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Ecobank Group PUBLIC Ecobank Group FY 2020 Earnings Investor Presentation 23 March 2021 © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 1 PUBLIC PUBLIC 1 Introduction Ade Ayeyemi, Group Chief Executive Officer 2 Risk Management Eric Odhiambo, Group Chief Risk Officer 3 Financial Review Ayo Adepoju, Group Chief Financial Officer 4 Q & A © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 2 PUBLIC PUBLIC INTRODUCTION Ecobank focused on its ‘Execution Momentum’ agenda, serving 1 customers, and achieved a decent set of results despite COVID-19’s challenges and an uncertain outlook Ade Ayeyemi, Group Chief Executive Officer © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 3 PUBLIC PUBLIC Key Investment Highlights 1 Leading Pan-African • Unique footprint across 35 African countries benefitting from attractive LT macro and sector fundamentals • Regional leadership position as either a market leading or a top-3 bank in 16 countries Franchise: Strong • Preferred partner for governments and global development institutions such as the United Nations Positioning and • “One Bank” with strong brand recognition through a substantial network of over 24 million customers, served by Preferred Partner ~14,000 employees and 690 branches across the continent 2 • Geographic diversification: UEMOA represents 30% of FY20 Revenues, AWA 28%, Nigeria 16%, CESA 27%(1) Diversified Business • Business model diversification: CIB (55% of FY20 Net revenue), CB (22%), Consumer (23%)(1) Model • Integrated technology platform eProcess enables central manufacture of products rolled out consistently across the platform • Recognised for innovation in African banking (Global Finance and African Banker Awards, 2020) 3 • Leadership in technology adoption to drive financial inclusion. Valued partnerships with Airtel Africa, MTN, Alipay, Palm Pioneer in Digitisation Pay: strategic ambition to access up to 100m customers digitally with a Growing • Expansion in digital offerings with Ecobank Mobile (App & USSD) serving ~12.9m customers Customer Base • Strong growth with value of digital transactions up 43% y-o-y to $40.0bn as of 31 December 2020 • Captive regional payments business offers a significant opportunity to drive growth and value creation 4 • Strong profitability across regions. AWA (27% ROE), UEMOA (19%), and CESA (16%). Strong Financial Profile • Improved funding costs, ongoing cost reduction efforts and risk management have led to improved profitability in Delivers High ROE Nigeria Across Key Regions • Group-wide efficiency efforts support the path to enhanced profitability 5 • Strong risk management and corporate governance practices Enhanced Risk and • Redeployment of experienced executives to key parts of the business to enhance controls Compliance Culture • Robust regulatory understanding and interface led by dynamic management team • Regulated and compliant under Basel II/III prudential standards (provisional 9.4% Tier 1 and 12.3% Total CAR as at FY20) 6 • Highly experienced management team who have implemented first phase of new strategy in 2016-18 to restore Group Experienced profitability and since driving ‘Execution Momentum’ aimed at growth and improved shareholder returns Management Team • Management successfully raised $500m in a debut Eurobond in 2019 Coupled With Strong • Blue-chip shareholder base comprising reputable institutions – Nedbank, QNB, Arise, and PIC Shareholder Base • Management in Nigeria successfully raised $300m 5-year Eurobond in Feb 2021 1. Percentages represent segment / regional contribution to Revenues. Excluding Consolidation Adjustments and Other Adjustments. © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 4 PUBLIC PUBLIC ‘Roadmap to Leadership’ strategy: The Journey 2016 2017 2018 2019 2020 Bold & Strategic Actions to ‘Secure the Firm’s Foundation’ Headwinds Faced Fit-for-purpose business model Nigeria positioned for success Basel II/III Capital – FCTR impact Reset the cost base Restructured CESA IFRS 9 & Day 1 impact Repositioned credit portfolio Invested in people Covid-19 pandemic Modernised technology Improved liquidity Goodwill charge Digitally transformed the business Core banking platform Elevated asset quality © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 5 PUBLIC PUBLIC Current phase: Execution Momentum 2021 2022 2023 2024 2025 Generate long-term sustainable ROTE We have secured the firm's 1 foundation. We addressed Drive coverage towards 100% & NPL c.5% MT our credit portfolio and Expense discipline: drive CIR c.55% MT capital issues. Made investments in people, Trade, Payments, & FICC2 systems, and processes. Group positioned now to Symbiotic partnerships – 100m customer goal 'Build Back Better' focusing on… Grow revenues Adequate capital to support growth 1. Medium-Term goals 2. FICC = Fixed Income, Currencies and Commodities © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 6 PUBLIC PUBLIC Africa’s GDP expected to transition to growth in 2021 New cases and deaths falling but fatality rate increasing. GDP expected to rebound after a year of COVID-19- New virus variants likely to fuel second wave. However, induced economic contraction vaccination rollouts provide a glimmer of hope Real GDP growth at market prices1 2020 2021 2 -3.0% Latest updates on the COVID-19 crisis in Africa… SSA In thousands 3.2% Africa Cases 2000 4,116,865 -4.1% 1800 Nigeria 1600 1.1% Deaths 109,922 1400 1.1% Ghana 1200 1.4% Recoveries 1000 3,683,840 1.8% 800 Cote d'Ivoire Total 5.5% 600 39,850,362 Test -2.5% 400 Cameroon 3.0% 200 Global cases3 123,386,930 0 -1.0% Central Western Eastern Northern Southern Kenya 6.9% Source: 1. Africacdc.org/covid-19/ - 22 March 2021 -10.0% 2. Real GDP growth rates for SSA are for Jan 2021 sourced from IMF World Economic Zimbabwe Outlook (WEO) Update, Jan 2021. SSA 2021 output was revised up by 0.1ppt. All other 2.9% GDP growth are sourced from the 'Global Economic Prospects’, a World Bank Group Flagship Report, January 2021 3. Johns Hopkins University COVID-19 as of 22 March 2021 © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 7 PUBLIC PUBLIC Encouraging financial performance despite COVID-19 & one-offs 2020 Encouraging business momentum • Net revenue up 4% to $1.7bn, benefited from our diversified business model as strong Net revenue $1.7bn (operating income) +4% CIB revenues offset modest growth in Commercial and Consumer due to COVID-19’s disproportionate impact on small businesses and households 62.7% Cost-to-income ratio • Pre-provision operating profit up $77m to $626m on positive operating leverage, (3.4)pp providing flexibility to increase NPL coverage Pre-provision $626m • Expenses down $19m, despite one-off restructuring cost of $32m and litigation accruals operating profit +14% of $12m. Cost-to-income ratio improved to 62.7% $227m • One-off goodwill charge of $164m and net monetary loss of $61m negatively impacted Impairment +70% profit before tax resulting in $231m decrease to $174m Profit before tax (excl. $338m goodwill) (17%) Strong balance sheet $174 • Record growth of $2.0bn in customer deposits to reach $18.3bn, driven mostly by Profit before tax (57%) current and savings account (CASA) deposits Return on tangible • Highly liquid balance sheet – Loans-to-deposit ratio of 54% & Liquidity ratio of c.48% equity (ROTE) – excl. 13.3% • NPL ratio improved to 7.6% (2019: 9.7%). Proactively built NPL coverage to 74.5% (2019: goodwill 58.3%) towards near term target of 100% • TBVPS increased 16% YoY to 5.46 US dollar cents ROTE 0.3% • Provisional est. of Tier 1 ratio of 9.4% (8.8% in 2019) and Total CAR of 12.3% (11.6% in 2019) are above regulatory minimums. Adequate capital to support planned growth Tangible book value 5.46 $ cents per share – TBVPS +16% Strategic priorities Total CAR1 12.3% • Revenue generation – Trade, Payments, FICC • Maintain expense discipline – expect CIR to trend lower 1. Total Capital Adequacy Ratio of 12.3% as of 31/12/20 is a provisional estimate • Credit portfolio reset – NPL ratio down; Coverage up & focus on keeping S3 loans low • Maintain solid balance sheet – ample liquidity & improving CAR • Driving group-wide customer excellence programs • Invested in technology to position us for growth © Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 8 PUBLIC PUBLIC Acceleration in digital adoption: # of transactions up 56%; volumes up 43%... Total Digital Transactions1 OMNI Lite OMNI Plus 140 70. 1.00 8. 20.00 80. 119 0.90 18.00 120 60. 7. 70. 56% 0.80 16.00 14.80 14.63 0.68 6. 60. 100 50. 0.70 14.00 5. 50. 76 0.60 12.00 80 $40.1 40. 43% 0.50 $3.9 4. 10.00 40. 60 30. 0.40 8.00 $27.9 3. 30. 21% $27.7 40 20. 0.30 1368% 6.00 $22.9 0.16 2. 20. 0.20 4.00 20 10. 1. 10. 0.10 2.00 0 0. - $0.3 0. - 0. 2019 2020 2019 2020 2019 2020 Transactions (M) Volume ($B) Transactions (MM) Volume ($B) Transactions (MM) Volume ($B) Mobile App (incl. USSD) Ecobank Online Xpress Points (Agency) 60 56 12. 2.00 2. 3.50 5. 1.80 2. 2.85 5. 50 10. 3.00 1.60 1.45 2. 4. 41 1.40 1. 2.50 4. 40 8. 1.98 1.20 1. 3. 2.00 $1.1 30 6. 1.00 0.83 1. 3. 1.50 0.80 1. 2. 171% 20 4. $1.7 (9)% 0.60 1. $1.6 2. 62% $3.5 1.00 0.40 0. 1. 10 $2.3 2. $0.4 0.50 0.20 0. 1. 0 0. - 0. - 0. 2019 2020 2019 2020 2019 2020 Transactions (MM) Volume ($B) Transactions (MM) Volume ($B) Transactions (MM) Volume ($B) 1. Total digital transactions comprise transaction count on the Ecobank App, USSD, Online banking, OMNI Plus, OMNI Lite, Xpress Points, Rapid Transfer (RT) App, and other indirect digital
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