Ecobank Group Facts Behind The Figures Presentation to the Ghana Stock Exchange 18 November, 2014 © Ecobank Group 2013| Results Presentation for the 9 Months ended 30 September 2013 | 4 November 2013 1 Forward Looking Statements This presentation includes ‘forward-looking statements’. These statements contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Group’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Group’s products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 2 Contents 1 2 3 Overview Results and Outlook Conclusion 4 10 24 Appendices A. Geographic Clusters © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 27 3 Section 1 Overview © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 4 Ecobank Vision & Mission “Our vision is to build a world class pan-African bank and contribute to the economic development and financial integration of Africa” “Our mission is to provide all of our customers with convenient, accessible and reliable financial products and services” © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 5 Unique Footprint Established in Attractive Markets 36 African Countries $23.4 billion total assets Top 3 positions in half our markets Why Middle Africa? • Strong economic growth projected • Structural growth in banking sector (corporate and retail) $2+ billion annual revenue 20,000+ staff 3 African listings © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 • Good margins • Increase in multicountry business and intra-African trade 6 Key Messages Areas we have addressed © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 Near-term strategic focus 7 Strengthened Shareholder Base Market cap $1.4B ( March 2014*) Market cap $2.5B ( October 2014**) Nedbank 20.0% PIC QNB 17.3% AMCON Free Float 16.9% Free Float 10.0% 30.8% 49.7% 11.6% 6.5% 5.0% SSNIT IFC Funds 13.9% PIC IFC Direct 9.3% 4.0% 5.2% SSNIT IFC Direct - IFC Funds * Share count used in Market Cap calculation was 17,212.2 million and share price of N13.20 ** Share count used in Market Cap calculation 22,563.1 million and share price of N19.00 © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 8 Strong 3Q14 Results © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 9 Section 2 Results and Outlook © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 10 Performance Summary 9M14 9M13 YoY 3Q14 2Q14 1Q14 3Q 14v 2Q14 1,650 1,452 14% 577 548 525 5% Operating expenses (1,099) (1,034) 6% (368) (367) (363) 0% Impairment losses (1) (144) (115) 25% (57) (42) (45) 34% Profit before tax 408 303 35% 153 138 117 11% Profit for the period 322 250 29% 128 103 91 24% Attributable profit 277 217 28% 113 88 72 29% Basic EPS (US cents) 1.59 1.26 26% 0.63 0.51 0.44 23% $M (unless otherwise stated) Revenue Cost-income ratio RoAE 16.5% 17.7% 71.2% 70.1% NPL ratio 18.9% 15.0% 69.2% 5.8% 68.1% 6.2% 66.6% 4.2% 6.9% 9M13 FY13 3M14 6M14 9M14 9M13 FY13 5.8% 3M14 6M14 9M14 9M13 FY13 4.9% 3M14 6M14 9M14 (1) Impairment losses consist of impairment losses on loans and advances and impairment losses on other assets. Impairment losses on other assets were $3.1m and $0.5m for the 9M14 and 9M13 periods respectively. © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 11 Delivering Efficiency Improvements in all Geographies 9M14 YoY growth 9M14 ratios Revenue Operating expenses PBT CIR ROE Comments Francophone West Africa +16% +8% +37% 61% (↓5%) 27% • Continuing strong performance • Significant FX impact on loans and deposits in Q3 Nigeria +18% +2% +76% 68% (↓11%) 19% • Gaining revenue momentum with costs held flat • Raised $250m Eurobond in August 2014 +28% 47% (↓4%) 40% • Maintaining market leading performance • Monitoring business closely in Ebola affected countries 23% • Continuing very strong growth trajectory • Local platform enabling investment banking business 0.4% • Incremental improvements on last year • Leveraging the regional corporate business 14% • Sustainable and improving profitability • Positive client reaction to Ecobank Mozambique entry Rest of West Africa +2% (5)% Central Africa +21% +11% +63% 62% (↓6%) East Africa +21% +11% n.m. 98% (↓9%) +53% 71% (↓6%) Southern Africa +41% +30% NOTE: Revenue, operating expenses, and profit before tax (PBT) represent 9M14 v s. 9M13 year-on-year growth; Cost-income ratio (CIR) for 9M14 and change vs 9M13 in brackets; ROE is Return on Average Equity for 9M14 © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 12 Revenue 9M14 Net revenue(1) split by business(2) & geography(2) Net revenue ($ in millions) NII NIR 1,650 1,452 CIB 840 DB 48% 52% 681 453 213 (1) (2) 491 508 223 246 551 525 548 WAMZ 811 577 CEMAC 17% 272 254 281 305 771 268 1Q13 2Q13 262 279 272 267 3Q13 4Q13 1Q14 2Q14 EAC 4% NIGERIA 240 9% 5% SADC 43% 272 22% 3Q14 9M13 9M14 UEMOA Net revenue defined as net interest income plus non-interest revenue Net revenue breakdown of our business segments (CIB includes Treasury) and clusters are based on gross unconsolidated numbers © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 13 Strong Revenue Diversification Diversified NIR generation NIR 9M14 = $840m Balanced Spread & Fee Income Net Revenue 9M14 = $1,650m Other income Securities trading income 2% 9% 49% NII 51% NIR Trade finance 11% 14% Net FX income 29% Fees & Comm on loans 3% Markets, AM & Corp Finance 23% 2% 7% Other fees & comm ATM commissions *Other income includes Lease, dividend ,net gains from govt. investment securities and other operating income © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 Cash management Fees and commissions 59% Net trading income 39% Other income* 2% 14 Operating Expenses In millions of $ Staff cost D&A Other opex Cost-income ratio 1200 100% $1,099 $1,034 1000 486 475 80% 72.5% 69.8% 800 71.6% 67.3% 69.2% 71.2% 67.1% 66.6% 63.7% 600 60% 98 98 400 $328 $343 $363 $371 $363 $367 $368 149 160 166 156 160 165 161 37 33 33 32 200 40% 461 32 29 36 146 154 161 178 171 169 174 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 514 0 20% 9M13 9M14 Cost-to-income ratio defined as operating expenses divided by net revenue, and has been computed on a quarterly basis for the quarterly periods © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 15 Impairment Losses (net) on Loans In millions of $ Impairment losses Cost of risk-annualised 400 3.5% 9M14 Impairment losses split by Business segments and Geography * 2.90% 350 3.0% DB 67% 300 2.5% 248 250 1.88% 2.0% 1.68% 200 1.53% 1.48% 1.58% 150 CIB 33% 1.09% 1.5% 165 SADC Other 4% 1% CEMAC 3% 1.47% 1.40% EAC 1% 3% 3% 4% 2% 141 1.0% 100 10% 115 46 50 42 83 44 43 53 9% 0.5% WAMZ 13% 36% 73% UEMOA 24% 21% NIGERIA 7% 54% 65% 26 - 0.0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 9M13 9M14 * Calculated without $165m in 4Q13 © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 16 Earnings Profit before tax In millions of $ 450 400 350 300 250 200 150 100 50 -50 -100 -150 408 303 99 102 102 1Q13 2Q13 3Q13 117 4Q13 1Q14 138 153 2Q14 3Q14 PAT (continuing ops) PAT (discontinued ops) 14.9% 15.8% 250 16.5% 14.6% 18.3% 324 82 89 254 91 84 104 129 15.0% 5% 0% -5% -50 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 9M13 9M14 -10% -15% -100 -150 15% 10% -98 50 25% 20% 18.9% 200 100 ROAE 22.1% 350 150 9M14 -81 In millions of $ 300 9M13 -17.6% © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 -20% 17 Balance Sheet: Assets & funding 3Q 2014 Loans-to-deposits ratio $23.4B $23.4B 72.8% Bank deposits Cash 73.2% 73.6% 73.9% 69.6% Tbills/eligible securities 65.4% Bank loans 69.2% AFS securities Customer deposits 1Q13 2Q13 (Cost of funds 3.2% ) 3Q13 FY13 1Q14 2Q14 3Q14 CASA(1) ratio Customer loans 76.5% 74.8% 73.7% 71.2% 74.4% 70.7% Other Intangibles Borrowed funds Other Total Equity Assets 66.1% 1Q13 2Q13 3Q13 FY13 1Q14 2Q14 3Q14 Liabilities/Equity (1) CASA = current and savings account © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 18 Loan Activity Domestic Bank 3Q13 (in $ billions) Corporate Bank $11.4 $11.5 $12.4 $12.1 $9.0 $9.9 $10.5 $6.3 $6.3 $6.6 $4.4 $5.4 $6.6 $5.2 $4.6 $4.7 $5.1 $5.1 $5.3 $5.7 $5.5 1Q13 2Q13 FY13 1Q14 2Q14 3Q14 2Q14 4.51 3Q13 Customer loans (net) by cluster – 3Q14 Customer loans, net ($B) 3Q14 4.70 EAC OTHERS* SADC 4.09 3.70 3.62 4% 3% 3% CEMAC 3.38 11% NIGERIA WAMZ 39% 1.22 1.21 1.18 1.30 1.43 1.37 10% 0.44 0.49 0.52 Nigeria Francophone WA Rest of WA Central Africa East Africa UEMOA 0.25 0.32 0.36 30% Southern Africa * Others include International Cluster © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 19 Asset Quality In millions of $ Non-performing loans (NPLs) NPL ratio Coverage ratio 1,000 900 90% 79.0% 800 70.4% 69.9% 66.6% 700 78.3% 745 63.2% 695 600 600 500 585 75% 66.2% 60% 633 608 534 45% 400 300 30% 200 100 6.4% 5.7% 5.8% 6.2% 15% 5.8% 4.2% 4.9% - 0% 1Q13 2Q13 3Q13 © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 4Q13 1Q14 2Q14 3Q14 20 Customer Deposits Deposit Mix ($B) Customer deposits by business segment $B Domestic Bank Corporate Bank 20 15 Current $15.0 $15.7 $16.5 $16.5 $17.3 $14.5 $5.4 $5.6 $5.8 $6.1 $4.8 $5.0 $16.8 $6.1 Savings Term 100% 80% 4.85 60% 2.64 10 40% 5 $9.7 $10.0 $10.3 $10.9 $10.6 $11.2 $10.7 1Q13 2Q13 3Q13 FY13 1Q14 2Q14 3Q14 9.35 20% 0% - 3Q13 6.62 2Q14 7.06 Deposits by cluster – 3Q14 Customer deposits ($B) 3Q14 3Q14 EAC 6.80 OTHERS * SADC 3% 2% 5% 4.81 CEMAC 12% 4.57 3.95 WAMZ 2.03 1.85 1.92 1.82 2.05 2.05 NIGERIA 0.64 0.76 0.78 Nigeria Francophone WA Rest of WA 40% 11% Central Africa East Africa 27% 0.34 0.45 0.46 Southern Africa UEMOA * Others include deposits from our International Cluster © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 21 Capital Risk-weighted assets ($B) Capital adequacy ratio (%) 20 20.8% Tier I 19.5% 100% Tier II $14.8 18.3% 16.3% 16.1% 16.1% 16.9% 18.2% $12.6 10 64.6% $15.8 $16.0 $16.9 $16.7 $13.8 67.1% 80% 71.7% 72.0%71.3% 68.7% 69.9% 60% 17.3% 16.4% 15.5% 14.6% 14.3% 13.0% 12.7% 13.0% 0 1Q13 • • 2Q13 3Q13 FY13 1Q14 2Q14 3Q14 Post Nedbank Top-up to 20% ownership 40% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 RWA RWA/Total assets Nedbank investment in early October 2014 significantly increases Group capital ratios – $285m loan, formerly within Tier II capital, repaid – $493m Tier I equity capital investment (ie net new funds of $208m) Ecobank Nigeria successfully raised $250m in Tier II Eurobond issuance in August 2014 – 3Q14 CAR for Ecobank Nigeria of 14.3% under Basel I and 11.3% under Basel II © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 22 Targets: progress so far in 2014 • 15%+ growth • +2% YTD • • Some FX impact during Q3 given Euro weakness vs US$ Cautious approach to balance sheet growth and FX impact • ~15% growth • +6% YTD • 15%+ growth • +14% YoY • On track • High 60s % • 66.6% • On track • • NPL ratio under 5% Cost of risk under 2% • • 4.9% 1.5% • • On track On track © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 23 Section 3 Conclusion © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 24 Conclusion • Showing benefits of geographic and business diversification • Continued solid revenue growth and good cost control • Record quarterly EPS, with quarterly ROE over 20% • Deliver on customer service • Continue to focus on revenue growth, cost efficiency and risk management • Optimise capital structure in light of regulatory changes • Deepen Nedbank alliance and develop QNB relationship © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 25 Thank You Questions… Investor Relations team contact details: • • • • James Etherington: [email protected]; +44 203 582 8803 Ato Arku: [email protected]; +228 2221 0303 Email: [email protected] Website: www.ecobank.com/group/investorrel.aspx © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 26 Appendix C Geographic Clusters © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 27 G.Bissau C.Verde Niger Francophone West Africa (UEMOA) Togo Cote d’Ivoire Mali Burkina Senegal Benin FRANCOPHONE WEST AFRICA (UEMOA) Nine months ended 9M14 Commentary 30 Sept 2014 30 Sept 2013 YoY 187.3 168.2 355.4 (217.9) (34.8) 102.8 80.6 169.5 137.4 306.9 (202.6) (29.2) 75.0 64.2 10% 22% 16% 8% 19% 37% 26% Loans (net) Total assets Deposits Total equity 3,623 6,171 4,570 372 3,381 5,505 3,953 379 7% 12% 16% (2%) Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 61.3% 27.0% 81.7% 5.2% 57.6% 66.0% 23.0% 87.7% 5.0% 50.0% In millions of $, except ratios Net interest income Non interest revenue Net revenue Operating expenses Impairment losses on financial assets Profit before tax Profit after tax F ra nc o pho ne WA co mprises subsidiaries in B enin, B urkina Faso , Cape Verde, Cô te d’ Ivo ire, Guinea B issau, M ali, Niger, Senegal, and To go . • • • • • PAT of $81m, up 26% YoY on net revenue of $355m, up 16% YoY ROE of 27.0% vs 23.0% in the prior year Revenue Driven primarily by NIR, which grew 22% YoY mostly from client-driven FX and trading income NII up 10% reflecting increase in NIM Operating expenses Driven by staff cost and other operating expense CIR improved to 61.3% v 66.0% from year ago period and has improved each quarter of 2014. 3Q14 CIR 58.6% Impairment losses $35m in 9M14, up 19% from prior year reflecting higher provisions charges in Benin, Niger, and Togo, partially offset by impairment reductions in Cote d’Ivoire, Mali and Senegal N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up Pie chart above shows Cluster’s total assets split by country © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 28 Nigeria NIGERIA 9M14 Commentary Nine months ended 30 Sept 2014 30 Sept 2013 YoY 362.6 339.0 701.6 (479.5) (77.4) 144.6 157.2 346.1 246.6 592.7 (469.0) (41.8) 82.0 87.7 5% 37% 18% 2% 85% 76% 79% Loans (net) Total assets Deposits Total equity 4,702 9,564 6,801 1,187 3,704 8,972 6,619 1,052 27% 7% 3% 13% Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 68.3% 19.2% 70.7% 3.7% 59.4% 79.1% 11.0% 57.9% 3.4% 97.8% In millions of $, except ratios Net interest income Non interest revenue Net revenue Operating expenses Impairment losses on financial assets Profit before tax Profit after tax N ige ria is catego rized as a cluster in its o wn right due to its size N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 • • • • • PAT of $157m, up 79% YoY on net revenue of $702m, up 18% YoY ROE of 19.2% vs 11.9% in the prior year Revenue – NII up 5% reflecting strong growth in customer loans (+27% YoY), partially impacted by increases in CRR – NIR up 37%, driven by FX client and trading income and credit-related fees Operating expenses Operating expenses up 2% to $480m reflecting flat growth in staff costs, a reduction in D&A CIR improved to 68.3% v 79.2% in the prior year. CIR has improved each quarter in 2014 and was 64.9% in 3Q14 Impairment losses – Impairment provision increase of 85% to $77m reflects growth in loan book and results of ongoing portfolio reviews 29 Gambia S. Leone Rest of West Africa (WAMZ) Liberia Guinea Ghana REST OF WEST AFRICA (WAMZ) 9M14 Commentary Nine months ended 30 Sept 2014 30 Sept 2013 YoY 173.1 112.3 285.4 (134.0) (17.8) 133.8 93.6 172.0 107.1 279.1 (141.5) (32.9) 104.9 75.2 1% 5% 2% (5%) (46%) 28% 24% Loans, net Total assets Deposits Total equity 1,180 2,697 1,920 288 1,222 2,863 2,031 323 (3%) (6%) (5%) (11%) Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 46.9% 40.1% 64.8% 5.9% 86.0% 50.7% 31.4% 63.4% 6.7% 77.7% In millions of $, except ratios Net interest income Non interest revenue Net revenue Operating expenses Impairment losses on financial assets Profit before tax Profit after tax R e s t o f We s t A f ric a co mprises subsidiaries in Ghana, Guinea, Liberia, Sierra N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up • • • • • • PAT of $94m, up 24% YoY on net revenues of $285m, up 2% YoY ROE of 40.1% vs 31.4% in the prior year Significant impact from Ghana cedi depreciation on results in US dollar terms Revenue Stifled by macroeconomic challenges in Ghana and Ebola in Liberia, Guinea, and Sierra Leone NII was flat, driven by a decrease in earning assets and tight loan spreads NIR up 5% driven by FX and trading income Operating expenses Operating expenses fell 5% across both staff and non-staff costs CIR improved to 46.9% v 50.7% Impairments Impairment provisions fell 46% reflecting lower NPL formation and a heightened credit risk management agenda Pie chart above shows Cluster’s total assets split by country © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 30 Sao Tome Central Africa Eq. Guinea Central Africa (CEMAC) Cameroon Gabon Chad Congo Brazza CENTRAL AFRICA (CEMAC) 9M14 Commentary Nine months ended 30 Sept 2014 30 Sept 2013 YoY Net interest income Non interest revenue Net revenue Operating expenses Impairment losses on financial assets Profit before tax Profit after tax 70.9 82.9 153.8 (95.3) (4.8) 53.5 31.2 60.6 66.5 127.2 (85.9) (8.1) 32.9 23.1 17% 25% 21% 11% (41%) 63% 35% Loans, net Total assets Deposits Total equity 1,370 2,412 2,054 178 1,300 2,186 1,817 160 Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 61.9% 23.0% 68.2% 4.4% 51.0% 67.6% 19.8% 73.3% 4.2% 58.9% In millions of $, except ratios C e nt ra l A f ric a co mprises subsidiaries in Camero o n, Central A frican Republic, Chad, Co ngo -B razzaville, Equato rial Guinea, Gabo n and Sao To me & P rincipe. 5% 10% 13% 11% • • • • • PAT of $31m, up 35% YoY on net revenue $154m, up 21% YoY ROE was 23.0% vs 19.8% in the prior year Revenue NII up 17% driven by higher yields on earning assets NIR up 25% on higher fees and commissions and trading income Operating expenses Operating expenses up 11% on continued investments in the business. The CIR improved to 61.9% in 9M14 v 67.6% in the prior year Impairment losses Impairment provisions fell 41% to $4.8m reflecting lower provisions in Cameroon N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up Pie chart above shows Cluster’s total assets split by country © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 31 S.Sudan Uganda East Africa (EAC) Burundi Tanzania Kenya Rwanda EAST AFRICA (EAC) 9M14 Commentary Nine months ended 30 Sept 2014 30 Sept 2013 YoY Net interest income Non interest revenue Net revenues Operating expenses Impairment losses on financial assets Profit before tax Profit after tax 31.7 27.6 59.2 (57.8) (1.3) 0.1 0.4 25.6 23.3 48.9 (52.2) (1.9) (5.2) (6.1) 24% 18% 21% 11% (30%) n.m n.m Loans (net) Total assets Deposits Total equity 522 1,057 778 126 436 893 640 106 Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 97.6% 0.4% 69.3% 7.7% 40.5% In millions of $, except ratios 106.8% n.m 70.6% 9.2% 37.3% E a s t A f ric a co mprises subsidiaries in B urundi, Kenya, Rwanda, So uth Sudan, Tanzania, Uganda and rep o ffice in Etho pia. N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up 20% 18% 22% 19% • • • • • PAT of $1.4m compared with after-tax loss of $6.1m in the prior year, on net revenue of $59m, up 21% YoY ROE of 0.4% vs (7.0)% in the prior year Revenue – NII up 24% to $32m driven by higher yields and loan growth – NIR up 15% to $28m driven by strong fee and commission income and to a lesser extent FX and trading income Operating expenses – Operating expenses were up 11% reflecting increases in staff and nonstaff costs. The CIR improved to just below 100% Impairment losses Impairment provisions was $1.3m, down 30% from prior year and the NPL and coverage ratios improved Pie chart above shows Cluster’s total assets split by country © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 32 Malawi Southern Africa (SADC) Mozambique DR Congo Zambia Zimbabwe SOUTHERN AFRICA (SADC) 9M14 Commentary Nine months ended In millions of $, except ratios Net interest income Non interest revenue Net revenues Operating expenses Impairment losses on financial assets Profit before tax Profit after tax Loans (net) Total assets Deposits Total equity Cost-income ratio ROE Loans-to-deposits ratio NPL ratio Coverage ratio 30 Sept 2014 30 Sept 2013 YoY 30.3 44.6 74.9 (52.8) (5.9) 16.2 11.1 22.5 30.5 53.0 (40.6) (1.8) 10.6 6.5 35% 46% 41% 30% 220% 53% 70% 356 700 458 126 252 504 344 91 41% 39% 33% 39% 70.5% 13.6% 76.0% 6.3% 77.2% 76.6% 11.7% 78.2% 6.8% 92.2% S o ut he rn A f ric a co mprises subsidiaries in Demo cratic Republic o f Co ngo , M alawi, Zambia, Zimbabwe, M o zambique and rep o ffice in A ngo la. • • • • • PAT of $11m, up 70% YoY on net revenue of $75m, up 41% YoY ROE of 13.6%, up from 11.7% in the prior year Revenue NII up 35% driven by earning assets growth and stable margins NIR up 46% on strong growth in FX and trading income (+49%) Operating expenses – Operating expenses grew by 30% driven by investment spend especially in Mozambique. The CIR improved to 70.5% v 76.6% Impairment losses Impairment provisions increased to $5.9m largely following portfolio reviews N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up Pie chart above shows Cluster’s total assets split by country © Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014 33
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