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New Release Lomé 26 April, 2021

Ecobank Group reports first quarter 2021 profit before tax of $100 million, up 11% year-on-year, on revenue of $409 million. EPS increased 8% to 0.209 US cents and ROTE of 15.7%.

Income Statement ($M) 1Q 2021 1Q 2020 Group CEO Commentary Net revenue (operating income) 409 393 Ade Ayeyemi, Group CEO, said: "The firm's performance in the first quarter Pretax, pre-provision operating profit 167 133 was strong, despite the continuing challenging operating environment. Revenues Profit before tax (PBT) 100 90 increased 4% to $409 million, and we earned $100 million in profit before tax, an Profit available to ETI shareholders 52 48 increase of 11% year-on-year. Earnings per share grew by 8%, and return on tangible Diluted EPS ($ cents) 0.209 0.194 equity was 15.7%. These results reflect the benefits of our diversification and the sustained focus on our strategic priorities." Balance Sheet ($M) 1Q 2021 4Q 2020 Net loans and advances to customers 8,940 9,240 "We were also pleased with the underlying performance of our businesses. Our Corporate and Investment Bank delivered a 4% increase in revenues, driven by Deposits from customers 18,102 18,297 efficient balance sheet utilisation and support for clients with structured financial Cost of funds 2.0% 2.3% solutions. Revenues grew 13% in Commercial Bank, buoyed by increased cash Non-performing loans (NPL) ratio 7.7% 7.6% management fees as pandemic-induced restrictions were eased and client activity NPL coverage ratio 81.5% 74.5% increased. However, the consumer continues to be disproportionately affected, which contributed to revenues in Consumer Bank declining by 3%. But we are Tangible book value per share ($ cents) 5.25 5.47 1 encouraged by the gradual pick-up we are seeing in consumer spending activity. We Basel II/III Total CAR 12.3% 12.3% continued to be unrelenting in our efficiency goals and improved further our cost-to- Profitability Metrics 1Q 2021 1Q 2020 income ratio from 62.7% in the fourth quarter of 2020 to 59.3% in the current 2 quarter, the lowest in a decade. We continued to build our impairment reserves on Return on average total assets (ROA) 1.2% 1.2% nonperforming loans in line with our goal of achieving a reserve coverage close to 3 Return on tangible shareholders' equity (ROTE) 15.7% 17.1% 100% in the near term. Consequently, the coverage ratio improved to 81.5%, from Net interest margin (NIM) 5.2% 5.0% 74.5% in the fourth quarter of 2020" Ayeyemi added. Cost-to-income ratio (CIR) 59.3% 66.0% "Our balance sheet continues to be liquid, robust, and healthy, providing us with the Cost-of-risk (CoR) 1.97% 1.46% capabilities to be supportive of our client's financial needs. The focus on driving Geographical Region (data as of 1Q21) CIR ROE digitalisation in all our client engagements contributed to sustained growth in customer deposits," Ayeyemi continued. Francophone (UEMOA) 56.0% 21.4% 77.9% 4.0% "Finally, I am proud of my fellow Ecobankers who continue to serve our customers and communities. Though the economic outlook remains uncertain with virus Anglophone West Africa (AWA) 43.5% 27.3% resurgences across parts of the world creating fragility in economic recovery, Central, Eastern and (CESA) 52.5% 16.8% whatever the outcome, we are focused on remaining resilient and creating (1) December 2020 CAR is provisional until submission to the regulator in April 2021 shareholder value for the long term. We will drive momentum to ensure a (2) ROA (annualised)is calculated as the Group's profit after tax divided by average end- sustainable revenue expansion path with our clear focus on our people, platforms, of-period total assets products and ultimately performance." Ayeyemi concluded. (3) Profit available (attributable) to ETI shareholders divided by the average end-of- period tangible shareholders' equity

• Revenues increased 4% to $409m despite a challenging operating • Book value per share of 5.77 US cents, up 2% YoY; tangible book value per environment, with strong growth from our lines of business, share (TBVPS) up 18% to 5.25 US cents especially in Commercial and Corporate and Investment Bank. • Basel II/III total regulatory capital of $1.92bn; Total CAR ratio of 12.3%. • Profit before tax of $100m increased 11% year-on-year and 20% • Corporate & Investment Bank’s digital transformation of its cash from the fourth quarter of 2020 (4Q20). management and trade business gained momentum. Total volume of • Ongoing focus on driving cost efficiency led to an improvement in transactions on Omni Plus increased 44% to $8.6bn compared to 1Q20. the cost-to-income ratio from 62.7% in 4Q20 to a record cost-to- • Digital transactions among Commercial Bank clients rose 42%, accounting income ratio of 59.3%, the lowest in a decade, despite a challenging for 37% of total transactions. Transactions within branches fell 32%. revenue environment. • Number of Xpress Point agents increased 72% YoY to c.76,000 agents with • Customer deposits grew $2.0bn year-on-year (YoY) to $18.1bn. volume of transactions increasing by 42% to $573m. • Non-performing loans (NPL) ratio of 7.7% was flat on 4Q20 but a • Transaction volumes on Omni Lite were nearly a $1bn in the quarter, significant improvement from 9.9% in 1Q20. increasing by $618m from the prior year. • NPL coverage ratio of 81.5% improved from 74.5% in 4Q20 and • Volume of transactions on the Ecobank mobile app (including USSD) 65.1% in 1Q20 demonstrating efforts to build reserves of NPLs to continue to accelerate, growing by $541m YoY to $1.2bn. near 100% in the near term.

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Ecobank Reports First quarter 2021 Earnings Results

TOTAL VOLUME ($m) OF TRANSACTIONS - DIGITAL CHANNELS

Quarter ended 31 Mar 31 Mar % CHG (in millions of US dollars) 2021 2020

Omni Plus 8,596 5,990 44% Omni Lite 922 304 203% Ecobank Mobile App 1,153 642 80% Ecobank USSD 68 38 77% Ecobank Online 413 172 140% Xpress Points (Agency Network) 573 405 42% RapidTransfer App 1.5 0.4 275% Indirect Channels1 1,040 513 103%

(1) Mostly transactions Partership platforms, like with Telcos

SUMMARY FINANCIAL REVIEW OF THE ECOBANK GROUP

Selected Income Statement Highlights

Quarter ended 31 Mar 31 Mar 1 YoY Constant (In millions of US dollars except per share data and ratios) 2021 2020 Currency

Net interest income 237 209 13% 16% Non-interest revenue 172 183 (6)% (0.4)% Net revenue (operating income) 409 393 4% 8% Operating expenses (243) (259) (6)% (5)% Pretax pre-provision operating profit 167 133 25% 38% Gross impairment charges on loans (66) (58) 15% 14% Loan recoveries and impairment charge releases 19 23 (17)% (19)% Net impairment charges on loans (48) (35) 36% 35% Impairment charges on other assets (9) (7) 27% 32% Impairment charges on financial assets (57) (42) 34% 35% Net monetary loss arising from hyperinflationary economy (10) (1) NM - Share of loss of associate 0.0 (0.1) NM Profit before tax 100 90 11% 27% Profit after tax from continuing operations 75 66 12% - Profit after tax from discontinued operations 1 1 26% Profit for the year 76 67 12% 23% Profit available to ETI shareholders 52 48 8% -

Per Share Data (US cents) Basic EPS 0.209 0.194 8% Diluted EPS 0.209 0.194 8% Note: Selected income statement lines only and totals may not sum up. (1) Constant currecy = year-on-year percentage change on a constant currency basis NM - Not meaningful

First Quarter 2021 vs. First Quarter 2020

Profit before tax was $100 million, increasing by $10 million or 11 per cent. Adjusting for the net impact of foreign currency translation effects (constant currency), the growth in pre-tax profits was 27 per cent, reflecting strong operating leverage.

Net revenue (operating income) was $409 million, increasing by $17 million or 4 per. In constant currency, net revenue increased by $32 million or 8 per cent. Revenues benefited from an increase in net interest income.

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Ecobank Reports First quarter 2021 Earnings Results

Net interest income of $237 million increased by $28 million ($32 million in constant currency) or 13 per cent. A significant decrease in interest expense primarily drove the increase in net interest income. The strategic focus to increase current accounts and savings accounts (CASA) deposits and reduce our cost of funds is paying off and supporting margin expansion in a low interest rate environment. As a result, the net interest margin (NIM) expanded to 5.2 per cent versus 5.0 per cent in the first quarter of 2020. The cost of funds improved to 2.0 per cent from 2.6 per cent.

Non-interest revenue of $172 million decreased by $11 million ($1 million in constant currency) or 6 per cent. The decrease reflected ongoing challenges in the economic environment that is impacting business activity and consumer consumption. Also, the likelihood of a resurgence in virus infections is possible. These uncertainties are holding businesses from investing and affecting trading activity, in turn impacting our fee and generation income. However, our continued efforts in providing our clients with digitally enabled tools and self-onboarding capabilities helped increase fees and commissions generated within our cash management business. Also, episodic consumer spending led to an increase in card management fees. Overall, net fees and commissions rose by $3 million or 3 per cent to $100 million. Net trading income of $64 million declined by $16 million or 20 per cent, adversely impacted by lower client-related foreign exchange sales and the net impact of lower rates on fixed-income sales.

Expenses were $243 million, declining by $17 million ($14 million in constant currency). Expenses continued to benefit from efforts to ensure optimal efficiency in our underlying businesses and ongoing digitalisation initiatives. Staff costs declined by $10 million to $108 million and other operating expenses by $9 million to $109 million. Depreciation and amortisation costs, however, inched up by $3 million to $26 million. The cost-to-income ratio (efficiency ratio) was 59.3 per cent, an improvement of 670 basis points and 350 basis points, from the first quarter of 2020 and yearend 2020.

Impairment charges on loans (net) were $48 million compared with $35 million in the prior. The higher impairments in the current quarter reflected an increase in gross impairments, partially offset by lower loan recoveries than prior year. Also, given the still uncertain economic outlook, total impairments for the first quarter includes a macro-overlay of approximately $10 million. The cost of risk was 1.97 per cent compared to 1.46 per cent in the prior year’s quarter and 1.85 per cent at yearend 2020.

Taxation Income taxes were $26 million in the first quarter of 2021 compared with $24 million in the prior-year period. The effective income tax rate (ETR) was 25.7 per cent versus 26.4% in the prior year.

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Ecobank Reports First quarter 2021 Earnings Results

BALANCE SHEET SUMMARY

Selected Balance Sheet Information

31 Mar 31 Dec 31 Mar As At: (in millions of US dollars, except per share amounts) 2021 2020 2020 YoY Ccy*

Gross loans and advances to customers 9,541 9,798 9,391 2% Less: allowance for impairments 601 558 603 (0)% (1)% Net loans and advances to customers 8,940 9,240 8,788 2% 0.1% Deposits from customers 18,102 18,297 16,103 12% 11% Total assets 25,596 25,939 23,217 10% 59% Equity available to owners of ETI 1,428 1,503 1,396 2% Total equity to all owners 1,955 2,028 1,818 8% 6% Loan-to-deposit ratio 52.7% 53.6% 58.3% Total capital adequacy ratio (CAR)1 NA 12.3% NA Tier 1 capital adequacy ratio NA 9.4% NA Risk-weighted assets (RWA) NA 15,518 NA End-of-period ordinary shares outstanding (millions of shares) 24,730 24,730 24,730 # of ordinary shares to be issued if convertible bond converts 6,667 6,667 6,667 Per Share Data (in US cents) Book value per ordinary share, BVPS2 5.77 6.08 5.65 2% Tangible book value per ordinary share, TBVPS3 5.25 5.47 4.45 18% Share price -End of Period 1.33 1.58 1.15 15%

(1) December 2020 CAR is provisional until submission to the regulator in April 2021. CAR ratios are based on transitional adjusted capital; the Group is recognising IFRS 9 Day 1 impairments in regulatory capital over a 5-year period from 1 January 2018 to 1 January 2023 (2) ETI shareholders' equity divided by end-of-period ordinary shares outstanding (3) Tangible ETI shareholders' equity divided by end-of-period ordinary shares outstanding. Tangible ETI shareholders' equity is ETI shareholders' equity less goodwill and intangible assets *Ccy = year-on-year percentage change on a constant currency NA - Not applicable First Quarter 2021 vs. First Quarter 2020 unless otherwise stated.

Gross loans and advances to customers were $9,541 million, up $150 million or 2 per cent. On a year-to-date (YTD) basis, gross loans declined $257 million. Net loans were $8,940 million, up $152 million, but down $300 million YTD. The YTD decrease in loans, however, reflected the ongoing challenges in the operating environment in which potential demand and lending opportunities within our risk appetite remained limited. Also contributing to the decline were early client paydowns and run-offs of loans as businesses de-risked their balance sheets. Overall, we saw lower loan balances across all our business lines in the YTD period.

Deposits from customers were $18,102 million, up $1,999 million or 12 per cent. On a YTD basis, deposits declined $195 million or 1 per cent. The year-on-year increase was driven mainly by an acceleration in digital channels consumption by clients facilitated by the coronavirus pandemic. The YTD decline in deposits reflected huge client payment outflows, particularly among consumers and small businesses, as some semblance of economic activity emerged during the quarter.

The Group’s provisional Tier 1 CAR and Total CAR were 9.4 per cent and 12.3 per cent, as of 31 December 2020, compared with 8.8 per cent and 11.6 per cent as of 31 December 2019. The increase in CAR is primarily due to internal profit generation and the issuance of Tier 2 capital instruments at affiliate level. On a fully loaded IFRS 9 Day One basis, the Group estimates Tier 1 CAR at 8.8 per cent and Total CAR at 11.7 per cent as of 31 December 2020. The $164 million impairment of goodwill during 2020 had no impact on the capital ratios. Goodwill is already a deductible in the computation of Tier 1 capital.

Equity available (attributable) to ETI shareholders was $1,428 million as of 31 March 2021, compared with $1,503 million and $1,396 million as of 31 December 2020 and 31 March 2020, respectively. The YTD decline in shareholders’ equity was driven by unrealised losses on fixed-income securities due to movements in interest rates, unfavourable foreign currency translation reserves, partially offset by profit accretion for the period.

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Ecobank Reports First quarter 2021 Earnings Results

Asset Quality

For the period ended (in millions of US dollars) 31 Mar 31 Dec 31 Mar 2021 2020 2020

Gross impairment charges on loans and advances (66) (312) (58) Less: recoveries and impairment releases 19 131 23 Net impairment charges on loans and advances (48) (182) (35) Impairment charges on other assets (9) (45) (7) Impairment charges on financial assets (57) (227) (42) Cost-of-risk(1) 1.97% 1.85% 1.46%

As at: 31 Mar 31 Dec 31 Mar 2021 2020 2020 Gross loans and advances to customers 9,541 9,798 9,391 Of which stage 1 7,604 7,808 7,318 Of which stage 2 1,200 1,241 1,147 Of which stage 3, credit impaired loans (non-performing loans) 738 749 925 Less: allowance for impairments (Expected Credit Loss) 601 558 603 Of which stage 1: 12-month ECL(2) 88 90 156 Of which stage 2: Life-time ECL 113 93 40 Of which stage 3: Life-time ECL 400 375 407 Net loans and advances to customers 8,940 9,240 8,788 Impaired loans or non-performing loans (NPLs) 738 749 925 NPL ratio 7.7% 7.6% 9.9% NPL coverage ratio 81.5% 74.5% 65.1% Stage 3 coverage ratio 54.2% 50.1% 44.0% (1) Cost-of-risk is computed on an annualised basis (2) Expected Credit Losses Note: totals may not add up due to rounding.

Impaired loans (Non-performing loans or Stage 3 loans) were $738 million as of 31 March 2021 compared with $749 million as of 31 December 2020 and $925 million as of 31 March 2020. Recoveries, collections, and write-offs drove the decrease. The non-performing loans ratio inched up slightly to 7.7 per cent from 7.6 per cent in 2020. The coverage ratio improved to 81.5 per cent from 65.1 per cent in 31 March 2020 and 74.5 per cent on 31 December 2020. As we continue to build higher pre-tax pre-provision operating profit, we expect to drive coverage gradually towards 100 per cent of non- performing loans in the near term.

REGIONAL PERFORMANCE

The Group is divided into four geographical regions. These reportable regions are Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), and Central, Eastern and Southern Africa (CESA). The financial results of the constituent affiliates of Ecobank Development Corporation (EDC), the Group’s Investment Banking (IB) and Securities, Wealth, and Asset Management (SWAM) businesses across our geographic footprint are reported within their country of domicile and therefore in the applicable regions of UEMOA, Nigeria, AWA, and CESA.

Comparisons noted in the commentary below are calculated for the three months ended 31 March 2021 versus the three months ended 31 March 2020, unless otherwise specified.

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Ecobank Reports First quarter 2021 Earnings Results

Ecobank Geographical Regions ETI & Ecobank Summary financials for the three months to 31 March 2021 UEMOA NIGERIA(1) AWA CESA Others (2) Group (In thousands of US Dollars)

Income statement highlights

Net interest income 82,945 29,090 82,570 64,563 (22,074) 237,094 Non-interest revenue 50,505 27,323 37,918 52,052 4,497 172,295

Operating income (net revenue) 133,450 56,413 120,488 116,615 (17,577) 409,389 Total operating expenses 74,761 43,954 52,446 61,218 10,382 242,761

Pre-tax pre-provision operating profit 58,689 12,459 68,042 55,397 (27,959) 166,628 Impairment charges on financial assets 13,738 4,525 8,597 11,377 18,456 56,693

Operating profit after impairment losses 44,951 7,934 59,445 44,020 (46,415) 109,935 Net monetary loss arising from hyperinflationary economies (9,637) (0) (9,637)

Profit before tax 44,951 7,934 59,445 34,403 (46,415) 100,318 Profit after tax 43,880 7,557 41,078 24,828 (41,516) 75,827

Balance sheet highlights

Total Assets 9,023,920 5,651,173 4,431,172 5,938,565 551,570 25,596,400 Gross loans and advances to customers 3,440,238 2,532,178 1,231,499 1,844,977 492,388 9,541,280 Of which stage 1 3,087,263 1,397,767 1,097,979 1,473,256 547,245 7,603,510 Of which stage 2 232,037 649,687 49,933 207,709 60,581 1,199,947 Of which stage 3 (NPLs) 120,938 484,724 83,587 164,012 (115,438) 737,823 Less: accumulated impairments (85,575) (281,690) (82,164) (169,410) 17,822 (601,017) Of which stage 1 (21,110) (10,029) (23,180) (31,495) (2,432) (88,246) Of which stage 2 (11,817) (70,420) (6,870) (23,733) (157) (112,997) Of which stage 3 (NPLs) (52,648) (201,241) (52,114) (114,182) 20,411 (399,774) Net loans and advances to customers 3,354,663 2,250,488 1,149,335 1,675,567 510,210 8,940,263 Non-performing loans 120,938 484,724 83,587 164,012 (115,438) 737,823 Deposits from customers 6,604,536 3,553,745 3,267,812 4,484,277 191,511 18,101,881 Total equity 819,965 719,003 620,141 590,571 (794,964) 1,954,716

Ratios ROE (3) 21.4% 4.0% 27.3% 16.8% 15.7% ROA 1.8% 0.5% 3.8% 1.7% 1.2% Cost-to-income 56.0% 77.9% 43.5% 52.5% 59.3% Loan-to-deposit ratio 52.1% 71.3% 37.7% 41.1% 52.7% NPL Ratio 3.5% 19.1% 6.8% 8.9% 7.7% NPL Coverage 70.8% 58.1% 98.3% 103.3% 81.5%

1. Included in the Nigeria region are the results of the Resolution Vehicle 2. ETI and Others comprise the financial results of ETI (parent company), eProcess (the Group's shared services technology company), EBISA ( subsidiary), other ETI-affiliates and structured entities, and the net impact of eliminations from the Group's accounting consolidation. 3. ROE for the Regions are computed using profit after tax divided by the average end-of- period (EOP) total equity. However, the ROE for the Group, is computed using profit available to ETI divided by average EOP shareholders' equity.

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Ecobank Reports First quarter 2021 Earnings Results

Francophone West Africa (UEMOA)

31 Mar 31 Mar Quarter ended (in millions of US dollars) 2021 2020 YoY Ccy* Net interest income 83 72 15% 5% Non-interest revenue 51 46 10% 1% Net revenue 133 118 13% 3% Operating expenses (75) (74) 1% (8)% Pretax, pre-provision operating profit 59 44 35% 23% Gross impairment charges on loans (23) (14) 65% 50% Loan recoveries and impairment releases 9 5 78% 62% Net impairment charges on loans (14) (9) 57% 42% Impairment charges on other assets (0) - NM NM Impairment charges on financial assets (14) (9) 57% 43% Profit before tax 45 35 29% 18% 31 Mar 31 Dec 31 Mar As at: (in millions of US dollars) 2021 2020 2020 YoY Ccy Loans & advances to customers (gross) 3,440 3,870 3,635 (5)% - Of which stage 1 3,087 3,460 3,311 (7)% - Of which stage 2 232 281 184 26% - Of which stage 3, credit impaired loans (non-performing loans) 121 129 140 (14)% (15)% Less: allowance for impairments (Expected Credit Loss) (86) (73) (78) 9% 13% Of which stage 1: 12-month ECL(1) (21) (27) (25) (14)% - Of which stage 2: Life-time ECL (12) (13) (11) 10% - Of which stage 3: Life-time ECL (53) (33) (43) 22% - Loans & advances to customers (net) 3,355 3,796 3,556 (6)% (12)% Total assets 9,024 9,969 8,436 7% (0)% Deposits from customers 6,605 6,849 5,820 13% 6% Total equity 820 822 714 15% 7% Cost-to-income 56.0% 59.5% 63.0% ROE 21.4% 18.6% 18.4% Loan-to-deposit ratio 52.1% 56.5% 62.5% NPL ratio 3.5% 3.3% 3.9% NPL coverage ratio 70.8% 56.8% 56.0% Stage 3 coverage ratio 43.5% 25.6% 30.8%

Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss NM - Not meaningful

Francophone West Africa (UEMOA) Francophone West Africa posted a profit before tax of $45 million, an increase of $10 million or 29 per cent. Net revenue of $133 million increased by $15 million. ROE expanded to 21.4 per cent from 18.6 per cent in 2020, driven by positive operating leverage.

Net interest income of $83 million increased by $11 million or 15 per cent, predominantly driven by a significant decrease in interest expense. Non-interest revenue of $51 million increased by $5 million or 10 per cent, driven by client-related foreign exchange sales.

Expenses of $75 million were flat compared to prior year. The cost-to-income ratio improved to 56 per cent compared to 63 per cent a year ago.

Impairment charges on loans of $14 million were $5 million or 57 per cent higher than a year ago, reflecting episodic loan downgrades. The portion of total gross loans that are non-performing was 3.5 per cent compared to 3.9 per cent. The coverage ratio improved to 71 per cent from 56 per cent in the prior year.

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Ecobank Reports First quarter 2021 Earnings Results

NIGERIA

31 Mar 31 Mar Quarter ended (in millions of US dollars) 2021 2020 YoY Ccy* Net interest income 29 40 (27)% (20)% Non-interest revenue 27 30 (9)% (0)% Net revenue 56 70 (19)% (11)% Operating expenses (44) (57) (23)% (16)% Pretax, pre-provision operating profit 12 13 (1)% 8% Gross impairment charges on loans (6) (7) (6)% 3% Loan recoveries and impairment releases 3 8 (63)% (63)% Net impairment charges on loans (3) 2 NM NM Impairment charges on other assets (1) (2) (11)% (3)% Impairment charges on financial assets (5) 0.3 NM NM Profit before tax 8 13 (39)% (36)% 31 Mar 31 Dec 31 Mar As at: (in millions of US dollars) 2021 2020 2020 YoY Ccy Loans & advances to customers (gross) 2,532 2,481 2,457 3% - Of which stage 1 1,398 1,343 1,241 13% - Of which stage 2 650 645 643 1% - Of which stage 3, credit impaired loans (non-performing loans) 485 493 573 (15)% (11)% Less: allowance for impairments (Expected Credit Loss) (282) (279) (275) 2% 8% Of which stage 1: 12-month ECL(1) (10) (9) (11) (7)% - Of which stage 2: Life-time ECL (70) (62) (20) 261% - Of which stage 3: Life-time ECL (201) (208) (245) (18)% - Loans & advances to customers (net) 2,250 2,202 2,182 3% 9% Total assets 5,651 5,630 5,485 3% 9% Deposits from customers 3,554 3,538 3,517 1% 7% Total equity 719 796 710 1% 81% Cost-to-income 77.9% 82.4% 81.9% ROE 4.0% 4.2% 3.2% Loan-to-deposit ratio 71.3% 70.1% 69.9% NPL ratio 19.1% 19.9% 23.3% NPL coverage ratio 58.1% 56.7% 48.1% Stage 3 coverage ratio 41.5% 42.2% 42.8%

Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss NM - Not meaningful

Nigeria Nigeria's profit before tax of $8 million decreased by $5 million or 39 per cent from the prior year due to a challenging operating environment. Revenues of $56 million fell $14 million or 19 per cent. ROE of 4.0 per cent was higher than the 3.2 per cent a year ago. Overall, the financial results of Nigeria were adversely impacted by the depreciation of the Naira versus the US dollar leading to foreign currency translation losses.

Net interest income of $29 million decreased $11 million or 27 per cent with a significant reduction in interest expense offset by a substantial decrease in interest income. The low rate environment, modest growth in interest-earning assets, and depreciation of the Naira drove the decline in interest income. Non-interest revenue of $27 million fell $3 million or 9 per cent, primarily driven by currency translation effects but also due to difficulties in the operating landscape. Net fees and commissions were up $3 million to $13 million but were more than offset by a decrease of $6 million in net trading income to $12 million.

Expenses of $44 million decreased by $13 million or 13 per cent, driven by continued efficiency gains. The cost-to-income ratio continued to improve and was 77.9 per cent compared to 81.9 per cent a year ago.

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Ecobank Reports First quarter 2021 Earnings Results

Impairment charges on loans were $3 million compared to an impairment benefit of $2 million in the prior year. The current period's charges reflected lower loan recoveries compared to prior year. Non-performing loans decreased by $88 million to $485 million year-on-year and $8 million year-to-date (YTD), leading to a further decline in the non-performing loans ratio to 19.1 per cent compared to 19.9 per cent at the end of 2020 and 23.3 in the first quarter of 2020. The provision coverage for non-performing loans increased to 58.1 per cent from 48.1 per cent from the previous year.

Anglophone West Africa (AWA)

31 Mar 31 Mar Quarter ended (in millions of US dollars) 2021 2020 YoY Ccy* Net interest income 83 74 11% 17% Non-interest revenue 38 41 (8)% (5)% Net revenue 120 116 4% 9% Operating expenses (52) (55) (5)% (1)% Pretax, pre-provision operating profit 68 61 12% 18% Gross impairment charges on loans (13) (13) (4)% 0% Loan recoveries and impairment releases 4 2 165% 177% Net impairment charges on loans (9) (12) (26)% (23)% Impairment charges on other assets 0 - Impairment losses on financial assets (9) (12) (26)% (23)% Profit before tax 59 49 22% 28% 31 Mar 31 Dec 31 Mar As at: (in millions of US dollars) 2021 2020 2020 YoY Ccy Loans & advances to customers (gross) 1,231 1,213 1,324 (7)% - Of which stage 1 1,098 1,078 1,115 (2)% - Of which stage 2 50 59 98 (49)% - Of which stage 3, credit impaired loans (non-performing loans) 84 77 111 (25)% (22)% Less: allowance for impairments (Expected Credit Loss) (82) (72) (111) (26)% (23)% Of which stage 1: 12-month ECL(1) (23) (22) (49) (53)% - Of which stage 2: Life-time ECL (7) (7) (5) 34% - Of which stage 3: Life-time ECL (52) (43) (57) (8)% - Loans & advances to customers (net) 1,149 1,142 1,212 (5)% (2)% Total assets 4,431 4,304 4,178 6% 10% Deposits from customers 3,268 3,180 2,876 14% 18% Total equity 620 585 492 26% 31% Cost-to-income 43.5% 49.4% 47.8% ROE 27.3% 26.9% 27.9% Loan-to-deposit ratio 37.7% 38.2% 46.0% NPL ratio 6.8% 6.3% 8.4% NPL coverage ratio 98.3% 93.5% 100.2% Stage 3 coverage ratio 62.3% 56.5% 51.1%

Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss

Anglophone West Africa (AWA) Anglophone West Africa recorded a profit before tax of $59 million, increasing by $10 million or 22 per cent, reflecting favourable operating leverage. ROE of 27.3 per cent expanded from 26.9 per cent in the fourth quarter of 2020 but slightly lower than 27.9 per cent in the prior year’s quarter. Net revenue of $120 million increased by $5 million or 4 per cent.

Net interest income of $83 million increased by $9 million or 11 per cent, reflecting the net impact of higher rates and an increase in investment securities balances. Non-interest revenue of $38 million increased $3 million or 8 per cent, driven by higher fees and commission partially offset by a decrease in net trading income.

Expenses of $52 million were down $3 million or 5 per cent, primarily driven by lower staff cost. The cost-to-income ratio was 43.5 per cent, an improvement from 49.4 per cent and 47.8 per cent in December 2020 and March 2020, respectively.

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Net impairment charges on loans were $9 million compared to $12 million in the prior year. The current year’s lower impairment charges benefited from an increase in loan recoveries. Non-performing loans rose $7 million YTD but down $29 million from the prior year. The NPL ratio was 6.8 per cent compared with 6.3 per cent at yearend 2020 and 8.4 per cent in March 2020. The coverage ratio improved to 98.3 per cent from 93.5 per cent at yearend 2020 and 100.2 per cent a year ago.

Central, Eastern and Southern Africa (CESA)

31 Mar 31 Mar Quarter ended (in millions of US dollars) 2021 2020 YoY Ccy* Net interest income 65 47 37% 50% Non-interest revenue 52 57 (9)% 20% Net revenue 117 104 12% 35% Operating expenses (61) (63) (2)% 6% Pretax, pre-provision operating profit 55 42 33% 92% Gross impairment charges on loans (13) (6) 118% 113% Loan recoveries and impairment releases 2 8 (71)% (71)% Net impairment charges on loans (11) 2 NM NM Impairment charges on other assets (1) (1) (32)% (28)% Impairment losses on financial assets (11) 0.5 NM NM Net monetary loss arising from hyperinflationary economy (10) (1) 1,134% 4,751% Profit before tax 34 41 (16)% 17% 31 Mar 31 Dec 31 Mar As at: (in millions of US dollars) 2021 2020 2020 YoY Ccy Loans & advances to customers (gross) 1,845 1,796 1,614 14% - Of which stage 1 1,473 1,437 1,247 18% - Of which stage 2 208 194 223 (7)% - Of which stage 3, credit impaired loans (non-performing loans) 164 165 143 14% 11% Less: allowance for impairments (Expected Credit Loss) (169) (163) (146) 16% 15% Of which stage 1: 12-month ECL(1) (31) (29) (21) 50% - Of which stage 2: Life-time ECL (24) (20) (4) 447% - Of which stage 3: Life-time ECL (114) (114) (120) (5.0)% - Loans & advances to customers (net) 1,676 1,633 1,468 14% 13% Total assets 5,939 5,961 5,148 15% 14% Deposits from customers 4,484 4,510 3,616 24% 22% Total equity 591 595 532 11% 10% Cost-to-income 52.5% 54.4% 60.1% ROE 16.8% 16.1% 23.8% Loan-to-deposit ratio 41.1% 39.8% 44.6% NPL ratio 8.9% 9.2% 8.9% NPL coverage ratio 103.3% 98.9% 101.4% Stage 3 coverage ratio 69.6% 69.0% 83.8%

Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss NM - Not meaningful

CESA Central, Eastern, and Southern Africa posted a profit before tax of $34 million, down $7 million or 16 per cent, primarily driven by foreign currency translation effects. In constant currency, pre-tax profits rose 17 per cent, reflecting strong growth in pre-provision operating profit and lower impairments. ROE expanded to 16.8 per cent versus 16.1 per cent at yearend 2020, but down from the 23.8 per cent a year ago. Net revenue increased by $13 million or 12 per cent to $117 million. In constant currency, net revenue increased by $30 million or 35 per cent.

Net interest income of $65 million increased $18 million or 37 per cent, predominantly driven by growth in investment securities balances and a decrease in interest expense driven by a reduction in funding costs. Non-interest revenue of $52 10 | P a g e

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Ecobank Reports First quarter 2021 Earnings Results

million declined by $5 million or 9 per cent, with an increase in fees and commissions income offset by a decline in net trading income.

Expenses of $61 million declined $2 million or 2 per cent, benefitting from foreign currency translation effects. The cost- to-income ratio improved to 52.5 per cent compared to 54.4 per cent and 60.1 per cent in yearend 2020 and first quarter 2020, respectively.

Impairment charges on loans were $11 million compared to an impairment benefit of $0.5 million. The current quarter’s increase in impairments reflects higher balances of stage 2 loans. The percentage of total gross loans that were non- performing at the end of the first quarter were $164 million or 8.9 per cent of loans, compared to 9.2 per cent and 8.9 per cent at yearend 2020 and first quarter 2020, respectively.

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About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’) Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,000 people and serves over 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in and representative offices in Addis Ababa, Ethiopia; Johannesburg, ; , ; , the UK and Dubai, the . The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth, and asset management. ETI is listed on the Nigerian Stock Exchanges in , the Stock Exchange in , and the Bourse Régionale des Valeurs Mobilières in . For further information please visit www.ecobank.com

Cautionary note regarding forward-looking statements Certain statements in this document are “forward-looking statements”. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements.

Conference Call Information: Ecobank will not be holding an Earnings Conference Call to discuss the financial results for the three months ended 31 March 2021. The financial results, which have been submitted to the NSE, BRVM and GSE, can be accessed, including the Earnings Press Release, by visiting www.ecobank.com. If you should have any questions related to these results, please contact Ecobank Investor Relations via [email protected]

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 [email protected]. Full contact details below:

Investor contact: Ato Arku T: +228 22 21 03 03 M: +228 92 40 90 09 E: [email protected]

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Ecobank Reports First quarter 2021 Earnings Results

Ecobank Group

UNAUDITED CONSOLIDATED INCOME STATEMENT Period ended 31 March In thousands of US dollars, except per share amounts 2021 2020

Interest Income 345,914 340,111 Interest Expense (108,820) (130,768) Net Interest Income 237,094 209,343

Fee and commission income 113,441 105,173 Fee and commission expense (13,294) (8,138) Net trading income 64,158 80,242 Other operating income 7,990 6,038 Non-interest revenue 172,295 183,315

Operating income 409,389 392,658 Staff expenses (107,939) (118,350) Depreciation and amortisation (26,152) (23,353) Other operating expenses (108,670) (117,603) Operating expenses (242,761) (259,306)

Operating profit before impairment losses and taxation 166,628 133,352 Impairment losses on financial assets (56,693) (42,234)

Operating profit after impairment losses before taxation 109,935 91,118 Net monetary loss arising from hyperinflationary economy (9,637) (781) Share of post-tax results of associates (297) (776) Profit before tax 100,318 90,256 Taxation (25,810) (23,814) Profit after tax from continuing operations 84,983 66,442 Profit after tax from discontinued operations 1,319 1,045 Profit after tax 75,827 67,487 Profit after tax attributable to: Owners of the parent 52,132 48,372 - Continuing operations 51,420 47,808 - Discontinued operations 712 564 Non-controlling interests 23,695 19,115 - Continuing operations 23,088 18,634 - Discontinued operations 607 481 75,827 67,487 Earnings per share from continuing operations attributable to owners of the parent during the period (expressed in United States cents per share): Basic (cents ) 0.209 0.194 Diluted (cents ) 0.209 0.194

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Ecobank Reports First quarter 2021 Earnings Results

Ecobank Group CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Period ended In thousands of US dollars 31 March 2021 31 March 2020

Profit after tax 75,827 67,487 Other comprehensive income Items that may be reclassified to profit or loss: Exchange difference on translation of foreign operations (96,867) (149,630) Fair value (loss) / gain on debt instruments at FVOCI (47,667) 16,402 Taxation relating to components of other comprehensive income that may be subsequently 2,930 (263) reclassed to profit or loss

Other comprehensive loss for the period, net of taxation (141,604) (133,491)

Total comprehensive loss for the period (65,777) (66,004) Total comprehensive loss attributable to: Owners of the parent (72,401) (80,374) - Continuing operations (73,113) (80,938) - Discontinued operations 712 564 Non-controlling interests 6,624 14,370 - Continuing operations 6,017 13,889 - Discontinued operations 607 481

(65,777) (66,004)

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Ecobank Group

Condensed unaudited consolidated statement of financial position As at

31 March 2021 31 December 2020 In thousands of US dollars ASSETS Cash and balances with central banks 3,803,960 3,752,596 Trading financial assets 140,436 156,490 Derivative financial instruments 69,835 115,162 Loans and advances to banks 2,298,034 2,011,343 Loans and advances to customers 8,940,263 9,239,948 Treasury bills and other eligible bills 1,699,327 1,730,845 Investment securities 5,909,545 6,074,244 Pledged assets 347,753 423,599 Other assets 1,100,917 1,128,200 Investment in associates 3,175 3,468 Intangible assets 129,880 151,870 Property and equipment 834,720 810,521 Investment properties 8,900 12,365 Deferred income tax assets 149,651 164,486

Assets held for sale and discontinued operations 160,004 164,336 Total Assets 25,596,400 25,939,473 LIABILITIES Deposits from banks 1,934,505 2,386,747 Deposits from customers 18,101,881 18,296,952 Derivative financial instruments 23,624 78,908 Borrowed funds 2,340,917 1,923,182 Other liabilities 844,348 823,112 Provisions 75,263 60,462 Current income tax liabilities 66,781 68,534 Deferred income tax liabilities 51,715 76,528 Retirement benefit obligations 23,361 22,168 23,462,395 23,736,593 Liabilities held for sale and discontinued operations 179,289 175,167

Total Liabilities 23,641,684 22,606,400 EQUITY

Share capital and premium 2,113,961 2,113,961 Retained earnings and reserves (686,354) (610,565) Equity attributable to owners of the parents 1,427,607 1,503,396 Non-controlling interests 527,109 524,317 Total equity 1,954,716 2,027,713 Total liabilities and equity 25,596,400 25,939,473

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Ecobank Group

Condensed unaudited consolidated statement of changes in equity

Attributable to equity holders of the company Non-Controlling Interest Total Equity Share capital & Retained Other reserves Total premium earnings In thousands of US dollars At 1 January 2020 2,113,957 245,563 (882,827) 1,476,693 409,084 1,885,777

Changes in Equity for 1 January to 31 March 2020: Foreign currency translation differences - - (144,885) (144,885) (4,745) (149,630) Net gain in debt instruments,net of taxes - - 16,139 16,139 - 16,139 Profit for the period - 48,372 - 48,372 19,115 67,487 Total comprehensive loss for the period - 48,372 (128,746) (80,374) 14,370 (66,004) Dividend relating to 2019 - - - - (1,651) (1,651)

At 31 March 2020 2,113,957 293,935 (1,011,573) 1,396,319 421,803 1,818,122

Changes in Equity for 1 April to 31 December 2020: Net gain in debt instruments,net of taxes - - 58,475 58,475 - 58,475 Net gain in equity instruments, net of taxes - - 79 79 - 79 Foreign currency translation differences - - 116,066 116,066 25,011 141,077 Net gains on revaluation of property - - 19,603 19,603 - 19,603 Remeasurements of post-employment benefit obligations - - (233) (233) - (233) Profit for the period - (44,170) - (44,170) 65,002 20,832 Total comprehensive profit for the period - (44,170) 193,990 149,820 90,013 239,833 Hyper-inflation reserve - - (31,897) (31,897) - (31,897) Adjustment to ordinary capital 4 - - 4 - 4 Change in minority interest - - (10,850) (10,850) 10,850 - Transfer from general banking reserves - (2,227) 2,227 - - - Transfer to statutory reserve - (48,366) 48,366 - - - Dividend relating to 2019 - - - - 1,651 1,651

At 31 December 2020 / January 2021 2,113,961 199,172 (809,737) 1,503,396 524,317 2,027,713

Net loss in debt instruments,net of taxes - - (44,737) (44,737) - (44,737) Foreign currency translation differences - - (79,796) (79,796) (17,071) (96,867) Profit for the period - 52,132 - 52,132 23,695 75,827 Total comprehensive loss for the period - 52,132 (124,533) (72,401) 6,624 (65,777) Group reserve - - (3,388) (3,388) - (3,388) Dividend relating to 2020 - - - - (3,832) (3,832) At 31 March 2021 2,113,961 251,304 (937,658) 1,427,607 527,109 1,954,716

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Ecobank Group

Condensed unaudited consolidated statement of cash flows

31 March 2021 31 March 2020 In thousands of US dollars

Cash flows from operating activities Profit before tax 100,318 90,256 Adjusted for: Foreign exchange income (74,215) (23,268) Net profit from investment securities (2,142) - Impairment losses on loans and advances 66,486 35,167 Impairment losses on other financial assets 8,989 7,067 Depreciation of property and equipment 18,069 18,637 Net interest income (237,094) (209,343) Amortisation of software and other intangibles 8,083 4,716 Profit on sale of property and equipment (594) (1,282) Share of post-tax results of associates (20) 81 Income taxes paid (40,186) (60,688) Changes in operating assets and liabilities Trading financial assets 16,054 67,082 Derivative financial instruments 45,327 (75,801) Treasury bills and other eligible bills (63,000) 16,694 Loans and advances to banks 22,459 (149,920) Loans and advances to customers 256,783 442,590 Pledged assets 75,846 136,238 Other assets 27,283 (271,137) Mandatory reserve deposits with central banks (49,950) 48,797 Deposits from customers (195,071) (143,357) Other deposits from banks (161,381) (533,574) Derivative liabilities (55,284) 67,273 Other liabilities 21,236 295,336 Provisions 14,801 9,187 Interest received 345,914 340,111 Interest paid (108,820) (130,768)

Net cashflow from /(used in) operating activities 39,891 (19,906) Cash flows from investing activities Purchase of software (1,009) (10,217) Purchase of property and equipment (7,103) (10,759) Proceeds from sale of property and equipment 5,834 1,269 Purchase of investment securities (241,788) (141,573) Proceeds from sale and redemption of securities 321,580 379,351

Net cashflow from investing activities 77,514 218,071 Cash flows from financing activities Repayment of borrowed funds (180,850) (378,503) Proceeds from borrowed funds 442,682 132,946 Dividends paid to non-controlling shareholders (3,832) (1,651)

Net cashflow from /(used in) financing activities 258,000 (247,208)

Net increase / (decrease) in cash and cash equivalents 375,405 (49,043) Cash and cash equivalents at beginning of period 3,800,456 2,559,766 Effects of exchange differences on cash and cash equivalents 131,502 (114,827) Cash and cash equivalents at end of the period 4,307,363 2,395,896

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