Ecobank Ghana PLC

Un-audited Financial Statements

For the nine-month period ended
30th September 2021
Key Ratios

Cost to Income 43.39%

Return on Average Assets 3.96%
Return on Average Equity 26.37%
Non Funded Income to Total Income 31.19%

Financial Highlights
September 2020 – September 2021 Growth
Profit Before Tax 27.22%
Total Assets 15.47%
Deposits 18.60%
Revenue 12.39%
Ecobank Ghana PLC
Consolidated Financial Statements for the period ended 30th Sept 2021
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Comprehensive Income Group Bank

Sep-21 Sep-20 Sep-21 Sep-20

Interest income 1,187,400 1,163,643 1,152,419 1,111,673

Interest expense (144,828) (169,062) (146,320) (149,415)
-------------------- -------------------- -------------------- --------------------
Net interest income 1,042,572 994,581 1,006,099 962,258

Fees and commission income 287,320 178,114 278,500 142,410

Fees and commission expense (17,157) (7,037) (17,157) (7,037)
-------------------- -------------------- -------------------- --------------------
Net fee and commission income 270,163 171,077 261,343 135,373
-------------------- -------------------- -------------------- --------------------
Net trading income 174,563 129,290 174,492 127,376
Other operating income 27,519 48,926 25,790 48,910
Dividend Income - 3,568 - 3,568
Gain on sale of equipment 236 556 227 556
-------------------- -------------------- -------------------- --------------------
202,318 182,340 200,509 180,410
-------------------- -------------------- -------------------- --------------------
Revenue 1,515,053 1,347,998 1,467,951 1,278,041

Net Impairment charge (149,546) (184,308) (147,307) (182,819)

Personnel expenses (275,387) (263,709) (263,560) (248,928)
Depreciation and amortisation (40,840) (32,255) (38,753) (29,969)
Other operating expenses (341,203) (311,137) (315,426) (269,676)
-------------------- -------------------- -------------------- --------------------
Operating profit 708,077 556,589 702,905 546,649
-------------------- -------------------- -------------------- --------------------
Profit before income tax 708,077 556,589 702,905 546,649
Income tax expense (239,284) (167,751) (238,597) (165,371)
Profit after tax 468,793 388,838 464,308 381,278
Ecobank Ghana PLC
Consolidated Financial Statements for the period ended 30th Sept 2021

Statements of Other Comprehensive Income Group Bank

Sep-21 Sep-20 Sep-21 Sep-20

Net income after tax 468,793 388,838 464,308 381,278

Other Comprehensive Income
Items that will never be reclassified subsequently to profit or loss:
Change in value of investment securities valued at FVOCI (101,546) 2,458 (101,546) 2,458
Income tax relating to components of other comprehensive income 25,387 (615) 25,387 (615)
Other comprehensive income for the year, net of tax (76,159) 1,843 (76,159) 1,843

Total comprehensive income for the period 392,634 390,681 388,149 383,121

Profit for the period attributable to:

Parent 468,751 388,807 464,308 381,278
Non-controlling interest 42 31 - -
Comprehensive income for the period attributable to:
Parent 392,592 390,650 388,149 383,121
Non-controlling interest 42 31 - -

Earnings per share

Basic & diluted (in Ghana Cedis) 1.94 1.61 1.92 1.58
Ecobank Ghana PLC
Statement of Financial Position as at 30th Sept 2021
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Financial Position Group Bank

Sep-21 Sep-20 Sep-21 Sep-20

Assets
Cash and balances with banks 3,316,755 3,543,112 3,225,951 3,431,783
Loans & advances to customers 4,729,977 4,675,725 4,690,675 4,566,041
Non-pledged trading assets 561,099 999,292 559,970 999,292
Non-trading assets 6,718,983 4,128,475 6,656,459 4,150,164
Investment in subsidiaries - - 39,883 38,083
Other assets 860,882 698,899 870,770 754,477
Deferred income tax asset 20,755 4,392 20,755 3,777
Intangible assets 80,875 52,102 80,774 52,102
Non-current assets held for sale 28,327 28,327 28,327 28,327
Right-of-use-assets 33,693 95,231 33,693 95,231
Property and equipment 585,802 442,024 575,300 423,440
---------------------- ---------------------- ---------------------- ----------------------
Total Assets 16,937,148 14,667,579 16,782,557 14,542,717
============ ============ ============ ============
Liabilities
Deposits from banks 777,939 1,226,523 942,586 1,226,523
Deposits from customers 12,767,717 10,765,265 12,558,174 10,681,406
Borrowings 77,738 56,159 77,738 48,698
Current income tax liabilities 1,642 37,716 1,642 37,716
Other liabilities 600,464 411,244 519,725 403,676
Lease liabilities 48,559 92,446 48,559 92,446
---------------------- ---------------------- ---------------------- ----------------------
Total liabilities 14,274,059 12,589,353 14,148,424 12,490,465

Equity and reserves

Stated capital 416,641 416,641 416,641 416,641
Retained earnings 1,410,266 1,039,124 1,387,551 1,018,398
Other reserves 254,197 121,760 254,197 121,760
Statutory reserve 569,058 500,085 563,430 495,453
Credit risk reserve 12,314 - 12,314 -
Non-controlling interest 613 616 - -
------------------------ ------------------------ ---------------------- ----------------------
Total equity attributable to
equity holders 2,663,089 2,078,226 2,634,133 2,052,252

Total liabilities and equity 16,937,148 14,667,579 16,782,557 14,542,717

============ ============ ============ ============
Statements of Cash flows
(All amounts are in thousands of Ghana cedis unless otherwise
stated)

Statements of Cash flows Group Bank

Sep-21 Sep-20 Sep-21 Sep-20

Cash flows from operating activities

Profit before tax 708,077 556,589 702,905 546,649

Depreciation expense 40,840 32,255 38,753 29,969

Impairment 205,250 51,376 203,247 51,376
Unrealised losses/(gains) - net (3,064) (10,147) (2,993) (10,128)
Gain on disposal of property and equipment (236) - (227) -
Interest expense on leases 1,615 - 1,071 -
- -
Changes in operating assets and liabilities
Loans and advances 247,820 889,792 235,692 857,111
Other assets (252,250) (177,773) (265,197) (143,323)
Other liabilities 115,176 30,805 72,354 24,004
Deposits from banks (298,219) 30,718 (547,382) 30,718
Deposits from customers 963,201 1,008,067 1,171,732 636,366
Mandatory reserves (84,545) 370,022 (93,562) 370,022
Placements (559,102) 327,608 (532,094) 327,608
Cash flows from operating activities 1,084,563 3,109,312 984,299 2,720,372
Tax paid (226,191) (84,266) (223,187) (82,118)
Net cash flows from operating activities 858,372 3,025,046 761,112 2,638,254

Cash flows from investing activities

Government securities – net (812,225) (2,062,200) (903,024) (2,049,151)
Proceeds from sale of property and equipment 236 556 227 556
Payments for property and equipment (11,438) (11,468) (10,577) (11,446)
Payments for intangible assets (16,054) (49,431) (16,031) (49,276)
Net cash used in investing activities (839,481) (2,122,543) (929,405) (2,109,317)
Cash flows from financing activities
Proceeds from/repayment of borrowings 35,176 (12,643) 35,176 (12,643)
Payment of finance lease liability (22,898) (9,089) (21,938) (9,089)
Dividends paid (177,403) (96,765) (177,403) (96,765)
Net cash used in financing activities (165,125) (118,497) (164,165) (118,497)

Net (decrease)/increase in cash and cash equivalents (146,234) 784,006 (332,458) 410,440
Cash and cash equivalents at 1st January 3,029,150 1,721,107 3,034,214 1,726,085
Cash and cash equivalents at 30 September 2,882,916 2,505,113 2,701,756 2,136,525
STATEMENTS OF CHANGES IN EQUITY
(All amounts are in thousands of Ghana cedis unless otherwise stated)
Retained Statutory Credit risk Non-contolling
THE GROUP Stated capital earnings Other reserves reserve Fund reserve interest Total
GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000
Balance at 1 January 2021 416,641 1,118,918 330,356 569,058 12,314 571 2,447,858
Profit for the period - 468,751 - - - 42 468,793
Revaluation gains (net of tax) - - (76,159) - - - (76,159)
Adjustments -
Dividends paid (177,403) (177,403)
------------------------
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At 30 Sept 2021 416,641 1,410,266 254,197 569,058 12,314 613 2,663,089
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Retained Statutory Regulatory

THE BANK Stated Capital earnings Other reserves Reserve Fund Credit Risk Total
GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000 GH¢'000
Balance at 1 January 2021 416,641 1,100,646 330,356 563,430 12,314 2,423,387
Profit for the period - 464,308 - - - 464,308
Revaluation gains (net of tax) - - (76,159) - - (76,159)
Dividends paid (177,403) (177,403)
------------------------
------------------------
-------------------------
------------------------------
---------------------------- --------------------
At 30 Sept 2021 416,641 1,387,551 254,197 563,430 12,314 2,634,133
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Ecobank Ghana PLC
DISCLOSURES

1. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards.

2. The accounting policies applied in the preparation of these financial statements were consistent with those applied in the preparation of the annual consolidated statements of 31December 2020

3. Contingent liabilities
Group Bank
Sep-21 Sep-20 Sep-21 Sep-20
GHC '000 GHC '000 GHC '000 GHC '000
Guarantees and indemnities 1,352,507 995,698 1,352,507 995,698
Documentary letters of credit 1,356,448 564,980 1,356,448 564,980
Loan Commitments 1,675,601 1,959,316 1,675,601 1,959,316
4,384,556 3,519,994 4,384,556 3,519,994
4. Quantitative Disclosures

i. Capital Adequacy Ratio 18.12% 17.30%

ii. Non-performing loan ratio Per BOG 13.59% 12.83%

Per IFRS 6.42% 7.38%
iii. Liquid ratio 78.96% 104.96%
iv. Common Equity Tier 1 ratio 16.12% 15.30%
v. Leverage ratio 8.09% 8.73%

5. Qualitative Disclosures
i. Default in statutory liquidity (times) Nil 1
ii. Default in statutory liquidity sanction (GHC'000) Nil 27
iii. Other regulatory sanctions (GHC'000) 17 2,429

6. The financial statements do not contain any untrue statement, misleading facts or omit material facts, to the best of our knowledge.

Signed Signed

Daniel Sackey Edward Nartey Botchway

Managing Director Executive Director