Ecobank Ghana Limited

Un-audited Financial Statements

For the three-month period ended
31st March 2022
Financial Highlights
March 2021 - March 2022 Growth
Revenue 10%
Loans 35%

Deposits 21%
Total Assets 20%
Ecobank Ghana Limited & Subsidiaries
Consolidated Financial Statements for the period ended 31st March 2022
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Comprehensive Income Group Bank

Mar-22 Mar-21 Mar-22 Mar-21

Interest income 433,769 427,010 415,030 413,569

Interest expense (63,095) (51,585) (59,648) (48,701)
-------------------- -------------------- -------------------- --------------------
Net interest income 370,674 375,425 355,382 364,868

Fees and commission income 121,896 71,272 118,893 62,039

Fees and commission expense (17,157) (3,521) (17,156) (3,521)
-------------------- -------------------- -------------------- --------------------
Net fee and commission income 104,739 67,751 101,737 58,518
-------------------- -------------------- -------------------- --------------------
Net trading income 57,837 42,003 57,837 42,024
Other operating income 4,951 5,680 4,829 5,341
Gain on sale of equipment 199 151 199 151
-------------------- -------------------- -------------------- --------------------
62,987 47,834 62,865 47,516
-------------------- -------------------- -------------------- --------------------
Revenue 538,400 491,010 519,984 470,902

Net Impairment charge (46,412) (46,850) (45,849) (46,261)

Personnel expenses (115,003) (89,020) (109,754) (85,414)
Depreciation and amortisation (19,131) (11,606) (18,480) (10,895)
Other operating expenses (129,008) (99,075) (126,293) (87,790)
-------------------- -------------------- -------------------- --------------------
Operating profit 228,846 244,459 219,608 240,542
-------------------- -------------------- -------------------- --------------------
Net income before taxes and levies 228,846 244,459 219,608 240,542
Income tax expense including levies (80,148) (73,361) (76,863) (72,285)

Net income after tax 148,698 171,098 142,745 168,257

Ecobank Ghana Limited & Subsidiaries
Consolidated Financial Statements for the period ended 31st March 2022

Statements of Comprehensive Income Group Bank

Mar-22 Mar-21 Mar-22 Mar-21

Net income after tax 148,698 171,098 142,745 168,257

Other Comprehensive Income
Items that may be reclassified to profit or loss:
Change in value of investment securities valued at FVOCI (34,945) (28,660) (34,945) (28,660)
Income tax relating to components of other comprehensive income 8,736 7,165 8,736 7,165
Other comprehensive income, net of tax (26,209) (21,495) (26,209) (21,495)
Total comprehensive income for the period 122,489 149,603 116,536 146,762

Profit for the period attributable to:

Parent 148,692 171,070 142,745 168,257
Non-controlling interest 6 28 - -
Comprehensive income for the period attributable to:
Parent 122,483 149,575 116,536 146,762
Non-controlling interest 6 28 - -

#REF! 228,416
Earnings per share
Basic & diluted (in Ghana Cedis) 1.84 2.12 1.77 2.09
Ecobank Ghana Limited & Subsidiaries
Statement of Financial Position as at 31st Mar 2022
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Financial Position Group Bank

Mar-22 Mar-21 Mar-22 Mar-21

Assets
Cash and balances with banks 3,370,066 4,144,004 3,535,756 4,193,168
Loans & advances to customers 6,358,778 4,708,598 6,298,190 4,641,041
Non pledged trading assets 441,326 561,098 441,326 559,970
Non-trading assets 7,463,164 5,206,174 7,279,637 5,113,616
Other assets 808,992 609,509 786,314 606,276
Deferred income tax asset 50,831 - 50,831 -
Investment in subsidiaries - - 39,883 40,440
Right-of-use-assets 44,389 51,448 39,336 40,274
Intangible assets 35,218 80,763 35,170 80,561
Property and equipment 575,936 579,818 571,605 578,001
Non-current assets held for sale 32,670 28,327 32,670 28,327
---------------------- ----------------------- ---------------------- -------------------
Total Assets 19,181,370 15,969,739 19,110,718 15,881,674
============ ============ ============ ============
Liabilities
Deposits from banks 1,080,486 782,759 1,106,745 1,007,104
Deposits from customers 14,408,439 11,924,881 14,384,799 11,661,729
Borrowings 28,276 40,007 28,276 40,007
Other liabilities 805,553 487,117 763,272 471,119
Current income tax liabilities 736 68,491 2,625 70,994
Deferred income tax liabilities - 4,633 - 4,633
Lease liabilities 52,049 64,390 52,049 55,939
---------------------- ----------------------- ---------------------- -------------------
Total liabilities 16,375,539 13,372,278 16,337,766 13,311,525
------------------------ ----------------------- ---------------------- -------------------------
Equity and reserves
Stated capital 416,641 416,641 416,641 416,641
Retained earnings 1,611,933 1,289,988 1,585,314 1,268,903
Statutory reserve 641,525 569,058 635,860 563,430
Credit risk reserve - 12,314 - 12,314
Other reserves 135,137 308,861 135,137 308,861
Non-controlling interest 595 599 - -
------------------------ ----------------------- ---------------------- -------------------------
Total equity attributable to
equity holders 2,805,831 2,597,461 2,772,952 2,570,149
---------------------- --------------------------------------------- -------------------
Total liabilities and equity 19,181,370 15,969,739 19,110,718 15,881,674
============ ============ ============ ============
Statements of Cash flows
(All amounts are in thousands of Ghana cedis unless otherwise
stated)

Statements of Cash flows Group Bank

Mar-22 Mar-21 Mar-22 Mar-21

Cash flows from operating activities

Profit before tax 228,846 244,459 219,608 240,542
- -
Depreciation expense 19,131 11,606 18,480 10,895
Impairment 49,267 43,762 48,704 43,174
Unrealised losses/(gains) - net (190,306) 14,605 (189,530) 14,605
Gain on disposal of property and equipment (199) (151) (199) (151)
Remeasurement of leases - (1,018) - (960)
Interest expense on leases 1,996 204 1,996 183
- -
Changes in operating assets and liabilities - -
Loans and advances (665,024) 269,199 (663,329) 285,326
Other assets (20,369) (877) 1,730 (703)
Other liabilities 173,367 1,829 171,980 23,748
Deposits from banks (218,325) (293,399) (546,843) (482,864)
Deposits from customers 1,179,990 120,365 1,507,274 275,287
Mandatory reserves (202,819) 573,284 (202,819) 573,284
Placements (155,670) 39,978 (155,670) 39,978
Cash flows from operating activities 199,885 1,023,846 211,382 1,022,344
Tax paid (70,737) (69,686) (69,905) (68,469)
Cash flows from operating activities 129,148 954,160 141,477 953,875

Cash flows from investing activities

Government securities – net (695,962) (447,904) (780,227) (476,797)
Proceeds from sale of property and equipment 199 1,510 199 1,510
Payments for property and equipment (1,133) (4,800) (804) (4,800)
Payments for intangible assets - (23) - (23)
Net cash used in investing activities (696,896) (451,217) (780,832) (480,110)
Cash flows from financing activities
Repayment of borrowed funds (9,895) (2,514) (9,895) (2,514)
Financing lease repayment (1,169) (2,493) - (1,995)
Net cash used in financing activities (11,064) (5,007) (9,895) (4,509)

Net increase/(decrease) in cash and cash equivalents (578,812) 497,936 (649,250) 469,256
Effects of exchange rate changes on cash and cash
equivalents 191,298 (14,605) 190,521 (14,605)
Cash and cash equivalents at 1st January 1,652,465 1,721,107 1,845,027 1,726,085
Cash and cash equivalents at 31 March 1,264,951 2,204,438 1,386,298 2,180,736
STATEMENTS OF CHANGES IN EQUITY
THE GROUP 2022
Retained Statutory Credit risk Non-contolling
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 2022 416,641 1,463,241 161,346 641,525 - 589 2,683,342
Profit for the period - 148,692 - - - 6 148,698
-
Change in value of investment securities (34,945) (34,945)
measured at FVOCI -
Income tax relating to components -
of other comprehensive income 8,736 8,736
------------------------
------------------------
-------------------------
------------------------------
----------------------------
---------------------------- --------------------
Other comprehensive income net of tax - - (26,209) - - - (26,209)
------------------------
------------------------
-------------------------
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----------------------------
---------------------------- --------------------
At 31 March 2022 416,641 1,611,933 135,137 641,525 - 595 2,805,831
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THE BANK 2022

Retained Statutory Regulatory
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 2022 416,641 1,442,569 161,346 635,860 - 2,656,416
Profit for the period - 142,745 - - - 142,745
-
Change in value of investment securities -
measured at FVOCI - - (34,945) - - (34,945)
Income tax relating to components -
of other comprehensive income - - 8,736 - - 8,736
------------------------
------------------------
-------------------------
------------------------------
----------------------------
---------------------------- --------------------
Other comprehensive income net of tax - - (26,209) - - - (26,209)
------------------------
------------------------
-------------------------
------------------------------
----------------------------
---------------------------- --------------------
At 31 March 2022 416,641 1,585,314 135,137 635,860 - - 2,772,952
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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 2021

3. Contingent liabilities
Group Bank
Mar-22 Mar-21 Mar-22 Mar-21
GHC '000 GHC '000 GHC '000 GHC '000
Guarantees and indemnities 933,204 1,265,353 933,204 1,265,353
Documentary letters of credit 1,747,763 1,102,009 1,747,763 1,102,009
Loan Commitments 1,446,198 1,436,734 1,446,198 1,436,734
4,127,165 3,804,096 4,127,165 3,804,096
4. Quantitative Disclosures

i. Capital Adequacy ratio 20.04% 19.41%

ii. Non-performing loan ratio Per BOG 11.52% 12.00%

Per IFRS 4.90% 7.80%
iii. Liquid ratio 87.19% 96.44%
iv. Common equity Tier 1 ratio 18.04% 17.41%
v. Leverage ratio 9.72% 10.23%

5. Defaults in statutory liquidity and other regulatory sanctions

i. Default in statutory liquidity (times) Nil Nil
ii. Default in statutory liquidity sanction (GHC'000) Nil Nil
iii. Other regulatory sanctions (GHC'000) 60 Nil

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

Signed Signed

Daniel Sackey Edward N. Botchway

Managing Director Executive Director