ECOBANK TRANSNATIONAL INCORPORATED
Unaudited consolidated financial statements For year ended 31 December 2021
Ecobank Transnational Incorporated Unaudited consolidated financial statements For the year ended 31 December 2021
CONTENTS
Unaudited 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 unaudited consolidated financial statements
Page 1
Press Release
Ecobank Group reports unaudited results for year ended 31 December 2021
- Revenue up 4% to $1,741.1 million (up 8% to GHC 10,109.0 billion)
- Profit before tax and goodwill impairment up 41% to $478.0 million (up 47% to GHC 2,775.2 billion)
- Profit before tax up 174% to $478.0 million (up 184% to GHC 2,775.2 billion)
- Profit after tax up 296% to $349.5 million (up 311 % to GHC 2,029.2 billion)
- Total assets up 5% to $27.3 billion (up 10% to GHC 163.7 billion)
- Loans and advances to customers up 4% to $9.6 billion (up 9% to GHC 57.6 billion)
- Deposits from customers up 7% to $19.5 billion (up 12% to GHC 117.3 billion)
- Total equity up 5% to $2.1 billion (up 10% at GHC 12.8 billion)
Financial Highlights | Year ended | Year ended | % Change | ||||||||
31 December 2021 | 31 December 2020 | ||||||||||
US$'000 | GHC'000 | US$'000 | GHC'000 | US$ | GHC | ||||||
Income Statement: | |||||||||||
Revenue | 1 741 138 | 10 109 026 | 1 679 765 | 9 401 016 | 4% | 8% | |||||
Operating profit before impairment charges | 718 749 | 4 173 048 | 625 727 | 3 501 960 | 15% | 19% | |||||
Profit before tax and goodwill impairment | 477 992 | 2 775 215 | 337 882 | 1 890 999 | 41% | 47% | |||||
Profit before tax | 477 992 | 2 775 215 | 174 318 | 975 592 | 174% | 184% | |||||
311% | |||||||||||
Profit after tax | 349 504 | 2 029 216 | 88 319 | 494 288 | 296% | ||||||
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) | 1,041 | 6,045 | 0,010 | 0,055 | 10564% | 10963% | |||||
Diluted (cents and pesewas) | 1,041 | 6,045 | 0,010 | 0,055 | 10564% | 10963% |
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) | 0,004 | 0,021 | 0,007 | 0,041 | -50% | -49% | |||||||
Diluted (cents and pesewas) | 0,004 | 0,021 | 0,007 | 0,041 | -50% | -49% | |||||||
Financial Highlights | As at | As at | % Change | ||||||||||
31 December 2021 | 31 December 2020 | ||||||||||||
US$'000 | GHC'000 | US$'000 | GHC'000 | US$ | GHC | ||||||||
Statement of Financial Position: | |||||||||||||
Total assets | 27 257 878 | 163 713 540 | 25 939 473 | 148 742 126 | 5% | 10% | |||||||
Loans and advances to customers | 9 588 103 | 57 587 105 | 9 239 948 | 52 983 710 | 4% | 9% | |||||||
Deposits from customers | 19 530 874 | 117 304 382 | 18 296 952 | 104 918 382 | 7% | 12% | |||||||
Total equity | 2 128 906 | 12 786 423 | 2 027 713 | 11 627 311 | 5% | 10% | |||||||
Alain Nkontchou | Ade Ayeyemi | Ayo Adepoju | ||
Group Chairman | Group Chief Executive Officer | Group Chief Financial Officer | ||
www.ecobank.com
2
Unaudited Consolidated Statement of Comprehensive Income - USD
Interest Income
Interest Expense
Net Interest Income
Fee and commission income
Fee and commission expense
Net trading income
Other operating income
Non-interest revenue
Operating income
Staff expenses
Depreciation and amortisation
Other operating expenses
Operating expenses
Operating profit before impairment charges and taxation
Impairment charges on financial assets
Operating profit after impairment charges before taxation
Net monetary loss arising from hyperinflationary economy
Share of post-tax results of associates
Profit before tax and goodwill impairment
Goodwill Impairment
Profit before tax
Taxation
Profit after tax from continuing operations
Profit after tax from discontinued operations
Profit after tax
Attributable to:
Owners of the parent
- Continuing operations
- Discontinued operations
Non-controlling interests
- Continuing operations
- Discontinued operations
Earnings per share from continuing operations attributable to owners of the parent during the year (expressed in United States cents per share):
Basic (cents )
Diluted (cents )
Earnings per share from discontinued operations attributable to owners of the parent during the year (expressed in United States cents per share):
Basic (cents )
Diluted (cents )
Consolidated statement of other comprehensive income
Profit after tax
Other comprehensive income
Items that may be reclassified to profit or loss: Exchange difference on translation of foreign operations Fair value (loss) / gain on debt instruments at FVTOCI
Taxation relating to components of other comprehensive income that may be subsequently reclassed to profit or loss
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations
Fair value gain on equity instruments designated at FVTOCI Property and equipment - revaluation gain
Taxation relating to components of other comprehensive income that will not be subsequently reclassed to profit or loss
Other comprehensive (loss) / income for the year, net of taxation
Total comprehensive income for the year
Total comprehensive income attributable to:
Owners of the parent
- Continuing operations
- Discontinued operations
Non-controlling interests
- Continuing operations
- Discontinued operations
Year ended | Year ended | % Change | ||
31 December 2021 | 31 December 2020 | |||
US$'000 | US$'000 | |||
1 462 338 | 1 390 438 | 5% | ||
(536 834) | (483 212) | 11% | ||
925 504 | 907 226 | 2% | ||
499 787 | 424 589 | 18% | ||
(48 495) | (35 643) | 36% | ||
307 488 | 346 276 | -11% | ||
56 854 | 37 317 | 52% | ||
815 634 | 772 539 | 6% | ||
1 741 138 | 1 679 765 | 4% | ||
(449 006) | (462 992) | -3% | ||
(109 722) | (104 206) | 5% | ||
(463 661) | (486 840) | -5% | ||
(1 022 389) | (1 054 038) | -3% | ||
718 749 | 625 727 | 15% | ||
(201 922) | (227 025) | -11% | ||
516 827 | 398 702 | 30% | ||
(38 030) | (60 523) | -37% | ||
(805) | (297) | -171% | ||
477 992 | 337 882 | 41% | ||
(163 564) | nm | |||
- | ||||
477 992 | 174 318 | 174% | ||
(130 143) | (89 335) | 46% | ||
347 849 | 84 983 | 309% | ||
1 655 | 3 336 | -50% | ||
349 504 | 88 319 | 296% | ||
256 933 | 4 202 | 6015% | ||
256 039 | 2 401 | 10564% | ||
894 | 1 801 | -50% | ||
92 571 | 84 117 | 10% | ||
91 810 | 82 582 | 11% | ||
761 | 1 535 | -50% | ||
349 504 | 88 319 | 296% | ||
1,041 | 0,010 | 10564% | ||
1,041 | 0,010 | 10564% | ||
0,004 | 0,007 | -50% | ||
0,004 | 0,007 | -50% | ||
349 504 | 88 319 | 296% | ||
(214 715) | (8 553) | -2410% | ||
(88 798) | 76 639 | -216% | ||
7 894 | (2 025) | 490% | ||
1 199 | (233) | 615% | ||
141 | 79 | 78% | ||
2 752 | 29 208 | -91% | ||
(2 944) | (9 605) | -69% | ||
(294 471) | 85 510 | -444% | ||
55 033 | 173 829 | -68% | ||
2 044 | 69 446 | -97% | ||
1 150 | 67 645 | -98% | ||
894 | 1 801 | -50% | ||
52 989 | 104 383 | -49% | ||
52 228 | 102 848 | -49% | ||
761 | 1 535 | -50% | ||
55 033 | 173 829 | -68% |
Unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
nm-not meaningful
Page 3
PUBLIC
Unaudited Consolidated Statement of Comprehensive Income - GHC
Year ended | Year ended | % Change | ||||
31 December 2021 | 31 December 2020 | |||||
GHC'000 | GHC'000 | |||||
Interest Income | 8 490 316 | 7 781 762 | 9% | |||
Interest Expense | (3 116 851) | (2 704 357) | 15% | |||
Net Interest Income | 5 373 465 | 5 077 405 | 6% | |||
Fee and commission income | 2 901 757 | 2 376 266 | 22% | |||
Fee and commission expense | (281 561) | (199 481) | 41% | |||
Net trading income | 1 785 271 | 1 937 977 | -8% | |||
Other operating income | 330 094 | 208 849 | 58% | |||
Non-interest revenue | 4 735 561 | 4 323 611 | 10% | |||
Operating income | 10 109 026 | 9 401 016 | 8% | |||
Staff expenses | (2 606 923) | (2 591 193) | 1% | |||
Depreciation and amortisation | (637 045) | (583 202) | 9% | |||
Other operating expenses | (2 692 010) | (2 724 661) | -1% | |||
Operating expenses | (5 935 978) | (5 899 056) | 1% | |||
Operating profit before impairment charges and taxation | 4 173 048 | 3 501 960 | 19% | |||
Impairment charges on financial assets | (1 172 357) | (1 270 574) | -8% | |||
Operating profit after impairment charges before taxation | 3 000 691 | 2 231 386 | 34% | |||
Net monetary loss arising from hyperinflationary economy | (220 802) | (338 725) | -35% | |||
Share of post-tax results of associates | (4 674) | (1 662) | 181% | |||
Profit before tax and goodwill impairment | 2 775 215 | 1 890 999 | 47% | |||
Goodwill Impairment | - | (915 407) | nm | |||
Profit before tax | 2 775 215 | 975 592 | 184% | |||
Taxation | (755 608) | (499 974) | 51% | |||
Profit after tax from continuing operations | 2 019 607 | 475 618 | 325% | |||
Profit after tax from continuing operations | 9 609 | 18 670 | -49% | |||
Profit after tax | 2 029 216 | 494 288 | 311% | |||
Attributable to: | ||||||
Owners of the parent | 1 491 750 | 23 517 | 6243% | |||
- Continuing operations | 1 486 559 | 13 437 | 10963% | |||
- Discontinued operations | 5 191 | 10 080 | -49% | |||
Non-controlling interests | 537 466 | 470 771 | 14% | |||
- Continuing operations | 533 048 | 462 180 | 15% | |||
- Discontinued operations | 4 418 | 8 591 | -49% | |||
2 029 216 | 494 288 | 311% | ||||
Earnings per share from continuing operations attributable to owners of the parent during the year | ||||||
(expressed in Cedis pesewas per share): | ||||||
Basic (pesewas) | 6,045 | 0,055 | 10963% | |||
Diluted (pesewas ) | 6,045 | 0,055 | 10963% | |||
Earnings per share from discontinued operations attributable to owners of the parent during the year | ||||||
(expressed in Cedis pesewas per share): | ||||||
Basic (pesewas ) | 0,021 | 0,041 | -49% | |||
Diluted (pesewas ) | 0,021 | 0,041 | -49% | |||
Consolidated statement of other comprehensive income | ||||||
Profit for the year | 2 029 216 | 494 288 | 311% | |||
Other comprehensive income | ||||||
Items that may be reclassified to profit or loss: | ||||||
Exchange difference on translation of foreign operations | (689 872) | 342 026 | -302% | |||
Fair value (loss) /gain on debt instruments at FVTOCI | (515 559) | 428 920 | -220% | |||
Taxation relating to components of other comprehensive income that may be subsequently reclassed | ||||||
to profit or loss | 45 832 | (11 333) | 504% | |||
Items that will not be reclassified to profit or loss: | ||||||
Remeasurements of defined benefit obligations | 6 961 | (1 304) | 634% | |||
Fair value gain / (loss) on equity instruments designated at FVTOCI | 819 | 442 | 85% | |||
Property and equipment - revaluation gain | 15 978 | 163 467 | -90% | |||
Taxation relating to components of other comprehensive income that will not be subsequently | ||||||
reclassed to profit or loss | (17 093) | (53 756) | -68% | |||
Other comprehensive (loss) / income for the year, net of taxation | (1 152 934) | 868 462 | -233% | |||
Total comprehensive income for the year | 876 282 | 1 362 750 | -36% | |||
Total comprehensive income attributable to: | ||||||
Owners of the parent | 420 392 | 682 359 | -38% | |||
- Continuing operations | 415 201 | 672 279 | -38% | |||
- Discontinued operations | 5 191 | 10 080 | -49% | |||
Non-controlling interests | 455 890 | 680 391 | -33% | |||
- Continuing operations | 451 472 | 671 800 | -33% | |||
- Discontinued operations | 4 418 | 8 591 | -49% | |||
876 282 | 1 362 750 | -36% |
Unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful
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ETI - Ecobank Transnational Inc. published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 14:02:07 UTC.