Ecobank Ghana PLC

Un-audited Financial Statements

For the six-month period ended
30th June 2021
Key Ratios

Cost to Income 39.65%

Return on Average Assets 4.27%
Return on Average Equity 27.84%
Non Funded Income to Total Income 33.70%

Financial Highlights
June 2020 - June 2021 Growth
Profit Before Tax 32.85%
Total Assets 16.59%
Deposits 13.03%
Ecobank Ghana PLC
Consolidated Financial Statements for the period ended 30th June 2021
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Comprehensive Income Group Bank

Jun-21 Jun-20 Jun-21 Jun-20

Interest income 751,376 734,608 732,901 713,001

Interest expense (98,519) (100,747) (98,692) (88,243)
-------------------- -------------------- -------------------- --------------------
Net interest income 652,857 633,861 634,209 624,758

Fee and commission income 180,948 117,384 175,828 92,593

Fee and commission expense (17,157) (4,370) (17,156) (4,370)
-------------------- -------------------- -------------------- --------------------
Net fee and commission income 163,791 113,014 158,672 88,223
-------------------- -------------------- -------------------- --------------------
Net trading income 152,867 116,226 152,866 116,159
Other operating income 15,006 15,357 14,450 15,316
Gain on sale of equipment 177 405 177 405
-------------------- -------------------- -------------------- --------------------
168,050 131,988 167,493 131,880
-------------------- -------------------- -------------------- --------------------
Revenue 984,698 878,863 960,374 844,861

Net Impairment charge (112,274) (142,148) (110,947) (142,076)

Personnel expenses (166,904) (167,550) (159,131) (157,343)
Depreciation and amortisation (23,220) (24,435) (21,822) (23,018)
Other operating expenses (200,324) (181,931) (193,545) (171,013)
-------------------- -------------------- -------------------- --------------------
Operating profit 481,976 362,799 474,929 351,411
-------------------- -------------------- -------------------- --------------------
Profit before income tax 481,976 362,799 474,929 351,411
Income tax expense (156,597) (109,545) (154,474) (101,568)
Profit after tax 325,379 253,254 320,455 249,843
Ecobank Ghana PLC
Consolidated Financial Statements for the period ended 30th June 2021

Statements of Comprehensive Income Group Bank

Jun-21 Jun-20 Jun-21 Jun-20

Net income after tax 325,379 253,254 320,455 249,843

Other Comprehensive Income
Items that will never be reclassified subsequently to profit or loss:
Change in value of investment securities valued at FVOCI (24,150) 79,924 (24,150) 79,924
Income tax relating to components of other comprehensive income 6,037 (19,981) 6,037 (19,981)
Other comprehensive income for the year, net of tax (18,113) 59,943 (18,113) 59,943

Total comprehensive income for the period 307,266 313,197 302,342 309,786

Profit for the period attributable to:

Parent 325,337 253,230 320,455 249,843
Non-controlling interest 42 24 - -
Comprehensive income for the period attributable to:
Parent 307,224 313,173 302,342 309,786
Non-controlling interest 42 24 - -

Earnings per share

Basic & diluted (in Ghana Cedis) 2.02 1.57 1.99 1.55
Ecobank Ghana PLC
Statement of Financial Position as at 30th June 2021
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Financial Position Group Bank

Jun-21 Jun-20 Jun-21 Jun-20

Assets
Cash and balances with banks 3,788,144 3,306,983 3,690,111 3,195,080
Loans & advances to customers 4,532,076 4,631,903 4,516,860 4,587,175
Non pledged trading assets 561,099 1,288,462 559,970 1,288,462
Non-trading assets 6,196,927 3,603,395 6,178,722 3,538,687
Investment in subsidiaries - - 40,083 38,083
Investment in associate - - - 10,296
Other assets 582,740 528,354 511,568 467,870
Deferred income tax asset - 531 - -
Intangible assets 94,295 52,403 92,765 52,403
Non-current assets held for sale 28,327 28,327 28,327 28,327
Right-of-use-assets 37,568 95,231 37,518 95,231
Property and equipment 587,596 538,075 573,422 421,313
---------------------- ----------------------- ---------------------- -------------------
Total Assets 16,408,772 14,073,664 16,229,346 13,722,927
============ ============ ============ ============
Liabilities
Deposits from banks 805,003 572,462 922,601 779,596
Deposits from customers 12,144,146 10,744,180 11,974,414 10,413,993
Borrowings 65,268 30,820 65,268 59,473
Current income tax liabilities 134,127 99,180 134,127 99,180
Deferred income tax liabilities 4,626 - 4,626 -
Other liabilities 629,817 436,845 531,920 202,333
Lease liabilities 48,064 92,670 48,064 92,670
---------------------- ----------------------- ---------------------- -------------------
Total liabilities 13,831,051 11,976,157 13,681,020 11,647,245

Equity and reserves

Stated capital 416,641 416,641 416,641 416,641
Retained earnings 1,266,852 1,000,336 1,243,698 983,728
Other reserves 312,243 179,860 312,243 179,860
Statutory reserve 569,058 500,085 563,430 495,453
Credit risk reserve 12,314 - 12,314 -
Non-controlling interest 613 585 - -
------------------------ ----------------------- ---------------------- -------------------------
Total equity attributable to
equity holders 2,577,721 2,097,507 2,548,326 2,075,682

Total liabilities and equity 16,408,772 14,073,664 16,229,346 13,722,927

============ ============ ============ ============
Statements of Cash flows
(All amounts are in thousands of Ghana cedis unless otherwise stated)

Statements of Cash flows Group Bank

Jun-21 Jun-20 Jun-21 Jun-20

Cash flows from operating activities

Profit before tax 481,976 362,799 474,929 351,411

Depreciation expense 23,220 24,435 21,822 23,018

Impairment 112,274 113,269 110,947 113,269
Unrealised losses - net (20,341) (21,031) (20,362) (21,040)
Gain on disposal of property and equipment (177) 0 (177) 0
Additions to right-of-use assets - (9,089) - (9,089)
Interest expense on leases - 2,075 - 2,075

Changes in operating assets and liabilities

Loans and advances 445,720 573,357 409,506 570,737
Other assets 25,892 163,749 94,005 106,746
Other liabilities 144,529 (165,154) 84,550 (164,899)
Deposits from banks (271,155) (623,343) (567,367) (623,343)
Deposits from customers 339,630 986,982 587,972 688,953
Mandatory reserves (631,755) 478,933 (631,755) 478,933
Placements 362,202 327,608 357,530 327,608
Cash flows from operating activities 1,012,015 2,214,590 921,600 1,844,379
Tax paid (170,707) (50,149) (168,881) (49,399)
Cash flows from operating activities 841,308 2,164,441 752,719 1,794,980

Cash flows from investing activities

Government securities – net (540,314) (1,091,213) (485,591) (1,046,071)
Proceeds from sale of property and equipment 186 - 177 -
Payments for property and equipment (7,149) (6,843) (6,427) (6,820)
Payments for intangible assets (15,959) (49,276) (15,936) (49,276)
Increase in investments in subsidiaries - - (200) -
Net cash used in investing activities (563,236) (1,147,332) (507,977) (1,102,167)
Cash flows from financing activities
Repayment of borrowed funds (8,539) 10,131 (8,539) 10,131
Financing lease repayment (3,730) - (2,374) -
Dividend paid (177,403) - (177,403) -
Net cash used in financing activities (189,672) 10,131 (188,316) 10,131

Net (decrease)/increase in cash and cash equivalents 88,400 1,027,240 56,426 702,944
Cash and cash equivalents at 1st January 3,029,150 1,721,107 3,034,214 1,726,085
Cash and cash equivalents at 30 June 3,117,550 2,748,347 3,090,640 2,429,029
STATEMENTS OF CHANGES IN EQUITY
(All amounts are in thousands of Ghana cedis unless otherwise stated)
Retained Statutory Credit risk Non-contolling
THE GROUP 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 2021 416,641 1,118,918 330,356 569,058 12,314 571 2,447,858
Profit for the period - 325,337 - - - 42 325,379
Revaluation losses (net of tax) - - (18,113) - - - (18,113)
Adjustments -
Dividends paid (177,403) (177,403)
Revaluation reserves - -
Non-controlling interest -
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At 30 June 2021 416,641 1,266,852 312,243 569,058 12,314 613 2,577,721
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Retained Statutory Regulatory

THE BANK 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 2021 416,641 1,100,646 330,356 563,430 12,314 2,423,387
Profit for the period - 320,455 - - - 320,455
Revaluation losses (net of tax) - - (18,113) - - (18,113)
Dividends paid (177,403) (177,403)

------------------------
------------------------
-------------------------
------------------------------
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At 30 June 2021 416,641 1,243,698 312,243 563,430 12,314 2,548,326
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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 2020

3. Contingent liabilities
Group Bank
Jun-21 Jun-20 Jun-21 Jun-20
GHC '000 GHC '000 GHC '000 GHC '000
Guarantees and indemnities 1,257,527 717,880 1,257,527 717,880
Documentary letters of credit 1,132,057 1,172,216 1,132,057 1,172,216
Loan Commitments 1,684,417 2,238,909 1,684,417 2,238,909
4,074,001 4,129,005 4,074,001 4,129,005
4. Quantitative Disclosures

i. Capital Adequacy ratio per Capital Requirements Directive (CRD) 18.45% 18.54%

ii. Non-performing loan ratio Per BOG 13.86% 15.40%

Per IFRS 8.03% 9.30%
iii. Liquid ratio 107.25% 94.06%
iv. Common equity Tier 1 ratio 16.45% 16.53%
v. Leverage ratio 8.83% 9.64%

5. Qualitative Disclosures
i. Default in statutory liquidity (times) Nil 1
ii. Default in statutory liquidity sanction (GHC'000) Nil 27
iii. Other regulatory sanctions (GHC'000) Nil 2,429

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 Nartey Botchway

Managing Director Executive Director