operations | 89,831 | 85,539 | ||
Total assets | 24,284,781 | 23,641,184 | ||
Liabilities | ||||
Deposits from banks | 2,196,069 | 2,207,593 | ||
Deposits from customers | 16,707,120 | 16,246,120 | ||
Derivative financial instruments | 52,822 | 51,255 | ||
Borrowed funds | 2,038,357 | 2,075,001 | ||
Other liabilities | 1,034,853 | 845,970 | ||
Provisions | 73,750 | 68,482 | ||
Current income tax liabilities | 48,100 | 54,756 | ||
Deferred income tax liabilities | 53,482 | 67,556 | ||
Retirement benefit obligations | 48,549 | 31,082 | ||
22,253,102 | 21,647,815 | |||
Liabilities held for sale and discontinued operations | 111,226 | 107,592 | ||
Total liabilities | 22,364,328 | 21,755,407 | ||
Equity | ||||
Share capital and premium | 2,113,957 | 2,113,957 | ||
Retained earnings and reserves | (632,808) | (637,264) | ||
Equity attributable to owners of the parents | 1,481,149 | 1,476,693 | ||
Non-controlling interests | 439,304 | 409,084 | ||
Total equity | 1,920,453 | 1,885,777 | ||
Total liabilities and equity | 24,284,781 | 23,641,184 | ||
The above condensed unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes | ||||
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Page 7
Condensed Unaudited Consolidated Statement of Financial Position - NGN
As at 30 June 2020 | As at 31 December 2019 | |||
NGN'000 | NGN'000 | |||
Assets | ||||
Cash and balances with central banks | 1,283,515,734 | 1,031,850,451 | ||
Trading financial assets | 117,788,967 | 66,616,831 | ||
Derivative financial instruments | 26,111,426 | 23,872,897 | ||
Loans and advances to banks | 801,093,066 | 689,971,918 | ||
Loans and advances to customers | 3,334,155,120 | 3,383,178,938 | ||
Treasury bills and other eligible bills | 749,840,569 | 595,463,560 | ||
Investment securities | 1,954,377,698 | 1,771,626,166 | ||
Pledged assets | 105,146,496 | 128,184,027 | ||
Other assets | 497,737,195 | 432,085,620 | ||
Investment in associates | 1,600,372 | 1,336,261 | ||
Intangible assets | 115,383,382 | 113,047,518 | ||
Property and equipment | 312,207,032 | 303,132,075 | ||
Investment properties | 7,854,119 | 7,917,637 | ||
Deferred income tax assets | 50,585,740 | 42,459,833 | ||
9,357,396,916 | 8,590,743,732 | |||
Assets held for sale and discontinued operations | 34,742,139 | 31,196,073 | ||
Total Assets | 9,392,139,055 | 8,621,939,805 | ||
Liabilities | ||||
Deposits from banks | 849,329,686 | 805,109,167 | ||
Deposits from customers | 6,461,478,660 | 5,924,959,964 | ||
Derivative financial instruments | 20,428,909 | 18,692,699 | ||
Borrowed funds | 788,334,570 | 756,752,865 | ||
Other liabilities | 400,229,397 | 308,525,259 | ||
Provisions | 28,522,813 | 24,975,386 | ||
Current income tax liabilities | 18,602,675 | 19,969,513 | ||
Deferred income tax liabilities | 20,684,164 | 24,637,673 | ||
Retirement benefit obligations | 18,776,326 | 11,335,605 | ||
8,606,387,200 | 7,894,958,131 | |||
Liabilities held for sale and discontinued operations | 43,016,656 | 39,238,802 | ||
Total liabilities | 8,649,403,856 | 7,934,196,933 | ||
Equity | ||||
Share capital and premium | 353,511,708 | 353,511,708 | ||
Retained earnings and reserves | 219,322,669 | 185,038,229 | ||
Equity attributable to owners of the parents | 572,834,377 | 538,549,937 | ||
Non-controlling interests | 169,900,822 | 149,192,935 | ||
Total equity | 742,735,199 | 687,742,872 | ||
Total liabilities and equity | 9,392,139,055 | 8,621,939,805 | ||
The above condensed unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes
- | (0) |
Page 8
Condensed Unaudited Consolidated Statement of Changes in Equity - USD
Amounts in US$'000
Share Capital | Retained Earnings | Other Reserves | Total equity and reserves | Non-Controlling | Total Equity | ||||||
attributable | Interest | ||||||||||
At 1 January 2019 (Restated) | 2,113,957 | 185,893 | (842,367) | 1,457,483 | 275,539 | 1,733,022 | |||||
Changes in Equity for 1 January to 31 June 2019: | |||||||||||
Foreign currency translation differences | - | - | (161,510) | (161,510) | (31,716) | (193,226) | |||||
Net changes in debt instruments,net of taxes | - | - | 23,047 | 23,047 | 19,632 | 42,679 | |||||
Profit for the period | - | 120,233 | - | 120,233 | 44,514 | 164,747 | |||||
Total comprehensive income for the period | - | 120,233 | (138,463) | (18,230) | 32,430 | 14,200 | |||||
Change in minority ownership | - | - | (29,476) | (29,476) | 29,476 | - | |||||
Dividend relating to 2018 | - | - | - | - | (19,638) | (19,638) | |||||
At 30 June 2019 | 2,113,957 | 306,126 | (1,010,306) | 1,409,777 | 317,807 | 1,727,584 | |||||
Changes in Equity for 1 July to 31 December 2019: | |||||||||||
Foreign currency translation differences | - | - | (81,709) | (81,709) | 31,716 | (49,993) | |||||
Net changes in equity investment securities, net of taxes | - | - | (184) | (184) | - | (184) | |||||
Net changes in debt instruments,net of taxes | - | - | 36,152 | 36,152 | (14,375) | 21,777 | |||||
Net gains on revaluation of property | - | - | 10,315 | 10,315 | 1,826 | 12,141 | |||||
Impact of adopting IAS 29 at 1 January 2019 | - | - | (35,542) | (35,542) | - | (35,542) | |||||
Remeasurements of post-employment benefit obligations | - | - | 902 | 902 | - | 902 | |||||
Profit for the period | - | 73,725 | - | 73,725 | 36,462 | 110,187 | |||||
Total comprehensive income for the period | - | 73,725 | (70,066) | 3,659 | 55,629 | 59,288 | |||||
Change in minority ownership | - | - | 29,476 | 29,476 | 35,486 | 64,962 | |||||
Dividend relating to 2018 | - | - | - | 162 | 162 | ||||||
Transfer from share option reserve | - | - | 94 | 94 | - | 94 | |||||
Convertible bond - equity component | - | - | (2,695) | (2,695) | - | (2,695) | |||||
Transfer to general banking reserves | - | (28,124) | 28,124 | - | - | - | |||||
Transfer to statutory reserve | - | (106,164) | 106,164 | - | - | - | |||||
Transfer to other group reserve | - | - | 36,382 | 36,382 | - | 36,382 | |||||
At 31 December 2019 / January 2020 | 2,113,957 | 245,563 | (882,827) | 1,476,693 | 409,084 | 1,885,777 | |||||
Changes in Equity for 1 January to 30 June 2020: | |||||||||||
Foreign currency translation differences | - | - | (181,945) | (181,945) | 1,329 | (180,616) | |||||
Net changes in debt instruments,net of taxes | - | - | 97,306 | 97,306 | - | 97,306 | |||||
Profit for the period | - | 89,095 | - | 89,095 | 39,782 | 128,877 | |||||
Total comprehensive income for the period | - | 89,095 | (84,639) | 4,456 | 41,111 | 45,567 | |||||
Dividend relating to 2019 | - | - | - | - | (10,891) | (10,891) | |||||
At 30 June 2020 | 2,113,957 | 334,658 | (967,466) | 1,481,149 | 439,304 | 1,920,453 | |||||
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Page 9
Condensed Unaudited Consolidated Statement of Changes in Equity - NGN
Amounts in NGN '000
Share Capital | Retained Earnings | Other Reserves | Total equity and reserves | Non-Controlling | Total Equity | ||||||
attributable | Interest | ||||||||||
At 1 January 2019 (Restated) | 353,511,708 | (12,139,267) | 189,413,718 | 530,786,159 | 100,345,847 | 631,132,006 | |||||
Changes in Equity for 1 January to 30 June 2019: | |||||||||||
Foreign currency translation differences | - | - | (64,053,820) | (64,053,820) | (12,514,908) | (76,568,728) | |||||
Net changes in debt investment securities, net of taxes | - | - | 8,322,464 | 8,322,464 | 7,089,279 | 15,411,743 | |||||
Profit for the period | - | 43,417,140 | - | 43,417,140 | 16,074,376 | 59,491,516 | |||||
Total comprehensive loss for the period | - | 43,417,140 | (55,731,356) | (12,314,216) | 10,648,747 | (1,665,469) | |||||
Change in minority ownership | - | - | (10,644,029) | (10,644,029) | 10,644,029 | - | |||||
Dividend relating to 2018 | - | - | - | - | (7,091,446) | (7,091,446) | |||||
At 30 June 2019 | 353,511,708 | 31,277,873 | 123,038,333 | 507,827,914 | 114,547,177 | 622,375,091 | |||||
Changes in Equity for 1 July to 31 December 2019: | |||||||||||
Foreign currency translation differences | - | - | (23,120,457) | (23,120,457) | 13,049,872 | (10,070,585) | |||||
Net changes in equity instruments, net of taxes | - | - | (66,565) | (66,565) | - | (66,565) | |||||
Net changes in debt instruments,net of taxes | - | - | 13,093,759 | 13,093,759 | (5,187,472) | 7,906,287 | |||||
Net gains on revaluation of property | - | - | 3,731,623 | 3,731,623 | 660,586 | 4,392,209 | |||||
Impact of adopting IAS 29 at 1 January 2019 | - | - | (12,857,909) | (12,857,909) | - | (12,857,909) | |||||
Remeasurements of post-employment benefit obligations | - | - | 326,313 | 326,313 | - | 326,313 | |||||
Profit for the period | - | 26,750,392 | - | 26,750,392 | 13,220,038 | 39,970,430 | |||||
Total comprehensive income for the period | - | 26,750,392 | (18,893,236.0) | 7,857,156 | 21,743,024 | 29,600,180 | |||||
Change in minority ownership | - | - | 10,644,029 | 10,644,029 | 12,857,055 | 23,501,084 | |||||
Dividend relating to 2018 | - | - | - | - | 45,679 | 45,679 | |||||
Change in minority interest | - | - | - | - | - | - | |||||
Transfer to share option reserve | - | - | 34,006 | 34,006 | - | 34,006 | |||||
Convertible bond - equity component | - | - | (974,961) | (974,961) | - | (974,961) | |||||
Transfer to other group reserve | - | - | 13,161,793 | 13,161,793 | - | 13,161,793 | |||||
Transfer from general banking reserves | - | (38,406,592) | 38,406,592 | - | - | - | |||||
Transfer to statutory reserve | - | (10,174,325) | 10,174,325 | - | - | - | |||||
At 31 December 2019 / January 2020 | 353,511,708 | 9,447,348 | 175,590,881 | 538,549,937 | 149,192,935 | 687,742,872 | |||||
Changes in Equity for 1 January to 30 June 2020: | |||||||||||
Foreign currency translation differences | - | - | (35,913,623) | (35,913,623) | 9,827,622 | (26,086,001) | |||||
Net changes in debt instruments,net of taxes | - | - | 36,645,151 | 36,645,151 | - | 36,645,151 | |||||
Profit for the period | - | 33,552,912 | - | 33,552,912 | 14,981,783 | 48,534,695 | |||||
Total comprehensive income for the period | - | 33,552,912 | 731,528 | 34,284,440 | 24,809,405 | 59,093,845 | |||||
Dividend relating to 2019 | - | - | - | - | (4,101,518) | (4,101,518) | |||||
At 30 June 2020 | 353,511,708 | 43,000,260 | 176,322,409 | 572,834,377 | 169,900,822 | 742,735,199 | |||||
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Page 10
Condensed Unaudited Consolidated Statement of Cash Flows - USD
6 Month Period ended | 6 Month Period ended | |||
30 June 2020 | 30 June 2019 | |||
US$'000 | US$'000 | |||
Cash flows from operating activities | ||||
Profit before tax | 170,297 | 203,357 | ||
Adjusted for: | ||||
Foreign exchange income | (68,391) | (38,884) | ||
Impairment losses on loans and advances | 83,107 | 33,327 | ||
Impairment losses on other financial assets | 13,766 | 23,938 | ||
Depreciation of property and equipment | 37,141 | 43,145 | ||
Net interest income | (428,610) | (362,456) | ||
Amortisation of software and other intangibles | 10,560 | 10,222 | ||
(Profit) / loss on sale of property and equipment | (2,017) | 48 | ||
Share of post-tax results of associates | 151 | (6) | ||
Income taxes paid | (62,545) | (76,773) | ||
Changes in operating assets and liabilities | ||||
Trading financial assets | (121,899) | (61,303) | ||
Derivative financial instruments | (2,056) | 6,349 | ||
Treasury bills and other eligible bills | (255,405) | 267,163 | ||
Loans and advances to banks | (497,259) | 40,924 | ||
Loans and advances to customers | 622,145 | 428,938 | ||
Pledged assets | 79,606 | (67,576) | ||
Other assets | (102,204) | (467,295) | ||
Mandatory reserve deposits with central banks | (146,497) | (285,932) | ||
Deposits from customers | 461,000 | 246,178 | ||
Other deposits from banks | (706,597) | 485,051 | ||
Derivative liabilities | 1,567 | 10,221 | ||
Other liabilities | 188,883 | (162,439) | ||
Provisions | 5,268 | 9,139 | ||
Interest received | 684,514 | 682,809 | ||
Interest paid | (255,904) | (320,353) | ||
Net cashflow (used in) / from operating activities | (291,379) | 647,792 | ||
Cash flows from investing activities | ||||
Purchase of software | (20,847) | (7,203) | ||
Purchase of property and equipment | (11,181) | (65,372) | ||
Proceeds from sale of property and equipment | 5,344 | 3,241 | ||
Purchase of investment securities | (214,615) | (484,547) | ||
Redemption of investment securities | 137,117 | 228,749 | ||
Net cashflow used in investing activities | (104,182) | (325,132) | ||
Cash flows from financing activities | ||||
Repayment of borrowed funds | (308,482) | (291,743) | ||
Proceeds from borrowed funds | 190,612 | 628,436 | ||
Dividends paid to non-controlling shareholders | (10,891) | (19,638) | ||
Net cashflow (used in) /from financing activities | (128,761) | 317,055 | ||
Net (decrease) / increase in cash and cash equivalents | (524,322) | 639,715 | ||
Cash and cash equivalents at beginning of period | 2,559,766 | 2,141,855 | ||
Effects of exchange differences on cash and cash equivalents | (94,970) | (253,369) | ||
Cash and cash equivalents at end of the period | 1,940,474 | 2,528,201 | ||
The above condensed unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Page 11
Condensed Unaudited Consolidated Statement of Cash Flows - NGN
6 Month Period ended | 6 Month Period ended | |||
30 June 2020 | 30 June 2019 | |||
NGN'000 | NGN'000 | |||
Cash flows from operating activities | ||||
Profit before tax | 64,133,344 | 73,433,909 | ||
Adjusted for: | ||||
Foreign exchange income | (25,755,847) | (14,041,337) | ||
Impairment losses on loans and advances | 31,297,849 | 12,034,658 | ||
Impairment losses on other financial assets | 5,184,235 | 8,644,211 | ||
Depreciation of property and equipment | 13,987,190 | 15,580,019 | ||
Net interest income | (161,413,253) | (130,885,885) | ||
Amortisation of software and other intangibles | 3,976,865 | 3,691,249 | ||
(Profit) /loss on sale of property and equipment | (759,596) | 17,333 | ||
Share of profit of associates | 56,866 | (2,167) | ||
Income taxes paid | (23,554,261) | (27,723,371) | ||
Changes in operating assets and liabilities | ||||
Trading financial assets | (45,906,801) | (22,137,025) | ||
Derivative financial instruments | (774,283) | 2,292,677 | ||
Treasury bills and other eligible bills | (96,184,764) | 96,474,788 | ||
Loans and advances to banks | (187,266,262) | 14,777,998 | ||
Loans and advances to customers | 234,297,959 | 154,893,089 | ||
Pledged assets | 29,979,383 | (24,402,257) | ||
Other assets | (38,489,723) | (168,744,122) | ||
Mandatory reserve deposits with central banks | (55,170,335) | (103,252,430) | ||
Deposits from customers | 173,611,231 | 88,896,929 | ||
Other deposits from banks | (266,102,331) | 175,155,962 | ||
Derivative liabilities | 590,128 | 3,690,888 | ||
Other liabilities | 71,132,777 | (58,658,078) | ||
Provisions | 1,983,913 | 3,300,169 | ||
Interest received | 257,785,939 | 246,568,025 | ||
Interest paid | (96,372,686) | (115,682,140) | ||
Net cashflow (used in) / from operating activities | (109,732,463) | 233,923,092 | ||
Cash flows from investing activities | ||||
Purchase of software | (7,850,918) | (2,601,063) | ||
Purchase of property and equipment | (4,210,731) | (23,606,374) | ||
Proceeds from sale of property and equipment | 2,012,535 | 1,170,352 | ||
Purchase of investment securities | (80,823,372) | (174,973,963) | ||
Proceeds from sale and redemption of securities | 51,637,855 | 82,603,173 | ||
Net cashflow used in investing activities | (39,234,631) | (117,407,875) | ||
Cash flows from financing activities | ||||
Repayment of borrowed funds | (116,173,405) | (105,350,831) | ||
Proceeds from borrowed funds | 71,783,913 | 226,933,481 | ||
Dividends paid to non-controlling shareholders | (4,101,518) | (7,091,446) | ||
Net cashflow (used in) / from financing activities | (48,491,010) | 114,491,204 | ||
Net (decrease) / increase in cash and cash equivalents | (197,458,104) | 231,006,421 | ||
Cash and cash equivalents at beginning of period | 933,546,660 | 780,020,754 | ||
Effects of exchange differences on cash and cash equivalents | 14,389,764 | (99,787,689) | ||
Cash and cash equivalents at end of the period | 750,478,320 | 911,239,486 | ||
The above condensed unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Page 12
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
-
General information
Ecobank Transnational Incorporated (ETI) and its subsidiaries (together, 'the Group') provide retail, corporate and investment banking services throughout sub Saharan Africa outside South Africa. The Group had operations in 39 countries and employed over 14,605 people as at 30 June 2020 (30 June 2019: 15,513 ) .
Ecobank Transnational Incorporated is a limited liability company and is incorporated and domiciled in the Republic of Togo. The address of its registered office is as follows: 2365 Boulevard du Mono, Lomé, Togo. The company has a primary listing on the Ghana Stock Exchange, the Nigerian Stock Exchange and the Bourse Regionale Des Valeurs Mobilieres (Abidjan) Cote D'Ivoire. - Summary of significant accounting policies
This note provides a list of the significant changes in accounting policies adopted in the preparation of these condensed consolidated interim financial statements to the extent they have not already been disclosed elsewhere. These policies have been consistently applied to all the periods presented, unless otherwise stated. The notes also highlight new standards and interpretations issued at the time of preparation of the condensed consolidated interim financial statements and their potential impact on the Group. For a full list of the accounting policies used to prepare the financial statements, we refer the readers to the Group annual financial statements for the year ended 31 December 2019. These have remained unchanged except for as stated below. The financial statements are for the Group consisting of Ecobank Transnational Incorporated and its subsidiaries.
2.1 Basis of presentation and measurement
The Group's unaudited condensed consolidated interim financial statements ('Condensed Financial Statements') for the period ended 30 June2020 have been prepared in accordance with IAS 34 Interim Financial Reporting. These Condensed Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the audited 31 December 2019 Annual Consolidated Financial Statements and the accompanying notes included on pages 174 to 291 in our 2019 Annual Report. The Condensed Financial Statements have been prepared on a going concern basis.
Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2019 Annual Consolidated Financial Statements. Our significant accounting policies and future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2.3 of our audited 2019 Annual Consolidated Financial Statements.
-
Critical accounting estimates, and judgements in applying accounting policies
The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Except as indicated below, the critical accounting estimates, and judgements exercised in applying accounting policies in these Condensed Financial Statements are consistent to those used in preparation of our audited 2019 Annual Consolidated Financial Statements which can be found in note 3 on page 199-200 of our 2019 Annual Report. - Significant Events and Transactions
Information on events and transactions affecting Group were presented in our annual report for the year ended 31 December 2019. Updates to these events and transactions are contained in the Ecobank Q2 2020 Results Earnings Release that is available for download on our website through the following link: https://www.ecobank.com/Group/investor-relations.
Losses recognised on impairment of financial assets are disclosed in note 12 to these Condensed Financial Statements.
Details of the Group's principles, methodology, valuation techniques and level of inputs used in the valuation of the Group's financial instruments are contained in the Group's annual financial statements for the year ended 31 December 2019. There have been no significant change to these principles, methodology, valuation techniques and level of inputs used in the valuation of the Group's financial instruments for the period ended 30 June 2020. There have been no changes in the business or economic circumstances that affect the fair value of the entity's financial assets and financial liabilities.
There have no other significant events or transactions in the period that have had a significant impact on the financial position or performance of the Group during the 6 months period ended 30 June 2020 other than as disclosed above.
_________________________________________________________________________
Page 13 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
5 Liquidity risk management
Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfil commitments to lend.
5.1 Liquidity risk management process
The Group's liquidity management process, as carried out within the Group and monitored by a separate team in Group Treasury, includes:
- Day-to-dayfunding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or are borrowed by customers;
- Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow;
- Monitoring statement of financial position liquidity ratios against internal and regulatory requirements; and
- Managing the concentration and profile of debt maturities.
5.2 Undiscounted cash flows
The table below presents the cash flows payable by the Group by remaining contractual maturities at the statement of financial position date. The amounts disclosed in the table are the contractual undiscounted cash flows, whereas the Group manages the inherent liquidity risk based on expected undiscounted cash inflows.
As at 30 June 2020 | ||||||
Up to 1 month | 1 -3 months | 3 - 12 months | 1 - 5 years | Over 5 years | Total | |
Assets | ||||||
Cash and balances with central banks | 2,141,889 | - | - | - | 1,181,792 | 3,323,681 |
Trading financial assets | 26,883 | 17,031 | 216,692 | 58,487 | 501 | 319,594 |
Derivative financial instruments | - | 67,515 | - | - | - | 67,515 |
Loans and advances to banks | 1,241,601 | 440,334 | 328,951 | 90,541 | - | 2,101,427 |
Loans and advances to customers | 2,161,377 | 947,917 | 1,479,777 | 3,624,873 | 1,084,444 | 9,298,388 |
Treasury bills and other eligible bills | 215,207 | 403,750 | 1,302,367 | 98,449 | - | 2,019,773 |
Investment securities | 232,963 | 494,392 | 963,577 | 1,864,594 | 1,643,458 | 5,198,984 |
Pledged assets | - | - | 280,266 | - | - | 280,266 |
Other assets | 401,525 | 73,845 | 575,934 | 68,353 | 35,018 | 1,154,675 |
Total assets (expected maturity dates) | 6,421,445 | 2,444,784 | 5,147,564 | 5,805,297 | 3,945,213 | 23,764,303 |
Liabilities | ||||||
Deposits from banks | 1,118,248 | 841,857 | 181,052 | 68,453 | - | 2,209,610 |
Deposit from customers | 11,596,920 | 2,970,780 | 1,011,986 | 833,656 | 335,661 | 16,749,003 |
Other borrowed funds | 205,874 | 97,652 | 106,996 | 1,099,965 | 639,933 | 2,150,420 |
Other liabilities | 137,843 | 105,976 | 345,115 | 175,211 | 17,348 | 781,493 |
Derivative financial instruments | - | 55,356 | - | - | - | 55,356 |
Total liabilities (contractual maturity dates) | 13,058,885 | 4,071,621 | 1,645,149 | 2,177,285 | 992,942 | 21,945,882 |
Gap analysis | (6,637,440) | (1,626,837) | 3,502,415 | 3,628,012 | 2,952,271 | 1,818,421 |
As at 31 December 2019 | Up to 1 month | 1 -3 months | 3 - 12 months | 1 - 5 years | Over 5 years | Total |
Assets | ||||||
Cash and balances with central banks | 1,748,025 | - | - | - | 1,264,686 | 3,012,711 |
Financial Asset held for trading | 5,905 | 34,977 | 147,125 | 1,056 | 68,759 | 257,822 |
Derivative financial instruments | 20,427 | 45,032 | - | - | - | 65,459 |
Loans and advances to banks | 1,603,529 | 404,680 | 238,222 | - | - | 2,246,431 |
Loans and advances to customers | 3,363,696 | 1,628,089 | 1,871,518 | 3,641,301 | 1,401,980 | 11,906,584 |
Treasury bills and other eligible bills | 181,080 | 404,854 | 1,113,704 | 66,644 | - | 1,766,282 |
Investment securities | 1,089,572 | 46,899 | 716,138 | 2,209,469 | 1,452,255 | 5,514,333 |
Pledged assets | - | - | 351,478 | - | - | 351,478 |
Other assets | 474,792 | 43,267 | 449,653 | 142,201 | 39,723 | 1,149,636 |
Total assets (expected maturity dates) | 8,487,026 | 2,607,798 | 4,887,838 | 6,060,671 | 4,227,403 | 26,270,736 |
Liabilities | ||||||
Deposits from banks | 3,135,012 | 526,621 | 223,189 | 199,602 | - | 4,084,424 |
Deposit from customers | 12,987,391 | 1,183,962 | 1,161,846 | 816,802 | 221,060 | 16,371,061 |
Borrowed funds | 145,114 | 38,584 | 167,677 | 2,515,933 | 54,640 | 2,921,948 |
Derivative financial instruments | 568,362 | 10,259 | 88,657 | 96,132 | 14,106 | 777,516 |
Other liabilities | 672,660 | 373,110 | 1,189,981 | 26,452 | 565,847 | 2,828,050 |
Total liabilities(contractual maturity dates) | 17,508,539 | 2,132,536 | 2,831,350 | 3,654,921 | 855,653 | 26,982,999 |
Gap analysis | (9,021,513) | 475,262 | 2,056,488 | 2,405,750 | 3,371,750 | (712,263) |
_________________________________________________________________________________________________________
Page14 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
6 Fair value of financial assets and liabilities
(a) Financial instruments not measured at fair value
The table below summarises the carrying amounts and fair values of those financial assets and liabilities not measured at fair value on the group's consolidated statement of financial position.
Carrying value | Fair value | ||||||||||||
Financial assets: | 30 Jun. 2020 | 31 Dec. 2019 | 30 Jun. 2020 | 31 Dec. 2019 | |||||||||
Cash and balances with central banks | 3,318,722 | 2,829,313 | 3,318,722 | 2,829,313 | |||||||||
Loans and advances to banks | 2,071,346 | 1,891,889 | 2,543,383 | 2,246,431 | |||||||||
Loans and advances to customers | 8,620,957 | 9,276,608 | 8,688,364 | 9,325,099 | |||||||||
Other assets (excluding prepayments) | 1,198,776 | 1,154,675 | 1,198,776 | 1,154,675 | |||||||||
Financial liabilities: | |||||||||||||
Deposits from banks | 2,196,069 | 2,207,593 | 2,211,917 | 2,018,980 | |||||||||
Deposit from customers | 16,707,120 | 16,246,120 | 16,834,296 | 16,371,061 | |||||||||
Other liabilities (excluding deferred income) | 960,014 | 781,493 | 960,014 | 781,493 | |||||||||
Borrowed funds | 2,038,357 | 2,075,001 | 2,130,463 | 2,191,461 | |||||||||
(i) Cash | |||||||||||||
The carrying amount of cash and balances with banks is a reasonable approximation of fair value | |||||||||||||
(ii) Loans and advances to banks | |||||||||||||
Loans and advances to banks include inter-bank placements and items in the course of collection. The carrying amount of floating rate placements and overnight deposits is a reasonable approximation | |||||||||||||
of fair value. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining | |||||||||||||
maturity. | |||||||||||||
(iii) Loans and advances to customers | |||||||||||||
Loans and advances are net of charges for impairment. The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received. | |||||||||||||
Expected cash flows are discounted at current market rates to determine fair value. | |||||||||||||
(iv) Deposit from banks, due to customers and other deposits | |||||||||||||
The estimated fair value of deposits with no stated maturity, which includes non-interest bearing deposits, is the amount repayable on demand. | |||||||||||||
The estimated fair value of fixed interest-bearing deposits not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity. For those | |||||||||||||
notes where quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity. | |||||||||||||
(v) Other assets | |||||||||||||
The bulk of these financial assets have short term (less than 12 months) maturities and their amounts are a reasonable approximation of fair value | |||||||||||||
(vi) Other liabilities | |||||||||||||
The carrying amount of financial liabilities in other liabilities is a reasonable approximation of fair value as these are short term in nature | |||||||||||||
(b) Fair value hierarchy | |||||||||||||
IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from | |||||||||||||
independent sources; unobservable inputs reflect the Group's market assumptions. These two types of inputs have created the following fair value hierarchy: | |||||||||||||
i) | Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. This level includes listed equity securities and debt instruments on exchanges. | ||||||||||||
ii) | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). | ||||||||||||
iii) | Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). This level includes equity investments and debt instruments with significant unobservable | ||||||||||||
components. | |||||||||||||
This hierarchy requires the use of observable market data when available. The Group considers relevant and observable market prices in its valuations where possible. | |||||||||||||
30 June 2020 | 31 December 2019 | ||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||
Treasury and other eligible bills | 786,229 | 1,152,596 | - | 879,087 | 753,662 | - | |||||||
Trading financial assets | 42,581 | 261,980 | - | 166,724 | 15,938 | - | |||||||
Derivative financial instruments | 67,515 | - | - | 65,459 | - | ||||||||
Pledged assets | - | 271,872 | - | - | 351,478 | - | |||||||
Investment securities | 963,592 | 4,089,654 | 90 | 776,839 | 4,080,834 | 90 | |||||||
Total financial assets | 1,792,402 | 5,843,617 | 90 | 1,822,650 | 5,267,371 | 90 | |||||||
Derivative financial instruments | - | 52,822 | - | - | 51,255 | - | |||||||
Total financial liabilities | - | 52,822 | - | - | 51,255 | - |
____________________________________________________________________________________________________________________
Page15 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
There are no movements between Level 1 and Level 2. The following table presents the changes in Level 3 instruments for the available for sale securities:
6 Fair value of financial assets and liabilities (continued) | |||||||||||||||
31 Jun. 2019 | 31 Dec 2019 | ||||||||||||||
Level 3 | Level 3 | ||||||||||||||
Opening balance | 90 | 90 | |||||||||||||
Transfer from level 3 to level 2 | - | ||||||||||||||
Gains & losses recognised in other comprehensive income | - | - | |||||||||||||
Closing balance | 90 | 90 | |||||||||||||
Total gains or losses for the period included in profit or loss for assets held at the end of the reporting period | - | - | |||||||||||||
Level 3 fair value measurement | |||||||||||||||
The table below sets out information about significant unobservable value inputs used at year end in measuring financial instruments categorised as Level 3 in the fair value hierarchy. | |||||||||||||||
Type of financial instrument | Fair value as at 30 | Valuation technique | Significant unobservable input | Change in unobservable input by 10 basis point | Change in unobservable input by 50 basis | ||||||||||
June 2020 | point | ||||||||||||||
OCEANIC HEALTH MANAGEMENT | |||||||||||||||
90 | Discounted cash flow | Weighted average cost of capital | - | - | |||||||||||
(c) Financial instrument classification | |||||||||||||||
FVTOCI - Debt | Equity | FVTOCI - Equity | Liabilities at fair | Liabilities at | |||||||||||
30 June 2020 | Amortised cost | FVTPL | Instruments at | value through | Total | ||||||||||
Instruments | instruments | amortized cost | |||||||||||||
FVTPL | profit or loss | ||||||||||||||
Assets | |||||||||||||||
3,318,722 | - | - | - | - | - | - | 3,318,722 | ||||||||
Cash and balances with central banks | |||||||||||||||
Trading financial assets | - | 304,561 | - | - | - | - | - | 304,561 | |||||||
Derivative financial instruments | - | 67,515 | - | - | - | - | - | 67,515 | |||||||
Loans and advances to banks | 2,071,346 | - | - | - | - | - | - | 2,071,346 | |||||||
Loans and advances to customers | 8,620,957 | - | - | - | - | - | - | 8,620,957 | |||||||
Treasury bills and other eligible bills | - | - | 1,938,825 | - | - | - | - | 1,938,825 | |||||||
Investment securities - Equity instruments | - | - | - | 151,203 | 90 | - | - | 151,293 | |||||||
Investment securities - Debt instruments | - | - | 4,902,043 | - | - | - | - | 4,902,043 | |||||||
Pledged assets | 271,872 | - | - | - | - | - | - | 271,872 | |||||||
Other assets, excluding prepayments | 1,198,776 | - | - | - | - | - | - | 1,198,776 | |||||||
Total | 15,481,673 | 372,076 | 6,840,868 | 151,203 | 90 | - | - | 22,845,910 | |||||||
Liabilities | |||||||||||||||
Deposits from banks | - | - | - | - | - | - | 2,196,069 | 2,196,069 | |||||||
Deposit from customers | - | - | - | - | - | - | 16,707,120 | 16,707,120 | |||||||
Derivative financial instruments | - | - | - | - | - | 52,822 | - | 52,822 | |||||||
Borrowed funds | - | - | - | - | - | - | 2,038,357 | 2,038,357 | |||||||
Other liabilities, excluding non-financial liabilities | - | - | - | - | - | - | 960,014 | 960,014 | |||||||
Total | - | - | - | - | - | 52,822 | 21,901,560 | 21,954,382 | |||||||
FVTOCI - Debt | Equity | FVTOCI - Equity | Liabilities at fair | Liabilities at | |||||||||||
31 December 2019 | Amortised cost | FVTPL | Instruments at | value through | Total | ||||||||||
Instruments | instruments | amortized cost | |||||||||||||
FVTPL | profit or loss | ||||||||||||||
Assets | |||||||||||||||
Cash and balances with central banks | 2,829,313 | - | - | - | - | - | - | 2,829,313 | |||||||
Trading financial assets | - | 182,662 | - | - | - | - | - | 182,662 | |||||||
Derivative financial instruments | - | 65,459 | - | - | - | - | - | 65,459 | |||||||
Loans and advances to banks | 1,891,889 | - | - | - | - | - | - | 1,891,889 | |||||||
Loans and advances to customers | 9,276,608 | - | - | - | - | - | - | 9,276,608 | |||||||
Treasury bills and other eligible bills | - | - | 1,632,749 | - | - | - | - | 1,632,749 | |||||||
Investment securities - Equity instruments | - | - | - | 163,904 | 90 | - | - | 163,994 | |||||||
Investment securities - Debt instruments | - | - | 4,693,769 | - | - | - | - | 4,693,769 | |||||||
Pledged assets | 351,478 | - | - | - | - | - | - | 351,478 | |||||||
Other assets, excluding prepayments | 1,154,675 | - | - | - | - | - | - | 1,154,675 | |||||||
Total | 15,503,963 | 248,121 | 6,326,518 | 163,904 | 90 | - | - | 22,242,596 | |||||||
Liabilities | |||||||||||||||
Deposits from banks | - | - | - | - | - | - | 2,207,593 | 2,207,593 | |||||||
Deposit from customers | - | - | - | - | - | - | 16,246,120 | 16,246,120 | |||||||
Derivative financial instruments | - | - | - | - | - | 51,255 | - | 51,255 | |||||||
Borrowed funds | - | - | - | - | - | - | 2,075,001 | 2,075,001 | |||||||
Other liabilities, excluding non-financial liabilities | - | - | - | - | - | - | 781,493 | 781,493 | |||||||
Total | - | - | - | - | - | 51,255 | 21,310,207 | 21,361,462 |
____________________________________________________________________________________________________________________
Page16 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
7 Financial Risk Management
The Group's capital management objectives are:
- To comply with the capital requirements set by regulators in the markets where the Group's entities operate and safeguard the Group's ability to continue as a going concern;
- To maintain a strong capital base that supports the development of the business; and
- To sustain a sufficient level of returns for the Group's shareholders.
On a consolidated basis, the Group is required to comply with Basel II/III capital requirements set by the BCEAO for banks headquartered in the UEMOA zone. On a standalone basis, banking subsidiaries are required to maintain minimum capital levels and minimum capital adequacy ratios which are determined by their national or regional regulators.
The Group's capital is divided into two tiers:
- Tier 1 capital: share capital (net of treasury shares), retained earnings, reserves created by appropriations of retained earnings, and non-controlling interests allowed as Tier 1 capital by the regulator. Certain intangibles and goodwill are deducted in calculating Tier 1 capital; and
- Tier 2 capital: subordinated debt and other loss-absorbing instruments, certain revaluation reserves, and noncontrolling interests allowed as Tier 2 capital by the regulator.
Risk-weighted assets are calculated in accordance with regulatory guidelines. Credit risk-weighted assets are measured by applying a hierarchy of risk weights related to the nature of the risks associated with each of the Group's on- and off- balance sheet asset classes. Operational risk weighted assets are calculated by applying a scaling factor to the Group's average gross income over the last three years. Market risk-weighted assets are calculated by applying factors to the Group's trading exposures to foreign currencies, interest rates, and prices.
The table below summarises the composition of regulatory capital and the ratios of the Group. The Group has remained compliant with the minimum regulatory capital adequacy ratio requirements (7.25% Tier 1 CAR and 9.50% Total CAR in 2019).
'Restated | |||
31 Dec 2019 | 31 Dec 2018 | ||
Tier 1 capital | |||
Share capital | 2,113,957 | 2,113,957 | |
Retained earnings | 245,563 | 184,895 | |
IFRS 9 Day One transition adjustment | 99,767 | 200,531 | |
Statutory reserves | 584,396 | 478,232 | |
Other reserves | (1,618,813) | (1,420,359) | |
Non-controlling interests | 241,775 | 182,899 | |
Less: goodwill | (191,634) | (199,105) | |
Less: intangibles | (118,340) | (79,229) | |
Less: other deductions | - | - | |
Total qualifying Tier 1 capital | 1,356,671 | 1,461,821 | |
Tier 2 capital | |||
Subordinated debt and other instruments | 271,185 | 398,788 | |
Revaluation reserves | 102,955 | 77,176 | |
Minority interests included in Tier 2 capital | 63,785 | 44,118 | |
Total qualifying Tier 2 capital | 437,925 | 520,082 | |
Total regulatory capital | 1,794,596 | 1,981,903 | |
Risk-weighted assets: | |||
Credit risk weighted assets | 12,126,499 | 12,240,152 | |
Market risk weighted assets | 82,123 | 268,212 | |
Operational risk weighted assets | 3,294,858 | 3,501,410 | |
Total risk-weighted assets | 15,503,480 | 16,009,774 | |
Tier 1 Capital Adequacy Ratio | 8.8% | 9.1% | |
Total Capital Adequacy Ratio | 11.6% | 12.4% |
___________________________________________________________________________________
Page17 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
6 Month Period ended | 6 Month Period ended | ||||||
30 June 2020 | 30 June 2019 | ||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | ||||
8 | Net interest income | ||||||
Interest income | |||||||
Loans and advances to banks | 36,211 | 13,636,954 | 22,899 | 8,269,020 | |||
Loans and advances to customers | 370,469 | 139,517,525 | 378,877 | 136,815,645 | |||
Treasury bills and other eligible bills | 112,599 | 42,404,449 | 93,930 | 33,918,906 | |||
Investment securities | 164,871 | 62,089,929 | 183,210 | 66,158,659 | |||
Financial assets held for trading measured at FVTPL | 16 | 6,026 | 2,743 | 990,520 | |||
Others | 348 | 131,056 | 1,150 | 415,275 | |||
684,514 | 257,785,939 | 682,809 | 246,568,025 | ||||
Interest expense | |||||||
Deposits from banks | 33,034 | 12,440,506 | 44,164 | 15,947,989 | |||
Leases | 1,663 | 626,281 | 182,299 | 65,829,689 | |||
Due to customers | 149,542 | 56,317,073 | 92,913 | 33,551,659 | |||
Other borrowed funds | 71,665 | 26,988,826 | 977 | 352,803 | |||
255,904 | 96,372,686 | 320,353 | 115,682,140 | ||||
9 | Net fee and commission income | ||||||
Fee and commission income: | |||||||
Credit related fees and commissions | 66,089 | 24,888,921 | 69,255 | 25,008,558 | |||
Portfolio and other management fees | 3,104 | 1,168,957 | 5,133 | 1,853,569 | |||
Corporate finance fees | 7,746 | 2,917,121 | 8,479 | 3,061,838 | |||
Cash management and related fees | 84,766 | 31,922,624 | 100,648 | 36,344,831 | |||
Card management fees | 32,058 | 12,072,948 | 39,412 | 14,232,002 | |||
Brokerage fees and commissions | 1,548 | 582,972 | 1,344 | 485,330 | |||
Other fees | 6,662 | 2,508,889 | 11,543 | 4,168,274 | |||
201,973 | 76,062,432 | 235,814 | 85,154,402 | ||||
Fee and commission expense | |||||||
Brokerage fees paid | 811 | 305,420 | 794 | 286,720 | |||
Other fees paid | 12,211 | 4,598,627 | 21,954 | 7,927,773 | |||
13,022 | 4,904,047 | 22,748 | 8,214,493 | ||||
10 | Net trading income | ||||||
Foreign exchange | 95,431 | 35,939,031 | 148,348 | 53,569,700 | |||
Trading income on securities | 40,668 | 15,315,448 | 29,375 | 10,607,558 | |||
136,099 | 51,254,479 | 177,723 | 64,177,258 | ||||
11 | Other operating income | ||||||
Lease income | 106 | 39,919 | 1,113 | 401,914 | |||
Dividend income | 773 | 291,110 | 4,268 | 1,541,210 | |||
Other | 16,346 | 6,155,855 | 17,058 | 6,159,786 | |||
17,225 | 6,486,884 | 22,439 | 8,102,910 | ||||
12 | Impairment losses on loans and advances and other financial assets | ||||||
Impairment losses on loans and advances | 132,376 | 49,852,408 | 137,459 | 49,637,592 | |||
Recoveries | (49,269) | (18,554,559) | (104,132) | (37,602,934) | |||
Impairment charge on other financial assets | 13,766 | 5,184,235 | 23,938 | 8,644,211 | |||
96,873 | 36,482,084 | 57,265 | 20,678,869 | ||||
13 | Operating expenses | ||||||
Staff expenses | 227,332 | 85,612,556 | 243,404 | 87,895,215 | |||
Depreciation and amortisation | 47,701 | 17,964,055 | 53,367 | 19,271,269 | |||
Other operating expenses | 219,041 | 82,490,190 | 218,297 | 78,828,867 | |||
494,074 | 186,066,801 | 515,068 | 185,995,351 | ||||
14 | Taxation | ||||||
Corporate Income Tax | 55,889 | 21,047,631 | 57,586 | 20,794,785 | |||
Deferred income tax | (13,194) | (4,968,821) | (15,661) | (5,655,318) | |||
42,695 | 16,078,810 | 41,925 | 15,139,467 |
_____________________________________________________________________________________________
Page 18 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
15 Earnings per share | |
Basic | 30 June 2020 |
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the company by the | |
weighted average number of ordinary shares in issue outstanding during the period. | |
Profit attributable to equity holders of the Company from continuing operations | 89,095 |
Profit attributable to equity holders of the Company from discontinued operations | 689 |
Weighted average number of ordinary shares in issue (in thousands) | 24,592,619 |
Basic earnings per share (expressed in US cents per share) from continuing operations | 0.36 |
Basic earnings per share (expressed in US cents per share) from discontinued operations | 0.003 |
Diluted |
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has two categories of dilutive potential ordinary shares: convertible debts and share options granted to employees.
The convertible debt is assumed to have been converted into ordinary shares, and the net profit is adjusted to eliminate the interest expense less the tax effect. For the share options, a calculation is made to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Profit attributable to equity holders of the company from continuing operations | 89,095 |
Interest expense on dilutive convertible loans | - |
89,095 | |
Profit attributable to equity holders of the company from discontinued operations | 689 |
Interest expense on dilutive convertible loans | - |
Adjusted profit | 689 |
Weighted average number of ordinary shares in issue (in thousands) | 24,592,619 |
Adjustment for dilutive convertible loans | - |
Weighted average number of ordinary shares for diluted earnings per share (in thousands) | 24,592,619 |
Dilutive earnings per share (expressed in US cents per share) from continuing operations | 0.36 |
Dilutive earnings per share (expressed in US cents per share) from discontinued operations | 0.002 |
________________________________________________________________________________________
Page 19 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
As at 30 June 2020 | As at 31 December 2019 | ||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | ||||
16 | Cash and balances with central banks | ||||||
Cash in hand | 611,742 | 236,591,219 | 636,886 | 232,272,324 | |||
Balances with central banks other than mandatory reserve deposits | 1,295,797 | 501,149,490 | 927,741 | 338,347,143 | |||
Included in cash and cash equivalents | 1,907,539 | 737,740,709 | 1,564,627 | 570,619,467 | |||
Mandatory reserve deposits with central banks | 1,411,183 | 545,775,025 | 1,264,686 | 461,230,984 | |||
3,318,722 | 1,283,515,734 | 2,829,313 | 1,031,850,451 | ||||
17 | Trading financial assets | ||||||
Debt securities measured at FVTPL | |||||||
- Government bonds | 304,561 | 117,788,967 | 182,662 | 66,616,831 | |||
304,561 | 117,788,967 | 182,662 | 66,616,831 | ||||
18 | Loans and advances to banks | ||||||
Items in course of collection from other banks | 45,750 | 17,693,813 | 64,238 | 23,427,599 | |||
Deposits with other banks | 908,785 | 351,472,599 | 1,226,587 | 447,336,279 | |||
Placements with other banks | 1,116,811 | 431,926,654 | 601,064 | 219,208,040 | |||
2,071,346 | 801,093,066 | 1,891,889 | 689,971,918 | ||||
19 | Loans and advances to customers | ||||||
Analysis by type: | |||||||
Overdrafts | 1,125,324 | 435,219,057 | 1,564,461 | 570,558,927 | |||
Credit cards | 3,529 | 1,364,841 | 3,450 | 1,258,215 | |||
Term loans | 7,941,786 | 3,071,485,736 | 8,123,795 | 2,962,748,036 | |||
Mortgage loans | 140,874 | 54,483,020 | 141,952 | 51,769,894 | |||
Others | - | - | - | - | |||
Gross loans and advances | 9,211,513 | 3,562,552,654 | 9,833,658 | 3,586,335,072 | |||
Less: allowance for impairment | (590,556) | (228,397,534) | (557,050) | (203,156,134) | |||
8,620,957 | 3,334,155,120 | 9,276,608 | 3,383,178,938 | ||||
20 | Treasury bills and other eligible bills | ||||||
Maturing within three months | 432,115 | 167,120,476 | 381,444 | 139,112,627 | |||
Maturing after three months | 1,506,710 | 582,720,093 | 1,251,305 | 456,350,933 | |||
1,938,825 | 749,840,569 | 1,632,749 | 595,463,560 | ||||
21 | Investment securities | ||||||
Debt securities | |||||||
- At FVTOCI listed | 2,477,528 | 958,183,954 | 1,901,387 | 693,435,839 | |||
- At FVTOCI unlisted | 2,425,519 | 938,069,473 | 2,793,413 | 1,018,757,721 | |||
Total | 4,903,047 | 1,896,253,427 | 4,694,800 | 1,712,193,560 | |||
Equity securities | |||||||
- At FVTOCI unlisted | 90 | 34,808 | 90 | 32,823 | |||
- At FVTPL listed | 2,040 | 788,970 | 2,169 | 791,034 | |||
- At FVTPL unlisted | 149,073 | 57,653,983 | 161,735 | 58,984,755 | |||
151,203 | 58,477,761 | 163,994 | 59,808,612 | ||||
Total investment securities | 5,054,250 | 1,954,731,188 | 4,858,794 | 1,772,002,172 | |||
Allowance for impairment | (914) | (353,490) | (1,031) | (376,006) | |||
5,053,336 | 1,954,377,698 | 4,857,763 | 1,771,626,166 |
__________________________________________________________________________________________________________________________________
Page 20 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
22 Other assets Fees receivable Accounts receivable
Repossessed assets from customers Prepayments
Sundry receivables
Impairment provision on receivables
-
Right-of-useassets
Included in the amount for property and equipment in the statement of financial position are right-of-use assets show below:
Land and buildings Motor Vehicles Furniture and equipment Other equipment - Deposits from banks Operating accounts with banks Other deposits from banks
-
Deposit from customers Current accounts
Term deposits Savings deposits - Other liabilities Accrued income Unclaimed dividend Accruals
Obligations under customers' letters of credit Bankers draft
Accounts payable Other liabilities - Lease liabilities
Short term Long term
As at 30 June 2020 | As at 31 December 2019 | ||||
US$'000 | NGN$'000 | US$'000 | NGN$'000 | ||
11,468 | 4,435,249 | 9,302 | 3,392,439 | ||
737,048 | 285,053,313 | 738,616 | 269,373,255 | ||
162,658 | 62,907,982 | 170,389 | 62,140,868 | ||
179,314 | 69,349,690 | 156,458 | 57,060,233 | ||
287,602 | 111,230,074 | 236,368 | 86,203,410 | ||
1,378,090 | 532,976,308 | 1,311,133 | 478,170,205 | ||
(91,116) | (35,239,113) | (126,363) | (46,084,585) | ||
1,286,974 | 497,737,195 | 1,184,770 | 432,085,620 | ||
89,476 | 34,604,843 | 86,672 | 31,609,278 | ||
689 | 266,471 | 778 | 283,737 | ||
2,000 | 773,500 | 2,254 | 822,034 | ||
31 | 11,989 | 41 | 14,953 | ||
92,196 | 35,656,803 | 89,745 | 32,730,002 | ||
1,307,965 | 505,855,464 | 612,892 | 223,521,712 | ||
888,104 | 343,474,222 | 1,594,701 | 581,587,455 | ||
2,196,069 | 849,329,686 | 2,207,593 | 805,109,167 | ||
10,213,286 | 3,949,988,360 | 9,817,747 | 3,580,532,331 | ||
3,317,410 | 1,283,008,318 | 3,574,917 | 1,303,772,230 | ||
3,176,424 | 1,228,481,982 | 2,853,456 | 1,040,655,403 | ||
16,707,120 | 6,461,478,660 | 16,246,120 | 5,924,959,964 | ||
74,839 | 28,943,983 | 64,477 | 23,514,762 | ||
12,053 | 4,661,498 | 4,144 | 1,511,317 | ||
33,576 | 12,985,518 | 202,518 | 73,858,315 | ||
14,308 | 5,533,619 | 68,482 | 24,975,385 | ||
15,615 | 6,039,101 | 27,929 | 10,185,706 | ||
306,990 | 118,728,383 | 51,830 | 18,902,401 | ||
577,472 | 223,337,295 | 426,590 | 155,577,373 | ||
1,034,853 | 400,229,397 | 845,970 | 308,525,259 | ||
9,052 | 3,500,861 | 36,791 | 13,417,678 | ||
65,371 | 25,282,234 | 88,316 | 32,208,845 | ||
74,423 | 28,783,095 | 125,107 | 45,626,523 | ||
__________________________________________________________________________________________________________________________________
Page 21 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
Note 28: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - USD
Ecobank groups its business in Africa into four geographical regions. These reportable operating segments are Nigeria, Francophone West Africa (UEMOA), Anglophone West Africa (AWA), Central, Eastern and Southern, Africa (CESA).
In 000 of $
NIGERIA | UEMOA | AWA | CESA | OTHERS AND CONSO | Ecobank Group | ||||
ADJUSTMENT(1) | |||||||||
Income Statement Highlights for the period ended 30 June 2020 | ||||||||||
Net interest income | 85,359 | 144,582 | 150,695 | 99,045 | (51,071) | 428,610 | ||||
Net fees and commission income | 17,711 | 61,138 | 42,610 | 62,814 | 4,678 | 188,951 | ||||
Other income | 33,285 | 31,117 | 37,805 | 37,382 | 13,735 | 153,324 | ||||
Operating income | 136,355 | 236,837 | 231,110 | 199,241 | (32,658) | 770,885 | ||||
Impairment charges on financial assets | 2,360 | 18,468 | 28,151 | 4,393 | 43,501 | 96,873 | ||||
Total operating expenses | 109,727 | 143,338 | 106,286 | 116,717 | 18,006 | 494,074 | ||||
Operating profit after impairment losses | 24,268 | 75,031 | 96,673 | 78,131 | (94,165) | 179,938 | ||||
Net monetary loss arising from hyperinflationary economy | - | - | - | (9,490) | - | (9,490) | ||||
Share of post-tax results of associates | - | - | - | (151) | - | (151) | ||||
Profit before tax | 24,268 | 75,031 | 96,673 | 68,490 | (94,165) | 170,297 | ||||
Balance Sheet Highlights as at 30 June 2020 | ||||||||||
Total assets | 5,781,689 | 8,692,649 | 4,120,861 | 5,475,462 | 214,120 | 24,284,781 | ||||
Total Liabilities | 5,270,723 | 7,967,003 | 3,607,432 | 4,962,438 | 556,732 | 22,364,328 | ||||
In 000 of $ | ||||||||||
OTHERS AND | ||||||||||
NIGERIA | UEMOA | AWA | CESA | CONSO | Ecobank Group | |||||
ADJUSTMENT(1) | ||||||||||
Income Statement Highlights for the period ended 30 June 2019 | ||||||||||
Net interest income | 46,263 | 139,126 | 126,717 | 98,273 | (47,923) | 362,456 | ||||
Net fees and commission income | 22,994 | 67,322 | 46,683 | 73,327 | 2,740 | 213,066 | ||||
Other income | 43,708 | 34,419 | 34,060 | 64,940 | 23,035 | 200,162 | ||||
Operating income | 112,965 | 240,867 | 207,460 | 236,540 | (22,148) | 775,684 | ||||
Impairment charges on financial assets | (5,566) | (2,209) | 24,733 | (2,123) | 42,430 | 57,265 | ||||
Total operating expenses | 114,114 | 145,882 | 101,770 | 124,627 | 28,675 | 515,068 | ||||
Operating profit after impairment losses | 4,417 | 97,194 | 80,957 | 114,036 | (93,253) | 203,351 | ||||
Share of post-tax results of associates | - | - | 2 | (149) | 153 | 6 | ||||
Profit before tax | 4,417 | 97,194 | 80,959 | 113,887 | (93,100) | 203,357 | ||||
Balance Sheet Highlights as at 31 December 2019 | ||||||||||
Total assets | 5,628,885 | 8,960,332 | 3,898,882 | 5,597,660 | (444,575) | 23,641,184 | ||||
Total Liabilities | 5,141,095 | 8,263,104 | 3,444,102 | 5,080,545 | (173,439) | 21,755,407 | ||||
Others & Conso adjustments comprise of ETI, the Holdco, eProcess (the Group's technology service company), the International business in Paris, | the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in ' Others & Conso adjustments' | |||||||||
__________________________________________________________________________________________________________________________________________ | |
Page 22 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
Note 29: BUSINESS FINANCIAL PERFORMANCE - USD
The group operating segments are described below:
- Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
- Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
- Consumer: Focuses on serving banking customers that are individuals
In 000 of $ | |||||
CIB | Commercial | Consumer | Others | Consolidation | Ecobank Group |
Adjustments | |||||
Income Statement Highlights for the period ended 30 June 2020 |
Net interest income | 246,721 | 89,378 | 112,482 | (20,363) | 392 | 428,610 | |||
Net fees and commission income | 73,891 | 47,478 | 65,972 | 17,208 | (15,598) | 188,951 | |||
Other income | 108,196 | 37,148 | 11,698 | 122,883 | (126,601) | 153,324 | |||
Operating income | 428,808 | 174,004 | 190,152 | 119,728 | (141,807) | 770,885 | |||
Impairment charges on financial assets | 55,418 | 17,423 | 10,491 | 13,541 | - | 96,873 | |||
Total operating expenses | 200,632 | 129,185 | 156,287 | 71,527 | (63,557) | 494,074 | |||
Operating profit after impairment losses | 172,758 | 27,396 | 23,374 | 34,660 | (78,250) | 179,938 | |||
Net monetary loss arising from hyperinflationary economy | (6,071) | (1,012) | (1,840) | (567) | - | (9,490) | |||
Share of post-tax results of associates | (151) | - | - | - | - | (151) | |||
Profit before tax | 166,536 | 26,384 | 21,534 | 34,093 | (78,250) | 170,297 | |||
Balance Sheet Highlights as at 30 June 2020 | |||||||||
Total assets | 13,456,342 | 1,638,112 | 911,835 | 4,890,842 | 3,387,650 | 24,284,781 | |||
Total Liabilities | 11,117,938 | 3,918,364 | 5,742,320 | 2,751,927 | (1,166,221) | 22,364,328 | |||
In 000 of $ | |||||||||
Consolidation | |||||||||
CIB | Commercial | Consumer | Others | Ecobank Group | |||||
Adjustments | |||||||||
Income Statement Highlights for the period ended 30 June 2019 | |||||||||
Net interest income | 174,910 | 74,997 | 108,764 | 3,305 | 480 | 362,456 | |||
Net fees and commission income | 81,418 | 56,968 | 77,710 | 12,033 | (15,063) | 213,066 | |||
Other income | 113,064 | 50,879 | 20,178 | 141,568 | (125,527) | 200,162 | |||
Operating income | 369,392 | 182,844 | 206,652 | 156,906 | (140,110) | 775,684 | |||
Impairment charges on financial assets | 38,021 | 7,146 | 4,858 | 19,244 | (12,004) | 57,265 | |||
Total operating expenses | 203,329 | 131,931 | 163,394 | 67,995 | (51,581) | 515,068 | |||
Operating profit after impairment losses | 128,042 | 43,767 | 38,400 | 69,667 | (76,525) | 203,351 | |||
Share of post-tax results of associates | (147) | - | - | 153 | - | 6 | |||
Profit before tax | 127,895 | 43,767 | 38,400 | 69,820 | (76,525) | 203,357 | |||
Balance Sheet Highlights as at 31 December 2019 | |||||||||
Total assets | 13,898,717 | 1,750,062 | 1,003,741 | 4,013,305 | 2,975,359 | 23,641,184 | |||
Total Liabilities | 12,957,810 | 3,813,213 | 5,505,945 | 1,942,446 | (2,464,007) | 21,755,407 | |||
__________________________________________________________________________________________________________________________________________ | |
Page 23 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
Note 30: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - NGN
Ecobank groups its business in Africa into four geographical regions. These reportable operating segments are Nigeria, Francophone West Africa (UEMOA), Anglophone West Africa (AWA), Central, Eastern and Southern, Africa (CESA).
In 000,000 of NGN
NIGERIA | UEMOA | AWA | CESA | OTHERS AND CONSO | Ecobank Group | ||||
ADJUSTMENT(1) | |||||||||
Income Statement Highlights for the period ended 30 June 2020 | ||||||||||
Net interest income | 32,146 | 54,449 | 56,751 | 37,300 | (19,233) | 161,413 | ||||
Net fees and commission income | 6,670 | 23,024 | 16,047 | 23,656 | 1,761 | 71,158 | ||||
Other income | 12,535 | 11,719 | 14,237 | 14,078 | 5,172 | 57,741 | ||||
Operating income | 51,351 | 89,192 | 87,035 | 75,034 | (12,300) | 290,312 | ||||
Impairment charges on financial assets | 889 | 6,955 | 10,602 | 1,654 | 16,382 | 36,482 | ||||
Total operating expenses | 41,323 | 53,981 | 40,027 | 43,955 | 6,781 | 186,067 | ||||
Operating profit after impairment losses | 9,139 | 28,256 | 36,406 | 29,425 | (35,463) | 67,763 | ||||
Net monetary loss arising from hyperinflationary economy | - | - | - | (3,574) | - | (3,574) | ||||
Share of post-tax results of associates | - | - | - | (57) | - | (57) | ||||
Profit before tax | 9,139 | 28,256 | 36,406 | 25,794 | (35,463) | 64,132 | ||||
Balance Sheet Highlights as at 30 June 2020 | ||||||||||
Total assets | 2,236,068 | 3,361,882 | 1,593,743 | 2,117,635 | 82,811 | 9,392,139 | ||||
Total Liabilities | 2,038,452 | 3,081,238 | 1,395,174 | 1,919,223 | 215,317 | 8,649,404 | ||||
In 000,000 of NGN | ||||||||||
OTHERS AND | ||||||||||
NIGERIA | UEMOA | AWA | CESA | CONSO | Ecobank Group | |||||
ADJUSTMENT(1) | ||||||||||
Income Statement Highlights for the period ended 30 June 2019 | ||||||||||
Net interest income | 16,706 | 50,240 | 45,759 | 35,487 | (17,306) | 130,886 | ||||
Net fees and commission income | 8,303 | 24,311 | 16,858 | 26,479 | 989 | 76,940 | ||||
Other income | 15,783 | 12,429 | 12,299 | 23,450 | 8,319 | 72,280 | ||||
Operating income | 40,792 | 86,980 | 74,916 | 85,416 | (7,998) | 280,106 | ||||
Impairment charges on financial assets | (2,010) | (798) | 8,931 | (767) | 15,323 | 20,679 | ||||
Total operating expenses | 41,208 | 52,679 | 36,750 | 45,004 | 10,354 | 185,995 | ||||
Operating profit after impairment losses | 1,594 | 35,099 | 29,235 | 41,179 | (33,675) | 73,432 | ||||
Share of post-tax results of associates | - | - | 1 | (54) | 55 | 2 | ||||
Profit before tax | 1,594 | 35,099 | 29,236 | 41,125 | (33,620) | 73,434 | ||||
Balance Sheet Highlights as at 31 December 2019 | ||||||||||
Total assets | 2,052,854 | 3,267,833 | 1,421,922 | 2,041,467 | (162,136) | 8,621,940 | ||||
Total Liabilities | 1,874,957 | 3,013,554 | 1,256,064 | 1,852,875 | (63,253) | 7,934,197 |
Others & Conso adjustments comprise of ETI, the Holdco, eProcess (the Group's technology service company), the International business in Paris, the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in ' Others & Conso adjustments'
__________________________________________________________________________________________________________________________________________ | |
Page 24 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
Note 31: BUSINESS FINANCIAL PERFORMANCE - NGN
The group operating segments are described below:
- Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
- Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
- Consumer: Focuses on serving banking customers that are individuals
In 000,000 of NGN | |||||
CIB | Commercial | Consumer | Others | Consolidation | Ecobank Group |
Adjustments | |||||
Income Statement Highlights for the period ended 30 June 2020 |
Net interest income | 92,914 | 33,659 | 42,360 | (7,669) | 149 | 161,413 | |||
Net fees and commission income | 27,827 | 17,880 | 24,845 | 6,480 | (5,874) | 71,158 | |||
Other income | 40,746 | 13,990 | 4,405 | 46,277 | (47,677) | 57,741 | |||
Operating income | 161,487 | 65,529 | 71,610 | 45,088 | (53,402) | 290,312 | |||
Impairment charges on financial assets | 20,870 | 6,561 | 3,951 | 5,100 | - | 36,482 | |||
Total operating expenses | 75,557 | 48,651 | 58,857 | 26,937 | (23,935) | 186,067 | |||
Operating profit after impairment losses | 65,060 | 10,317 | 8,802 | 13,051 | (29,467) | 67,763 | |||
Net monetary loss arising from hyperinflationary economy | (2,286) | (381) | (693) | (214) | - | (3,574) | |||
Share of post-tax results of associates | (57) | - | - | - | - | (57) | |||
Profit before tax | 62,717 | 9,936 | 8,109 | 12,837 | (29,467) | 64,132 | |||
Balance Sheet Highlights as at 30 June 2020 | |||||||||
Total assets | 5,204,240 | 633,540 | 352,652 | 1,891,533 | 1,310,174 | 9,392,139 | |||
Total Liabilities | 4,299,863 | 1,515,427 | 2,220,842 | 1,064,308 | (451,036) | 8,649,404 | |||
In 000,000 of NGN | |||||||||
Consolidation | |||||||||
CIB | Commercial | Consumer | Others | Ecobank Group | |||||
Adjustments | |||||||||
Income Statement Highlights for the period ended 30 June 2019 | |||||||||
Net interest income | 63,161 | 27,082 | 39,276 | 1,193 | 174 | 130,886 | |||
Net fees and commission income | 29,401 | 20,572 | 28,062 | 4,345 | (5,440) | 76,940 | |||
Other income | 40,828 | 18,373 | 7,286 | 51,121 | (45,328) | 72,280 | |||
Operating income | 133,390 | 66,027 | 74,624 | 56,659 | (50,594) | 280,106 | |||
Impairment charges on financial assets | 13,730 | 2,580 | 1,754 | 6,949 | (4,334) | 20,679 | |||
Total operating expenses | 73,424 | 47,641 | 59,003 | 24,554 | (18,627) | 185,995 | |||
Operating profit after impairment losses | 46,236 | 15,806 | 13,867 | 25,156 | (27,633) | 73,432 | |||
Share of post-tax results of associates | - | - | - | 55,250 | (55,248) | 2 | |||
Profit before tax | 46,236 | 15,806 | 13,867 | 80,406 | (82,881) | 73,434 | |||
Balance Sheet Highlights as at 31 December 2019 | |||||||||
Total assets | 5,068,862 | 638,248 | 366,064 | 1,463,652 | 1,085,114 | 8,621,940 | |||
Total Liabilities | 4,725,713 | 1,390,679 | 2,008,018 | 708,410 | (898,623) | 7,934,197 | |||
__________________________________________________________________________________________________________________________________________ | |
Page 25 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
Ecobank Transnational Incorporated
Condensed unaudited consolidated interim financial statements
For the period ended 30 June 2020
Notes
(All amounts in thousands of US dollar unless otherwise stated)
32 Contingent liabilities and commitments a) Legal proceedings
The Group is a party to various legal actions arising out of its normal business operations. The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Group, either individually or in the aggregate.
b) Loan commitments, guarantee and other financial facilities
At 30 June 2020 the Group had contractual amounts of the off-statement of financial position financial instruments that commit it to extend credit to customers guarantees and other facilities are as follows:
30 June 2020 | 31 Dec 2019 | ||
Guaranteed commercial papers and bank acceptances | 20,328 | 136,357 | |
Documentary and commercial letters of credit | 1,251,219 | 1,308,351 | |
Performance bond, guarantees and indemnities | 1,464,223 | 1,759,919 | |
Loan commitments | 1,174,901 | 452,255 | |
3,910,671 | 3,656,882 |
c) Tax exposures
The income tax expense recognised in the financial statements for an interim period complying with IAS 34 is based on the weighted average annual income tax rate for the full year. The Group is exposed to ongoing tax reviews in some subsidiary entities. The Group considers the impact of tax exposures, including whether additional taxes may be due. This assessment relies on estimates and assumptions and may involve series of judgments about future events. New information may become available that causes the Group to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities would impact tax expense in the period in which such a determination is made. The total amount of tax exposure as at 30 June 2020 is $145 million (December 2019: $150 million). Based on Group's assessment, the probable liability is not likely to exceed $9 million (December 2019: $ 9 million) which provisions have been made in the books.
33 Covid-19 impact
The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections worldwide. Consequently, in most countries, a lot of measures have been taken to contain the virus: limiting the movement of people, restricting flights and closing borders, temporarily closing businesses and schools, and canceling events. This pandemic is having an immediate impact on businesses such as tourism, transport, retail, and entertainment affecting African economic activity as well. In response, the central banks of countries where ETI operates, along with respective governments, intervened with monetary and fiscal measures aimed at mitigating market concerns and providing liquidity to the market.
At Ecobank, the management team has taken appropriate steps to assess the impact on the Group's financial statement based on the information available as of date. GThe duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Group.
The Company is currently reviewing the key parameters for the impairment model such as Forward-Looking Information (FLI) since the assessment of the increase in credit risk is based on a forward-looking model taking into account a "Macro-sector factor", Probability of Default (PD) and Loss Given Default (LGD). This would be finalized during the second half of 2020. In the meantime, we accounted for an additional collective assessment impairment of $36 million to cope with the expected potential risk of this pandemic in our financial structure and the various current uncertainties in the markets. Our cost of risk has increased from 1.0% (unadjusted) to 1.7% (adjusted with this additional collective impairment), representing an increase in the cost of risk by 70bps. This estimate is based on the current best available data about past events, current conditions, and forecasts of future economic conditions at the moment.
Management is closely monitoring the evolution of this pandemic, including how it may affect the Group.
The statements regarding the impact of the COVID-19 pandemic on our business, results, financial position, the ' 'firm's liquidity and regulatory capital ratio and the measurement of impairment of intangible assets such as goodwill under IAS 36 and fair value measurement of assets and liabilities at fair value in accordance with IFRS 13 are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.
34 Insider trading and market abuse prohibition
The Ecobank Group has in place a dealing policy of financial instruments which is applicable to all Ecobank employees (ETI and its affiliates), Directors, contractors (Staff) and in-house staff of outsourced service providers. The policy sets standard terms and conditions similar to the standards set out by the Nigeria Stock Exchange, the Ghana Stock Exchange and the BRVM ( UEMOA Regional Stock Exchange) on Insider Trading. The Group ensures that all Directors and Staff are kept informed about the policy as it is periodically circulated to serve as a reminder of their obligations under it.
Staff Members, Directors, Executive management and their Connected Persons, must not deal in Ecobank Securities at any time during a "Close Period" the period from the end of the relevant financial year or period up to and including the time of announcement and released to the public or any other period as defined by the Group.
The Ecobank Group commits itself to making necessary disclosures in compliance with the Securities and Exchange Commission ("SEC") Rules and Regulations which stipulates that Directors and top Management employees and other insiders of public companies shall notify the SEC of any sale or purchase of shares in the company, not later than forty-eight (48) hours after such activity.
____________________________________________________________________________________________________________________________
Page 26 | Condensed unaudited consolidated interim financial statements - 30 June 2020 |
STATEMENT OF VALUE ADDED | |||||||||||||
Period ended | Period ended | ||||||||||||
30 June 2020 | 30 June 2019 | ||||||||||||
US$'000 | % | NGN'000 | % | US$'000 | % | NGN'000 | % | ||||||
Gross income | 1,040,935 | 392,013,029 | 1,122,106 | 405,201,836 | |||||||||
Interest expenses paid | (255,904) | (96,372,686) | (320,353) | (115,682,140) | |||||||||
Fee and commission expenses | (13,022) | (4,904,047) | (22,748) | (8,214,493) | |||||||||
772,009 | 290,736,296 | 779,005 | 281,305,203 | ||||||||||
Impairment loss on financial assets | (96,873) | (36,482,084) | (57,265) | (20,678,869) | |||||||||
675,136 | 254,254,212 | 721,740 | 260,626,334 | ||||||||||
Bought in material & services | (228,531) | (86,064,096) | (218,297) | (78,828,867) | |||||||||
Value Added | 446,605 | 100% | 168,190,116 | 100% | 503,443 | 100% | 181,797,467 | 100% | |||||
Distributions | |||||||||||||
Employees | |||||||||||||
Staff salaries and benefits | 227,332 | 51% | 85,612,556 | 51% | 243,404 | 48% | 87,895,215 | 48% | |||||
Government | |||||||||||||
Income tax | 42,695 | 10% | 16,078,810 | 10% | 41,925 | 8% | 15,139,467 | 8% | |||||
Retained in the group | |||||||||||||
Asset replacement ( depreciation and amortisation) | 47,701 | 11% | 17,964,055 | 11% | 53,367 | 11% | 19,271,269 | 11% | |||||
Expansion(transfer to reserves and non-controlling interest) | 128,877 | 29% | 48,534,695 | 29% | 164,747 | 33% | 59,491,516 | 33% | |||||
446,605 | 100% | 168,190,116 | 100% | 503,443 | 100% | 181,797,467 | 100% | ||||||
Page 27
No | Shareholders1 | Number of | Percentage Holdings |
Ordinary shares | |||
1 | Strategic Shareholding | 8,582,347,883 | 47.27 |
2 | Directors Direct Shareholding | 12,010,768 | 0.07 |
3 | Government Shareholding | 374,577 | 0 |
4 | Staff Schemes | - | - |
5 | Free Float | 9,562,170,631 | 52.67 |
Total | 18,156,903,859 | 100 | |
1.Stanbic Nominees holds 36.60% en bloc for various shareholders including QNB. The shares are available for trade on the floor of the exchange.
NAME | HOLDING | % HOLDING |
STRATEGIC SHAREHOLDING | ||
NEDBANK GROUP LIMITED | 5,249,014,550 | 28.91 |
GOVERNMENT EMPLOYEES PENSION FUND | 3,333,333,333 | 18.36 |
8,582,347,883 | 47.27 | |
DIRECTORS | ||
NKONTCHOU ALAIN FRANCIS | 6,915,768 | 0.04 |
AYEYEMI ADEMOLA | 5,095,000 | 0.03 |
12,010,768 | 0.07 | |
GOVERNMENT | ||
OSUN STATE FINANCE INVESTMENT | 21,333 | - |
COMPANY LIMITED | ||
OSUN STATE GOVERNMENT OF NIGERIA | 340,000 | - |
OSUN STATE INVESTMENT CO LTD | 7,911 | - |
OSUN STATE INVESTMENT CO.LTD | 5,333 | - |
374,577 | 0 | |
About Ecobank:
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking Group, Ecobank, present in 35 African countries. The Ecobank Group is also represented in France through its subsidiary EBI SA in Paris. ETI also has representative offices in Dubai-United Arab Emirates, London-UK,Beijing-China, Johannesburg- South Africa, and Addis Ababa-Ethiopia.
ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) - the BRVM - in Abidjan.
The Group is owned by more than 600,000 local and international institutional and individual shareholders. It employs 14,605 people in 39 different countries in 733 branches and offices. Ecobank is a full-service bank, providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Additional information may be found on the Group's corporate website at: www.ecobank.com.
Investor Relations :
Ecobank is committed to continuous improvement in its investor communications. For further information, including any suggestions as to how we can communicate more effectively, please contact Ecobank Investor Relations via ir@ecobank.com. Full contact details below:
Investor contact:
Ato Arku
- +228 22 21 03 03
- +228 92 40 90 09
- aarku@ecobank.com
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ETI - Ecobank Transnational Inc. published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 13:10:16 UTC