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ECOBANK TRANSNATIONAL INCORRORATED Audited Consolidated Financial Statements for Year Ended 31 December 2019

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ECOBANK TRANSNATIONAL INCORRORATED Audited Consolidated Financial Statements for Year Ended 31 December 2019 ECOBANK TRANSNATIONAL INCORRORATED Audited Consolidated Financial Statements For year ended 31 December 2019 Ecobank Transnational Incorporated Consolidated Financial Statements For the year ended 31 December 2019 CONTENTS Directors report Statement of directors' responsibilities Report of the independent auditors Audited Consolidated financial statements: Press release Consolidated statement of comprehensive income USD Consolidated statement of comprehensive income GHC Consolidated statement of financial position USD Consolidated statement of financial position GHC Consolidated statement of changes in equity USD Consolidated statement of changes in equity GHC Consolidated statement of cash flows USD Consolidated statement of cash flows GHC Notes to the audited consolidated financial statements Five year summary Page 1 Ecobank Transnational Incorporated For year ended 31 December 2019 Statement of directors' responsibilities Responsibility for annual consolidated financial statements The Directors are responsible for the preparation of the consolidated financial statements for each financial year that give a true and fair view of the financial position of the Group as at 31 December 2019 and the results of its operations, statement of cash flow, income statement and changes in equity for the year ended in compliance with International Financial Reporting Standards ("IFRS"). This responsibility includes ensuring that the Group: (a) keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group; (b) establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and (c) prepares its consolidated financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, that are consistently applied. The Directors accept responsibility for the consolidated financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with IFRS. Nothing has come to the attention of the Directors to indicate that the group will not remain a going concern for at least twelve months from the date of this statement. The Directors are of the opinion that the consolidated financial statements give a true and fair view of the state of the financial affairs of the Group and of its profit or loss. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statements, as well as adequate systems of internal financial control. Approval of annual consolidated financial statements The annual consolidated financial statements were approved by the Board of Directors on 28 February 2020 and signed on its behalf by: Emmanuel Ikazoboh Ade Ayeyemi Group Chairman Group Chief Executive Officer Press Release Ecobank Group reports audited Full year 2019 results - Gross earnings down 6% to $2,328.8 million (up 7% to GHC 12.1 billion) - Revenue down 11% to $1,622.3 million (up 1% to GHC 8.5 billion) - Operating profit before impairment losses down 22% to $548.9 million (down 11% to GHC 2,863.5 million) - Profit before tax up 14% to $405.1 million (up 29% to GHC 2,113.3 million) - Profit after tax up 10% to $274.9 million (up 25% to GHC 1,434.3 million) - Total assets up 5% to $23.6 billion (up 21% to GHC 130.9 billion) - Loans and advances to customers up 2% to $9.3 billion (up 17% to GHC 51.4 billion) - Deposits from customers up 2% to $16.2 billion (up 17% to GHC 90.0 billion) - Total equity - up 9%to $1.9 billion (up 25% to GHC 10.4 billion) Year ended Year ended Financial Highlights 31 December 2018 % Change 31 December 2019 (Restated) US$'000 GHC'000 US$'000 GHC'000 US$ GHC Income Statement: Gross Earnings 2,328,822 12,149,390 2,485,103 11,398,651 -6% 7% Revenue 1,622,259 8,463,273 1,825,171 8,371,680 -11% 1% Operating profit before impairment losses 548,878 2,863,478 702,404 3,221,781 -22% -11% Profit before tax 405,079 2,113,283 356,508 1,635,227 14% 29% Profit for the Year 274,934 1,434,322 249,180 1,142,936 10% 25% Earnings per share from continuing operations attributable to owners of the parent during the year (expressed in United States cents / pesewas per share): Basic (cents and pesewas) 0.78 4.06 0.74 3.40 5% 20% Diluted (cents and pesewas) 0.78 4.06 0.74 3.38 6% 20% Earnings per share from discontinued operations attributable to owners of the parent during the year (expressed in United States cents / pesewas per share): Basic (cents and pesewas) 0.01 0.05 0.00 0.01 Diluted (cents and pesewas) 0.01 0.05 0.00 0.01 As at As at Financial Highlights 31 December 2018 % Change 31 December 2019 (Restated) US$'000 GHC'000 US$'000 GHC'000 US$ GHC Statement of Financial Rosition: Total assets 23,641,184 130,920,150 22,502,727 108,463,145 5% 21% Loans and advances to customers 9,276,608 51,372,000 9,089,200 43,809,944 2% 17% Deposits from customers 16,246,120 89,967,763 15,935,999 76,811,515 2% 17% Total equity 1,885,777 10,443,055 1,733,022 8,353,167 9% 25% The financial statements were approved for issue by the board of directors on 28 February 2020. Emmanuel Ikazoboh Ade Ayeyemi Ayo Adepoju Group Chairman Group Chief Executive Officer Group Chief Financial Officer www.ecobank.com Closing rate Audited Consolidated Statement of Comprehensive Income - USD Year ended Year ended 31 December 2018 % Change 31 December 2019 (Restated) US$'000 US$'000 Interest Income - Operating profit before impairment 1,411,998 losses down 27% to $131.2 million1,528,410 (down 17% to GHC 659.6 million)-8% Interest Expense (662,269) (598,650) 11% Net Interest Income 749,729 929,760 -19% Fee and commission income 459,866 507,434 -9% Fee and commission expense (40,350) (62,993) -36% Net trading income 381,691 381,885 0% Other operating income 71,323 69,085 -3% Non-interest revenue 872,530 895,411 -3% Operating income 1,622,259 1,825,171 -11% Staff expenses (490,311) (512,455) -4% Depreciation and amortisation (108,504) (97,444) 11% Other operating expenses (474,566) (512,868) -7% Operating expenses (1,073,381) (1,122,767) -4% Operating profit before impairment losses and taxation 548,878 702,404 -22% Impairment losses on loans and advances (109,915) (319,470) -66% Impairment charge on other financial assets (23,642) (23,914) -1% Impairment charges on financial assets (133,557) (343,384) -61% Operating profit after impairment losses before taxation 415,321 359,020 16% Net monetary loss arising from hyperinflationary economy (9,466) - n/a Share of post-tax results of associates (776) (2,512) -69% Profit before tax 405,079 356,508 14% Taxation (134,865) (108,129) 25% Profit for the year from continuing operations 270,214 248,379 9% Profit for the year from discontinued operations 4,720 801 489% Profit for the year 274,934 249,180 10% Attributable to: Owners of the parent 193,958 182,178 6% - Continuing operations 191,409 181,745 5% - Discontinued operations 2,549 433 489% Non-controlling interests 80,976 67,002 21% - Continuing operations 78,805 66,634 18% - Discontinued operations 2,171 368 490% 274,934 249,180 10% Earnings per share from continuing operations attributable to owners of the parent during the year (expressed in United States cents per share): Basic (cents ) 0.78 0.74 5% Diluted (cents ) 0.78 0.74 6% Earnings per share from discontinued operations attributable to owners of the parent during the year (expressed in United States cents per share): Basic (cents) 0.01 0.00 n/a Diluted (cents ) 0.01 0.00 n/a Audited consolidated statement of comprehensive income Profit for the year 274,934 249,180 10% Other comprehensive income Items that may be reclassified to profit or loss: Exchange difference on translation of foreign operations (243,219) (295,361) -18% Impact of Hyperinflation (35,542) - Fair value profit / ( loss) on debt instruments at FVTOCI 65,924 (75,962) -187% Taxation relating to components of other comprehensive income that may be subsequently reclassed to profit or loss (1,468) 2,695 -154% Items that will not be reclassified to profit or loss: Property and equipment - net revaluation gain 13,224 (643) -2157% Fair value (loss) / profit equity instruments designated at FVTOCI (184) 348 -153% Remeasurements of defined benefit obligations 902 1,374 Taxation relating to components of other comprehensive income that will not be subsequently reclassed to profit or loss (1,083) (4,342) -75% Other comprehensive loss for the year, net of taxation (201,446) (371,891) -46% Total comprehensive profit / (loss) for the year 73,488 (122,711) -160% Total comprehensive (loss) / profit attributable to: Owners of the parent (14,571) (144,758) -90% - Continuing operations (17,120) (144,695) -88% - Discontinued operations 2,549 (63) -4146% Non-controlling interests 88,059 22,047 299% - Continuing operations 85,888 22,101 289% - Discontinued operations 2,171 (54) -4120% 73,488 (122,711) -160% The above audited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. Page 11 Audited Consolidated Statement of Comprehensive Income - GHC Year ended Year ended 31 December 2018 % Change 31 December 2019 (Restated) GHC'000 GHC'000 Interest Income - Operating profit before 7,366,348 impairment losses down 27% to 7,010,499$131.2 million (down 17% to GHC 659.65% million) Interest Expense (3,455,036) (2,745,883) 26% Net Interest Income 3,911,312 4,264,616 -8% Fee and commission income 2,399,106 2,327,494 3% Fee and commission
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